Middle East and Africa Pharmaceuticals Market to be Dominated by Growth in Research and Development Department Through 2028

Government policies and development in the R&D department are the major drivers for the Middle East & Africa Pharmaceuticals Market.

According to TechSci Research report, “Middle East & Africa Pharmaceuticals Market – By Country, Competition, Forecast and Opportunities, 2028F,”The Middle East & Africa Pharmaceuticals Market is anticipated to grow with a high CAGR during the forecast period. This can be ascribed to the development in healthcare system of every country in the region for management of various diseases in upcoming years by increasing production of several pharmaceutical products.

The government is the heart of Middle-East and Africa region's pharmaceutical industry, with the government's Ministry of Health regulating the industry and product prices. To reduce healthcare costs and improve the economy, the Saudi government is actively seeking to increase the use of generic drugs by regulating imported branded drugs, thereby, encouraging local generic production. One of the key policies that have driven the pharmaceutical market in the region is the promotion of local production of medicines. Many countries in the region have established policies that support the growth of the local pharmaceutical industry, such as tax incentives and subsidies for local manufacturers. This has led to an increase in the number of local pharmaceutical companies and the availability of locally produced medicines. Another important policy that has driven the pharmaceutical market in the region is the implementation of universal healthcare coverage. Governments in the region have made efforts to provide affordable healthcare to their citizens, and this has increased the demand for pharmaceutical products.

This has led to some notable foreign investments in the country, including collaborations with local manufacturers and the construction of new factories. New policies and initiatives taken by the government with regards to pharmaceuticals market are likely to drive Middle East and Africa Pharmaceuticals market in the forecast period. Moreover, increasing advancements and development in the field of medicines are also expected to register an impressive growth of the market. New inventions in drug department where the main focus of scientists is to develop a substitute drug with less side-effects unlike already existing drugs for a specific problem are encouraging people to enhance their medical usage. Moreover, technological advancements are improving access to healthcare services and medications in the Middle East and Africa region. For example, telemedicine and mobile health (mHealth) platforms are being used to connect patients in remote areas with healthcare providers and enable them to access pharmaceuticals. Growing availability of medicines and easy accessibility of other pharmaceuticals are further expected to propel the growth of Middle East and Africa Pharmaceuticals market in the projected period. Evident decrease in mortality rate in almost every country of the region, due to effective quality of medicines and excellent pharmaceutical support, can further boost the growth of market in upcoming years.

However, increasing strictness in regulations on approval of drugs and excipients along with the high cost of research and development in pharmaceuticals department, are expected to slow down the growth of the market in the coming years.

 

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The Middle East & Africa Pharmaceuticals Market segmentation is based on Drug Type, Product Type, Application, Distribution Channel, By Company and Country Distribution.

Based on Application, the market is further divided into Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, and Others. The cardiovascular segment is likely to dominate the market in the forecast period. This can be ascribed to the development of unhealthy habits of people which are major risk factors of heart-related problems.

Some of the major companies operating in the Middle East & Africa Pharmaceuticals Market include:

       ·         Julphar Gulf Pharmaceutical Industries

       ·         Bayer Consumer Health

       ·         Lifepharma FZE

       ·         Niner Pharmaceuticals LLC

       ·         GlaxoSmithKline & Neopharma

       ·         Pfizer Inc

       ·         Johnson & Johnson Middle East FZ-LLC

       ·         Sanofi Middle East

       ·         Novartis Middle East

       ·         Novo Nordisk Pharma Gulf FZ LLC

       ·         Roche Pharmaceuticals Middle East

       ·         AstraZeneca FZ LLC

       ·         HIKMA Pharmaceuticals

       ·         Merck Serono Middle East FZ-LLC

       ·         Abbott Laboratories S.A.

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“Certain regions are expected to dominate the demand for pharmaceuticals in all the countries of the region. Rise in lifestyle disorders of people where they are indulging themselves into various unhealthy habits like smoking, consuming alcohol, eating inadequate amount of nutritious food are the growth factors of various diseases in human body, aiming to increase commercialization activities in all the countries to grow the market of pharmaceuticals. Additionally, the growing demand of medicines and drugs due to rise in road accidents and any other mishappening can further boost the rise of market in the upcoming years," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

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