Generic drugs are low-cost versions of off-patent innovator drugs with the same dosage, effects, use, route of administration, etc. In the GCC region, the demand for generic drugs has been rising due to the cost-containment measure by the governments stimulated by the unsustainably high spending on healthcare in the region. A large expatriate and low-income population also acts as a driver for the market growth. According to IMARC Group’s latest report titled “GCC Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the generic drugs market in the GCC reached a value of US$ 2,030 Million in 2018, exhibiting a CAGR of 15.1% during 2011-2018.
One of the major factors that is expected to boost the market is the mounting pharmaceutical manufacturing capacity in the region boosted by the plans for regional integration and a greater emphasis on drugs produced within the GCC. The efforts to reduce dependence on imported drugs will further stimulate domestic manufacturing of drugs, particularly generics. Moreover, the government of Saudi Arabia, Oman and UAE have started campaigns aimed at boosting awareness towards the substitution of branded drugs by generics. However, the preference for branded drugs supported by a significant affluent population and the demand for sophisticated pharmaceuticals can hamper the market growth. Overall, the market is expected to continue its growth, reaching a value of more than US$ XXXX Million by 2024.
The report has segmented the GCC generic drugs market on the basis of countries. Currently, Saudi Arabia represents the largest market in the region, accounting for more than a half of the total market share. This can be attributed to the rapid economic development and the subsequent rise in the cases of lifestyles diseases in the country. The lenient data exclusivity laws in the country have also boosted the market. The report has further analysed the competitive landscape of the market and provides the profiles of the key players operating in it. Some of the key players include Hospira (Pfizer Inc.), Fresenius Kabi Ag, Hikma Pharmaceuticals PLC, Sandoz (Novartis), Sagent Pharmaceuticals, Inc., Sanofi and Baxter International Inc.
This report provides a deep insight into the GCC generic drug industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a generic drugs manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the GCC generic drugs industry in any manner.
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