Qatar’s pharmaceutical sector growth rate 12.6% by 2015

16 Jun 2011

(MENAFN) Business Monitor International (BMI) said that by the year 2015, Qatar’s pharmaceutical market would be expected to witness compound annual growth rate of 12.6 percent reaching USD709 million, reported Arabian Business.

BMI added that last year, the pharmaceutical sector was valued at USD392 million, and in the year 2019, it would be forecasted to become a billion dollar market, reaching USD1.10 billion in 2020.

It also said that the legislation proposed by the Supreme Council of Health and approved by Qatar Advisory Council would decrease prices and increase the availability of certain drugs via the abolition of government controls over the pricing of medicines and an ending of the monopoly that a small number of importing agents have held in the country.

It is worth noting that currently, the GCC imports 90 percent of its pharmaceutical needs.

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