Saudi Arabia Pharmaceutical Drugs Market to Surpass $21.06 Billion by 2030: Coherent Market Insights

The Saudi Arabia pharmaceutical drugs market comprises prescription and over-the-counter drugs used to treat diseases and improve quality of life. Key products include antidiabetics, painkillers, antidepressants, anticoagulants, and anti-infectives.


Burlingame, Nov. 27, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The Saudi Arabia pharmaceutical drugs market was valued at US$ 12.60 Bn in 2023 and is forecast to reach a value of US$ 21.06 Bn by 2030 at a CAGR of 7.6% between 2023 and 2030.

Market players should invest in R&D efforts to develop products that cater to specific healthcare needs prevalent in Saudi Arabia, potentially gaining a competitive edge. This could involve exploring cutting-edge technologies such as JAK inhibitors. Moreover, market players should forge partnerships with local healthcare providers, research institutions, and government agencies to gain market insights and facilitate market access.

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Key Market Takeaways:

The Saudi Arabia pharmaceutical drugs market is expected to exhibit a CAGR of 7.6% during the forecast period due to increasing research and development initiatives for the treatment of diabetes. For instance, in January 2022, The Saudi Health Council, represented by the National Diabetes Centre, signed a Memorandum of Understanding (MoU) with Sanofi, a global healthcare and pharmaceutical company, to collaborate on various initiatives in research and development in the field of diabetes in the Saudi Arabia. This collaboration will serve as a great impetus in offering efficient healthcare initiatives to develop the ecosystem of diabetes management in the country.

Among drug type, generic drugs is expected to dominate the market over the forecast period, and this is attributed to increasing product approvals. For instance, in August 2022, Sinotherapeutics Inc., engaged in the research and development, production and sales of generic drugs and CRO services., announced that generic drug Posaconazole delayed-release tablets (100mg) had been approved by Saudi Food and Drug Authority (SFDA). POSACONAZOLE is a member of the group of triazole antifungals,which is used to prevent certain kinds of fungal or yeast infections.

The key players operating in the Saudi Arabia pharmaceutical drugs market include Pfizer Inc., Sanofi S. A., Daewoong Pharmaceutical Co., GlaxoSmithKline Plc., AstraZeneca Plc, Baxter International Inc., Astellas Pharma, Life Care Group of Pharmacies, Tadawi Pharmacies, Planet Pharmacies (Zahrat Al Rawdah), Al-Safwwa Pharmacy, Al Nahdi Medical, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Tabuk Pharmaceuticals, Hikma Pharmaceuticals PLC, Jamjoom Pharmaceuticals Co., Julphar, Biocon Limited, and BeiGene

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Market Key Developments:

In March 2022, Cumberland Pharmaceuticals Inc., specialty pharmaceutical companies, headquartered in Nashville, U.S., and Tabuk Pharmaceutical Manufacturing Company, a fully-owned subsidiary of Astra Industrial Group and a leading pharmaceutical company in the Middle East, headquartered in Riyadh, Saudi Arabia, announced the launch of Cumberland's Vibativ (telavancin) injection in the Middle East. The announcement follows an agreement between the companies providing Tabuk Pharmaceuticals the exclusive rights to register and promote the product for patients in Saudi Arabia, Jordan, and potentially other countries in the Middle East.

In August 2022, BioCryst Pharmaceuticals, Inc., a U.S.-based pharmaceutical company, announced that the Saudi Food and Drug Authority (SFDA) has approved oral, once-daily ORLADEYO (berotralstat) to prevent attacks of hereditary angioedema (HAE) in adults and pediatric patients 12 years of age and older in Saudi Arabia.

Market Driver:

Increasing product approvals of pharmaceutical drugs are also expected to fuel the overall market growth. For instance, in June 2023, Amarin Corporation plc, a global pharmaceutical company, and its commercialization partner Biologix FZco, a company based in the U.A.E and a pioneer in the distribution of pharmaceutical and biological products in the Middle East and North Africa, announced that the Kingdom of Saudi Arabia’s (KSA) Saudi Food and Drug Authority (SFDA) had approved a new indication and label expansion for VASCEPA (icosapent ethyl) capsules. VASCEPA is now the first and only drug approved by SFDA as an adjunct to statin therapy in adult patients with elevated triglycerides (TG) levels (≥150 mg/dL) who are at high-risk of cardiovascular (CV) events due to established cardiovascular disease or diabetes mellitus and at least one other risk factor for cardiovascular disease.

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Market Opportunity:

Increasing adoption of inorganic growth strategies by market players for pharamaceutical drug are expected to drive the Saudi Arabia pharmaceutical drugs market growth over the forecast period. For instance, in July 2023, Lifera, a biopharmaceutical company in Saudi Arabia, together with Sanofi, a global pharmaceutical company specializing in vaccine development, and Arab Pharmaceutical Company ("Arabio"), one of the first biopharmaceutical companies in South Arabia, announced the signing of a Memorandum of Understanding (MOU), which aims to strengthen local manufacturing of vaccines in Saudi Arabia. Under the terms of the MoU, Lifera, Sanofi, and Arabio will explore opportunities for collaboration to help advance Saudi Arabia's vaccines localization strategy through a range of proposed initiatives that include Lifera being a contract manufacturer to Sanofi, through state-of-the-art manufacturing facilities and capabilities, as well as leveraging Arabio and Tamer Group's, local and regional distribution strength in vaccines and other key pharmaceutical products.

Market Restraint:

Withdrawals of pharmaceutical drugs is expected to hinder the market growth over the forecast period. For instance, in February 2021, the health ministry in the U.A.E had issued a decision withdrawing a number of pharmaceutical products manufactured by Gulf Pharmaceutical Industries Julphar, after being found non-compliant with the approved specifications. The ministry's move comes after samples of the suspected medicines were tested at the Quality Control Laboratory in Dubai especially as the manufacturer itself voluntarily recalled these drugs. The ministry instructed all pharmacies to stop dispensing these products and return them to the supplier, urging all health care practitioners and community members to refrain from using such products if they already in their possession.

Market leaders should seek advice from regulatory specialists and consultants with experience navigating the convoluted process of overturning prohibitions. Their knowledge and expertise can be quite helpful in developing convincing methods

Read complete market research report, "Saudi Arabia Pharmaceutical Drugs Market, By Product Type, By Application, By Distribution Channel , By Region and Segment Forecast 2023-2030", Published by Coherent Market Insights.

Detailed Segmentation:

  • By Drug Type:
    • Generic Drugs
    • Branded Drugs
  • By Product Type:
    • Prescription Drugs
    • Over-the-counter (OTC) Drugs
  • By Application:
    • Cardiovascular
    • Musculoskeletal
    • Oncology
    • Anti-infective
    • Metabolic Disorder
    • Central Nervous System
    • Gastrointestinal
    • Respiratory
    • Hematology
    • Dermatology
    • Ophthalmology
    • Others
  • By Distribution Channel:
    • Hospital Pharmacies
    • Retail Pharmacies
    •  Online Pharmacies 

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