(MENAFN - Arab News) The volume of pharmaceutical market in the kingdom is estimated at nearly sr13.5 billion including government procurement deals local media said quoting experts.
share of the private sector in the market is touching sr7 billion the experts said.
meanwhile head of marketing at nahdi medical company husam al-qurashi said the number of individually-owned pharmacies in the kingdom reaches 7000 pharmacies but however there is scarcity in young saudis working in local market and that 60 percent of graduates from pharmacy colleges are women.
he said local drugs factories have succeeded in producing alternative drugs for treatment of chronic diseases carrying same specifications and high quality pharmaceutical standards of the origin countries but at lower prices.
the per capita consumption of medicines in the gcc and arab countries stands at 52 and 3.2 per year respectively. share of arab and gcc countries to the global consumption is estimated at 1.5 percent the report said.
the pharmaceutical industries in the gcc countries are poised to achieve a compounded average growth rate (cagr) of 7 percent to hit 10.8 billion (sr40.5 billion) by 2020 according to a report released by alpen capital.
this projected growth in pharmaceutical industries is attributed to a number of factors including rising in life expectancy increased awareness in health care high occurrence of diseases emerging from new lifestyle and compulsory medical insurance for employees the report added.