Spotlight on Saudi Arabia
August 25, 2015 | Saudi Arabia, emerging markets
Published in eyeforpharma 20 May by Rachel Howard
What are the opportunities and challenges for pharma companies wishing to gain a foothold in this oil-rich kingdom?
Traditionally the Middle East and North Africa (MENA) region has been overlooked by pharmaceutical companies, with the region contributing only about 2% of global pharmaceutical sales in 2010. Difficult regulatory environments and political turmoil have compounded the perceived lack of attractiveness of the region as a whole.
As we reach the middle of the decade, could the tide be turning? Over the last year, I have noticed increasing industry interest in Saudi Arabia (KSA) – and with good reason given it is the fastest growing pharmaceutical market in the Middle East, experiencing double-digit growth. In this article, I will take a look at the opportunities and challenges for pharma companies wishing to gain a foothold in this oil-rich kingdom.
Background
Though vast swathes of the country are uninhabitable desert, Saudi Arabia has a population fast approaching 30 million. It is a young country, with over half of the population under 30 years of age. As it is home to the holy Islamic cities of Mecca and Medina, its population receives a seasonal boost as over two million pilgrims visit each year to perform the Hajj. It also contains about a quarter of the world’s known petroleum reserves, and oil revenues account for approximately 90 percent of the government’s income.
A key pillar of Saudi Arabia’s internal stability relative to much of the surrounding region has been the kingdom’s generous social welfare system, of which healthcare forms an important segment. Healthcare services are available free of charge not only to Saudi citizens but also to all pilgrims, regardless of their nationality. Recent decades have seen considerable improvement in both the quantity and quality of healthcare services. A Royal Decree in 2002 resulted in sizeable expansion of the primary care network. Care in the top public hospitals, such as Riyadh’s renowned King Fahad Medical City, easily rivals that of the West, with imported medical technology and state-of-the-art facilities. Medical education is also fully funded by the state, including overseas training. As a result, many physicians are trained in leading US and UK medical schools.
However, not all is rosy. Despite the country’s affluence and stated commitment to healthcare, indicators suggest Saudi Arabia’s overall healthcare performance remains mediocre compared with the West, with an infant mortality rate that is double the average and a shorter life expectancy.
Read the full article at http://www.researchpartnership.com/news/2015/05/spotlight-on-saudi-arabia/
This content was provided by Inizio
Company Details
Latest Content from Inizio
Case study: How segmentation of treaters guided a novel product launch in the allergy space
Find out how we helped our client to obtain an intuitive and actionable segmentation in order to drive market shaping activities ahead of their product launch aimed at the treatment…
Article: War in the Blood – The battle takes shape in the burgeoning European oncology CAR-T market access space
Tania Rodrigues investigates the market access and commercialization potential for manufacturers of CAR-T therapies in the latest issue of pharmaphorum’s Deep Dive.
Research Partnership wins prestigious 2023 BOBI Award
We are delighted to announce Research Partnership were announced the winners in the ‘Creative Fieldwork Team of the Year’ category at the BHBIA’s Best of Business Intelligence (BOBI) Awards.
Case study: How we provided in-depth knowledge of electrosurgical generators among target segments and settings in the US market
Find out how we helped our client to identify clinician roles and responsibilities, pain points and drivers and barriers with respect to a current medical device.
Research Partnership launches Access CGT
Research Partnership’s specialist market access team have launched Access CGT, a new syndicated access and policy tracker providing surveillance of the cell and gene therapy space.Read more
New syndicated reports now available
Living with CD, PsO, IPF & PF-ILD 2023
Article: Could combating stigma increase the uptake of PrEP and finally end the HIV epidemic?
In this article we explore what more could be done by the pharmaceutical industry to help prevent the spread of HIV infection worldwide.
Webcast: China Update 2023: How will recent developments impact your brand’s success?
Register for this live webinar in which emerging market experts provide an update regarding the implications of changing demographics and the healthcare landscape.
Webcast: How to improve the patient journey through an effective engagement and activation strategy
Watch part two in a series, Evolving Patient Journeys, in which experts from across Inizio explore why, despite best intentions, patient engagement solutions can fall short of expectations.
Webcast: Evolving Patient Journeys – How to generate deeper insights in a changing healthcare landscape
Watch part one in a series, Evolving Patient Journeys, in which our experts look at the main ways in which the patient journey has evolved in recent years.