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FINANCIAL NEWS
Pharama sales in KSA to reach USD7 b by 2018
16 Sep 2013
(MENAFN) A Saudi Arabia Pharmaceutical Market Opportunity Analysis report said that pharmaceutical product sales are expected to exceed USD7 billion by 2018, Saudi Gazette reported.
In the coming years, the Kingdom is expected to stand as one of the fastest growing markets. Among the other Gulf Cooperation Council (GCC) states, Saudi Arabia has the most developed and advanced medical sector.
Due to the increase of the elderly population in the Gulf state as well as the rise in spending capacity, the pharmaceutical market in the Kingdom registered a remarkable growth in the past years.
The Kingdome depends on imports of pharmaceutical products to cope with local demand since the country lacks proper domestic drug production and research capabilities, the report added.
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