(MENAFN) Innovest's CEO, Dr Khalid Abdulla, announced that Bahrain will spend USD93 million to establish the Gulf Biotic insulin plant as the number of diabetes patients in the Gulf grows rapidly, reported Arabian Business.
Abdulla said that operations at the factory, which will have an annual production capacity of 26 million units of insulin vials and cartridges, will start in 2 years.
He added that the GCC countries will be the main market for the plant's production, as rates of diabetes in the region have reached epidemic proportions.
It is worth noting that the number of diabetic patients in the Middle East and North Africa (MENA) region, where the annual cost of treating the disease is USD5.5 billion and represents 14 percent of governments' total healthcare spending, is forecasted to grow to 552 million by 2030 from 366 million in 2011, according to the International Diabetes Federation (IDF).
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