According to the recent report by IMARC Group, titled “GCC Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the GCC generic drug market size reached US$ 3.55 Billion in 2019. Generic drugs refer to pharmaceutical drugs that contain the same chemical substance as their branded counterparts. They have similar effects, benefits, active ingredients, risks, dosages, strengths, qualities, route of administration, and intended use. In comparison to branded drugs, generic drugs are available at cheaper price points, as they do not require extensive research and testing. However, their characteristics may differ in terms of flavor, color, and shape without altering the safety or effectiveness. Growing awareness regarding the benefits of these drugs among the majority of the population in the GCC region has created a positive outlook for the market.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
GCC Generic Drug Market Trends:
The GCC countries witness high temperatures for the most part of the year, which has led to the adoption of sedentary lifestyles. As a result, there is a high prevalence of lifestyle and chronic diseases like obesity, diabetes, and cancer among the GCC population, which has majorly contributed to the market growth. Moreover, the rising geriatric population is propelling the demand for generic drugs as they are more prone to diseases and health disorders. Apart from this, the governments of countries like Oman and UAE have also taken initiatives to provide improved healthcare services to the citizens. For instance, in 2018, the regulatory bodies in Abu Dhabi mandated that all pharmacies must dispense generic drugs as a first choice. Similarly, in March 2019, the Government of Oman introduced mandatory health insurance for both the citizens and expatriates under the Unified Health Insurance Policy (UHIP). This is projected to increase the demand for pharmaceuticals in the country, in turn, driving investments for generics manufacturing. Increasing population, altering dietary patterns, upcoming expiration of several blockbuster drugs, and rising penetration of health insurance companies are some of the other factors bolstering the market growth. On account of these factors, the market is expected to experience strong growth during the forecast period (2020-2025).
- Region-wise, the market has been segregated into the UAE, Oman, Saudi Arabia, Bahrain, Qatar, and Kuwait. Currently, Saudi Arabia accounts for the majority of the total market share. This can be majorly accredited to the large population in the country.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market.
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