BioPlan’s newly released A Quick Guide™ to Healthcare and Biotechnology in the Middle East shows that dramatic change is underway.
The Middle East has been low on the agenda of the pharmaceutical industry, due to reliance on strong growth in the US, European and Japanese markets, but the slowdown and cost containment pressures in these markets have persuaded the pharmaceutical industry to cast its eyes further afield.
The total Middle East regional value is around US$10.6 billion and growing rapidly. Multinational pharmaceutical companies can no longer ignore the region’s huge potential. Due to varying socio-economic conditions and political developments across the Middle East, it is entirely conceivable for companies to find opportunities for products in almost every therapeutic area.
The high demand for premium products has led to multinational companies having dominated the Middle East. Pharmaceutical companies still need to be aware of the region’s dynamics. This is still very much an emerging market and you have to do your homework.