Press Release

Saudi Arabia Generic Drugs Market to grow with a CAGR of 5.12% through 2029

Increasing healthcare infrastructure and a supportive regulatory environment are the major drivers for the Saudi Arabia Generic Drugs Market.

 

According to TechSci Research report, “Saudi Arabia Generic Drugs Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2019-2029”, Saudi Arabia Generic Drugs Market was valued at USD 7.41 billion in 2023 and is anticipated to witness an impressive growth in the forecast period with a CAGR of 5.12% through 2029. This can be due to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market. Patient acceptance and awareness play crucial roles in driving the demand for generic drugs. Patients are often attracted to generic drugs due to their cost-effectiveness compared to brand-name drugs. Increased awareness of the potential cost savings motivates patients to choose generic alternatives, especially in situations where out-of-pocket expenses are a significant concern. Awareness campaigns and education initiatives can help patients understand that generic drugs have the same active ingredients, efficacy, and safety profiles as their brand-name counterparts. When patients are confident in the equivalency of generic drugs, they are more likely to accept and choose them. Patient acceptance of generic drugs can be influenced by health insurance coverage. If insurance plans cover generic medications, patients are more likely to opt for these cost-effective alternatives, leading to increased demand. Effective communication between healthcare providers and patients is essential. When physicians provide clear information about the availability, benefits, and cost savings associated with generic drugs, patients are more likely to accept and choose these options. Healthcare systems and policies that support generic substitution and encourage pharmacies to dispense generic drugs when available contribute to patient acceptance. Patients may become more accustomed to generic options through these policies.

 

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In December 2021, Biocon Limited, a global biopharmaceutical company focused on innovation, has announced a strategic partnership with Tabuk Pharmaceutical Manufacturing Company, a prominent pharmaceutical firm in the Middle East and North Africa (MENA) region. The collaboration aims to commercialize specific specialty products in the Middle East. Tabuk Pharmaceuticals, as part of the agreement, will secure marketing authorization for these products and will handle their registration, importation, and promotion in Saudi Arabia and other Middle Eastern countries, including the UAE, Kuwait, Qatar, Oman, Iraq, Jordan, and Lebanon. This collaboration signifies Biocon's expansion into the MENA region and underlines its commitment to making affordable medications accessible to patients globally. In this out-licensing arrangement, Biocon will handle the development and manufacturing of the products, while Tabuk will oversee their commercialization. This partnership marks a significant milestone for Biocon as it builds a robust global product portfolio through direct efforts and strategic collaborations.

Market competition pose challenges in the Saudi Arabia Generic Drugs Market. While competition is generally beneficial for consumers and can drive innovation and efficiency, it also presents certain challenges for industry participants. Intense competition often leads to price erosion, where manufacturers reduce prices to gain a competitive edge. While this benefits consumers in terms of lower prices, it can pose challenges for manufacturers in maintaining profitability and sustaining investments in research and development. Due to price competition, generic drug manufacturers may face thin profit margins. This can limit their ability to invest in research and development, quality control, and other essential aspects of pharmaceutical production. The entry of multiple manufacturers into the market for a particular generic drug can happen quickly after patent expiry. This rapid market entry can lead to a crowded market, intensifying competition and potentially resulting in oversupply.

Saudi Arabia Generic Drugs Market is segmented based on Type, Mode of Drug Delivery, Form, Source, Distribution Channel, Application, and by region.

Based on the Type, Saudi Arabia Generic Drugs Market is segmented into Small Molecule Generics, Biosimilars. Biosimilars are biological drugs that are highly like an already approved biological reference product, also known as the originator or innovator biologic. Unlike generic drugs, which are identical replicas of their chemical counterparts (small-molecule drugs), biosimilars are large, complex molecules produced in living cells. These drugs are designed to have similar efficacy, safety, and quality as the reference biologic, but they are not identical due to the inherent complexity of biological molecules. Biosimilars are derived from living organisms and are typically large, complex proteins, peptides, or monoclonal antibodies. This complexity arises from their manufacturing process, which involves living cells (e.g., yeast cells, mammalian cells) to produce therapeutic protein. Biosimilars are developed to be highly like an already approved reference biologic. The reference product is an innovator biological drug that has undergone extensive testing and has established safety and efficacy data.

In 2023, the Saudi Arabia Generic Drugs Market largest share was held by cardiovascular diseases segment and is predicted to continue expanding over the coming years.  cardiovascular diseases are highly prevalent in Saudi Arabia, there would be a greater demand for medications to manage these conditions. Generic drugs, being cost-effective alternatives, might be preferred by both healthcare providers and patients. Government health initiatives that focus on preventing and managing cardiovascular diseases may contribute to the larger share of this segment. Policies promoting the use of generic drugs for cost savings could influence market dynamics. An aging population is often associated with an increased prevalence of cardiovascular diseases. If Saudi Arabia has an aging population, the demand for cardiovascular medications, including generics, would likely be higher. Cardiovascular medications, when available in generic form, can be more cost-effective for both patients and healthcare systems. This cost advantage may drive the preference for generic drugs within the cardiovascular diseases segment.

Some of the major companies operating in the Saudi Arabia Generic Drugs Market include:

  • Tabuk Pharmaceuticals Manufacturing Co.
  • Jamjoom Pharmaceuticals Co.
  • Riyadh Pharma
  • Al Jazeera Pharmaceutical Industries Ltd (Hikma)
  • Pfizer Saudi Company Limited Corporate
  • Sanofi Aventis Arabia Co. Ltd.
  • Novartis (Saudi Arabia)
  • GlaxoSmithKline (Saudi Arabia)
  • Novo Nordisk (Saudi Arabia)

 

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The Saudi Arabia generic drugs market is witnessing significant growth, driven by various trends. With an increasing focus on healthcare affordability and accessibility, generics offer a cost-effective alternative to brand-name medications. Government initiatives promoting generic drug usage, such as the "Saudi Food and Drug Authority" regulations, are also propelling market expansion. A growing aging population and rising chronic diseases further boost demand for generics. The COVID-19 pandemic has heightened awareness of healthcare costs, leading more consumers and healthcare providers to opt for generic equivalents. Additionally, partnerships between local and international pharmaceutical companies are enhancing market competitiveness and product availability, solidifying Saudi Arabia's position as a promising hub for generic drug manufacturing and distribution.," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.


Saudi Arabia Generic Drugs Market by Type (Small Molecule Generics, Biosimilars), By Mode of Drug Delivery (Oral, Topical, Parenteral, Others), By Form (Tablet, Capsule, Injection, Others), By Source (In House, Contract Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others), By Region, By Competition Forecast & Opportunities, 2019-2029F has evaluated the future growth potential of Saudi Arabia Generic Drugs Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Generic Drugs Market.


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