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Kuwait's pharmaceutical mart to hit $551m by 2012
Agencies
Published in The Saudi Gazette on 24 - 04 - 2008

Kuwait's pharmaceutical market was estimated to be worth $332.8 million in 2007 and should grow at around 10 percent year-on-year to reach a value of $550.6 million by 2012.
Market growth, as in other Gulf Cooperation Council (GCC) states, should be underpinned by an expanding population and an epidemiological shift towards chronic non-communicable diseases, Research and Markets said in its Healthcare Report for the second quarter of 2008.
Kuwait's oil reserves should continue to underpin economic growth through the forecast period, ensuring per capita incomes continue to grow, it added. The Kuwait Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Kuwait's pharmaceuticals and healthcare industry.
As in other Gulf states, a trend for more cost-conscious government health policy is emerging that may serve to dampen pharmaceutical growth, particularly in the patented drug sector. However, the private sector, which has grown in strength over the past few years, should take a more prominent role in its place.
Government policy, combined with increased awareness of the bioequivalence of generics should allow the generics market to grow strongly over the forecast period, beating the overall drug market growth trend to account for 18 percent of the total market by 2012.
“This growth should provide an opportunity for the country's small domestic manufacturing sector, which consists of state-owned Kepisco. However, due to ever increasing GCC integration, BMI expects imports to account for most new sales. The GCC common market should allow gulf drugmakers in particular to take advantage,” the report said.
In BMI's updated Business Environment Ratings, Kuwait received a score of 52, down three points from Q108. The lower score resulted in a fall of two places in the Middle East and Africa (MEA) rankings table to fifth position out of 14 markets surveyed. “Our assessment was downgraded after new data which suggested that Kuwait's pharmaceutical market had grown less quickly than expected in recent years. In terms of market risk, our assessment of Kuwait's business environment remains unchanged,” it said.
Healthcare is provided largely free of charge to Kuwaiti citizens. However, an aging population with a significant chronic disease burden is expected to force the government to avail itself of some of the financial responsibilities, the report added. __


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