The pharmaceutical market in United Arab Emirates is right now on the top. This might be the most excelling market in the whole world with the new values and targets that has been set and met by the industry. UAE plays a strong role in the whole region in terms of its pharmaceutical market. This was all provided through the recent event in the field by the name of CPhI Middle East and Africa which took place in Abu Dhabi at the National Exhibition Centre (ADNEC).
According to recent reports that show the rate and progression of UAE Pharma market and the overall partnerships and deals already been made for future prospects, the market is said to reach and top $4.5 billion in the next 2 years only (by 2021). This will definitely be the highest values reached by the pharmaceutical markets in the country and the region if not the world; in a very short period of time.
This was commented on by the brand director of Pharma, UBM EMEA called Cara Turner who said, “Putting that figure into perspective, the US was spending over $1,000 by 2015, according to research by the Commonwealth Fund. The UK, France, Germany and Switzerland were all spending in excess of $500 per capita. However, the roll-out of mandatory health insurance schemes and the UAE’s growing reputation as a leading medical tourism hub will help drive demand for more advanced medicines and health services, thus presenting opportunities for pharma-related companies to grow with the increased market demand, with several MENA governments already focused on minimizing their reliance on imported pharmaceuticals.”