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.
Request Sample Copy of this Report: https://www.coherentmarketinsights.com/insight/request-sample/3557
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
Buy this Complete Business Research Report: https://www.coherentmarketinsights.com/insight/buy-now/3557
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.
Ask for Customization: https://www.coherentmarketinsights.com/insight/request-customization/3557
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
Find more related trending reports below:
Over the Counter Drugs Market, By Product Type (Cough, Cold, and Flu Products, Analgesics, Dermatology Products, Gastrointestinal Products, Vitamins, Mineral, and Supplements (VMS), Weight-loss/Dietary Products, Ophthalmic Products, Sleeping Aids, and Other Product Types), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacy, and Other Distribution Channels), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2028
Cancer Drugs Market, By Drug Class Type (Chemotherapy, Targeted Therapy, Immunotherapy (Biologic Therapy), and Hormonal Therapy) and By Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, and Other Cancers) By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
Biologics Outsourcing Market, By Product and Service Type (Product, (Antibodies, Recombinant Proteins, Vaccines, Others), Services, (Cell Development, Process Development, Analytical Testing, cGMP Manufacturing, Others)), By Source (Mammalian, Microbial), By Application (Oncology, Cellular and Gene Therapy, Blood & Blood-Related Products Development, Vaccine Development, Stem Cell Research, Others) By End User (Pharmaceutical Industries, Biotechnology Industries, CDMO), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Ophthalmic Drugs Market, By Indication ((Dry Eye, Glaucoma, Infection/Inflammation/Allergy, Retinal Disorders (Wet Age-related Macular Degeneration, Dry Age-related Macular Degeneration, Diabetic Retinopathy, and Others), and Others), By Type (Prescription Drugs and Over-the-counter Drugs), By Dosage Form (Liquid Ophthalmic Drug Forms, Solid Ophthalmic Drug Forms, Semisolid Ophthalmic Drug Forms, Multicompartment Drug Delivery Systems, and Other Ophthalmic Drug Forms), By Distribution Channel (Hospital Pharmacies, Drug Stores, Online Pharmacies, and Others), By Therapeutic Class (Anti-glaucoma, Anti-infection, Anti-inflammation, Anti-allergy, and Others), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
