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.
Browse
over XX market data Figures and spread through XX
Pages and an in-depth TOC on "Saudi Arabia Generic Drugs Market”
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)
Download Free Sample Report
Customers can also request 10% free customization on this report
“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
of 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.
Contact:
Techsci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com