(COVID-19 Updates) Pharmaceutical Drugs Market in Saudi Arabia Generates Revenue of US $ 16,663.1 Million by 2027, at a CAGR of 7.3% | CMI


SEATTLE, May 04, 2021 (PHARMIWEB) –

The growth of pharmaceutical drug market in Saudi Arabia is due to various factors such as population growth, business investment in halal pharmaceuticals, declining fertility rates and increasing life expectancy. The market is experiencing increasing investments from the main market players and also experiencing collaborations of several local and international companies with local generic manufacturers. These factors are expected to facilitate robust, stable and organic growth of the pharmaceutical drugs market in Saudi Arabia during the forecast period.

Pharmaceutical drugs with improved therapeutic effects and various delivery formulations to facilitate administration and patient comfort are expected to gain traction in the pharmaceutical drug industry in Saudi Arabia, according to leading manufacturers. Celltrion Inc., a South Korean pharmaceutical company, unveiled its biosimilar for breast and stomach cancer “Herzuma” in Iraq in September 2019, making it the second copy of the drug in the Middle East. In addition, Jordan, Israel, the United Arab Emirates, Saudi Arabia and Morocco have all marketed the substance.

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Basilea Pharmaceutica Ltd. and Hikma Pharmaceuticals LLC announced the launch of the hospital antibiotic “Ceftobiprole” from Basilea in Saudi Arabia in May 2018. In Saudi Arabia, ceftobiprole is approved for the treatment of adult patients with nosocomial pneumonia (PAH), at the exception of ventilator-associated pneumonia (PAV) and community-acquired pneumonia (CAP) (CAP).

Jamjoom Pharma, a pharmaceutical company, announced the launch of Veratol, the first of its kind in Saudi Arabia and the Middle East, in December 2017. High cholesterol, cancer, heart disease and other illnesses are treated with Veratol (Resveratrol).

Novo Nordisk announced the introduction of Victoza (Liraglutide), a revolutionary new treatment for type 2 diabetes, in Saudi Arabia in May 2014. Victoza improves blood sugar function and slows disease development in people with type 2 diabetes 2.

Impact of the COVID-19 pandemic

The coronavirus pandemic has had a negative effect on the growth, manufacture and availability of prescription drugs around the world. To stop the transmission of the coronavirus, many processing and processing plants, as well as transport authorities, have halted many operations at their prescription drug factories. As a result, the pandemic has impacted the prescription drug market in Saudi Arabia as well as the supply.

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To tackle the coronavirus outbreak, the Kingdom of Saudi Arabia (KSA) is introducing and licensing new drugs and drugs, which is expected to boost the pharmaceutical drug market in Saudi Arabia. The Saudi Ministry of Health approved the use of the steroid dexamethasone as part of its COVID-19 treatment regimen in June 2020. Dexamethasone is a drug that has been used to relieve inflammation in conditions like arthritis . Treatment would be provided to patients in hospitals and intensive care units who need oxygen but are not on ventilators.

In the wake of the coronavirus outbreak, major pharmaceutical companies in Saudi Arabia are working on the production of drugs and vaccines to fight infection with the coronavirus. SaudiVax, a Saudi company, began producing a preventive coronavirus vaccine in June 2020 in collaboration with US scientists at the Center for Antibody Therapeutics at the University of Pittsburgh to discover the antibody and obtain a license in the Middle East to medication.

Likewise, the King Abdullah University of Science and Technology Research Rapid Response Team was established in April 2020 (R3T). R3T, in particular, began working with the University of Oxford to develop a new test that would make it easier to identify viruses.

The main companies contributing to the pharmaceutical drug market in Saudi Arabia are AstraZeneca Plc, SPIMACO (Saudi Pharmaceutical Industries & Medical Appliances Corporation), Hikma Pharmaceuticals PLC, Pfizer, Inc., GlaxoSmithKline Plc., Julphar, Sanofi SA, Jamjoom Pharmaceuticals Co., Tabuk Pharmaceuticals, and Baxter International Inc.

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Detailed segmentation:

Saudi Arabia Pharmaceutical Drugs Market, By Drug Type:

    • Generic drugs
    • Brand name drugs

Saudi Arabia Pharmaceutical Drugs Market, By Product Type:

    • Prescription drugs
    • Over-the-counter (OTC) drugs

Saudi Arabia Pharmaceutical Drugs Market, By Application:

    • Cardiovascular
    • Musculoskeletal
    • Oncology
    • Anti-infectives
    • Metabolic disorder
    • Central nervous system
    • Gastrointestinal
    • Respiratory
    • Hematology
    • Dermatology
    • Ophthalmology
    • Others (nutraceutical, dental and veterinary)

Saudi Arabia Pharmaceutical Drugs Market, By Distribution Channel:

    • Hospital pharmacy
    • Retail pharmacy
    • Online pharmacy

See the press release for more information @ https://www.coherentmarketinsights.com/press-release/saudi-arabia-pharmaceuticals-market-2879

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