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MENAFN Press - 05/01/2014
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(MENAFN Press) According to a new Deloitte report, current uncertainties and instability in certain Middle East markets will limit the growth of the life sciences sector in the Middle East North Africa region. The key life sciences markets comprised of the pharmaceutical, biotechnology, and medical technology segments are Egypt, Saudi Arabia, United Arab Emirates, Jordan, and Syria, and to a lesser extent Bahrain, Kuwait, Oman, and Qatar.

The Deloitte report, "Global life sciences outlook: Resilience and reinvention in a changing marketplace" outlines the top issues facing global life sciences stakeholders, and provides a snapshot of activity in a number of geographic markets. The report goes further to suggest considerations for companies as they seek to grow revenue and market share in 2014 and beyond.

"In the Gulf Cooperation Council (GCC) countries, with most significant economic activity in the Middle East, a growing and aging population and increasing total health care expenditures per capita are supportive of life sciences and health care industry growth," said Hassib Jaber, life sciences sector leader at Deloitte Middle East. "This is in part due to the spread of chronic diseases, as the region is experiencing epidemics in diabetes and cardio vascular illnesses".

According to Deloitte research, the GCC's population is expected to increase by 5% year-on-year, driven mainly by the influx of expatriates. While the dominant age group is estimated to be 30-44 year olds, the 45-65 and 65 age groups are expected to grow cumulatively by an average of 6% between 2011 and 2020. Among other favorable trends are continually improving health care standards; increasing governments' investments in technological advancements and health awareness; the growth of smaller health care clinics and ambulatory centers; and a strong medical tourism industry.

Sector issues in the Middle East for 2014

Two of the main issues facing the Life Sciences sector in the Middle East for the coming year are:

Product registration and pricing / Intellectual property protection
Product registration and pricing, and intellectual property (IP) protection are among the top issues facing life sciences firms operating in the MENA region. When combined with the region's instability, these issues are expected to curb significantly the appetite of international drug companies to manufacture and/or do research in the Middle East.

Prescription drugs
In the GCC, prescription drugs account for an average 89 % of the region's total pharmaceutical sales. This is also driven by the use of medical insurance to buy all products, including items that otherwise would be considered over the counter. Within prescription drugs sales, patented products account for 90 % of the total. A key challenge is the speed of registering and approving new drugs.

"In 2013, the life sciences sector was less impacted by the recent global economic uncertainty than other sectors. However, it is facing reimbursement pressure from escalating costs and overwhelmed health systems across the world. Still, an overview of recent sector performance shows that it is favorably positioned to achieve success in the next few years through increased innovation and value delivery," concludes Jaber.


About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.Deloitte's professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte's professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.About Deloitte & Touche (M.E.):Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence since 1926.Deloitte is among the region's leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with around 3,000 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region since 2010 (according to the International Tax Review World Tax Rankings). It has received numerous awards in the last few years which include Best Employer in the Middle East, best consulting firm, and the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW).

 


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