Saudi Arabia was focusing lately on the growth of their pharmaceutical market to help shift their economy. The government has focused on investing and building plants in all directions to help reach this vision. Accordingly, news show that there has been a huge increase in the marketplace for pharamceuticals and biotech in the Kingdom of Saudi Arabia which has made it the biggest one in the whole gulf region.
The marketplace is now in head to head competition with United Arab Emirates which is one of the greatest markets in the world too. The biotech industry in Saudi Arabia has reached a value of almost $45 billion which is a huge value compared to the previous market valuation. These values were obtained through a survey conducted by Alpen Capital which studied both the markets of Saudi Arabia and United Arab Emirates.
Saudi Arabia is considered to be one of the largest economies in the whole Arab world and the gulf region compared with UAE. The biotech field has been observed to grow for almost 15% in only a year which is a huge value for the sector. The past huge increase in these numbers in the pharmaceutical field was back in 2011 when KSA was one of the leading countries in the Arab world for the economy.
The UAE market is also increasing in numbers and growing. However, the growth of Saudi Arabia can’t be compared as the country is now focusing on biotech to be a major sector.