Pharmaceutical industry is a big and growing industry, generating a revenue with a whopping $107 Billion each year. North America has the biggest share of this industry with a market share of 48%. The gulf region also has a decent share in pharmaceutical Industry and UAE is the second largest pharmaceutical market in gulf region. The total market value is almost $3 Billion which by 2020 is expected to grow to almost $6 Billion, which means in next 4 years UAE pharma market is growing to witness an insane growth of Pharma market.
Recently DHA has also started taking initiatives which is a sign that UAE is trying to aware people about healthcare. Since Pharma market and healthcare goes hand in hand, it would be sensible to comment that this would certainly help to rise the growth of pharma market of UAE.
Previously many drugs used to be imported from abroad now most of these drugs are manufactured locally. Also use of generic drugs are promoted to reduce healthcare cost. Because of this many Multi-National companies started their operation in UAE, mainly Dubai to access these markets and develop drugs.
India is another country which has a strong Pharma market presence in the global market and some medicines are still imported from India for UAE. The same is true for Europe as well. Which is fine since a country cannot produce all medicines locally, few medicines and devices has to be imported from other countries.
The good news is UAE is gaining popularity in medical tourism. The various reasons are:
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