KSA pharmaceuticals vision is to accelerate the growth of the local manufacturing cluster and transition into products with higher complexity, with focus on products which are important for national security, to become leading manufacturer and innovator in MENA.
The Saudi Pharma market is looked at as one of the fastest-growing markets today with strong export potentials to serve MENA and OIC (Organization of Islamic Countries) with a total market of $120 Bn.
The Saudi Pharma market has grown by almost 5% CAGR to reach 8.2 Bn $ in size in 2018. The KSA market is expected to grow at a 5% rate each year until 2025 to reach $10 Bn. Contribution of KSA to MENA region is expected to increase and reach 30% by 2025.
The prevalence of certain chronic diseases in KSA such as Diabetes type 2, Hypertension, Hyperlipidemia& Asthma is driving the industry to cover the local need for such products, in addition to, other therapeutic areas and essential medications as per SFDA & WHO.
Saudi Arabia is in the heart of the Islamic world, besides, leveraging on Saudi Arabia’s geographical position, and the support of Saudi Export Development Authority and EXIM bank program, Saudi Arabia can boost the pharma exports to MENA region and to the rest of the world. In addition, King Salman Humanitarian Aids & Relief Center for donating in-kind donation to stimulate the pharma exports.
The number of visitors to Saudi Arabia for Hajj and Umrah purpose is increasing drastically every year, which is considered one of the major markets for vaccines products globally in terms of the high demands and well-granted market. Saudi Government is aiming to increase the number of visitors to Hajj & Umrah to reach 30 million by 2030, which will boost the demands of Pharmaceuticals worldwide.
Last but not least, the Intellectual Properties (IP Rights) in KSA are registered, well-maintained and protected through (SAIP) Saudi Authority for Intellectual Property.