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

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SEATTLE, May 04, 2021, (PHARMIWEB) —

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

According to major manufacturers, pharmaceutical drugs with enhanced therapeutic effects and various administration formulations for ease of administration and patient comfort are expected to gain substantial momentum in the Saudi pharmaceutical industry. Celltrion Inc., a South Korean pharmaceutical company, unveiled its breast and stomach cancer biosimilar ‘Herzuma’ in Iraq in September 2019, making it the second copy drug in the Middle East. Additionally, Jordan, Israel, 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 Basilea’s hospital antibiotic “Ceftobiprole” in Saudi Arabia in May 2018. In Saudi Arabia, ceftobiprole is approved for the treatment of adult patients with hospital-acquired pneumonia (NPN), at exception of 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 diseases are treated with Veratol (resveratrol).

Novo Nordisk announced the introduction of Victoza (Liraglutide), a breakthrough new therapy for type 2 diabetes, in Saudi Arabia in May 2014. Victoza improves glycemic function and slows disease development in people with diabetes from kind 2.

Impact of the COVID-19 pandemic

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

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To combat the coronavirus outbreak, the Kingdom of Saudi Arabia (Saudi Arabia) is introducing and licensing new medicines and drugs, which is expected to further 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 such as arthritis. The treatment would be provided to patients in hospitals and intensive care units who need oxygen but are not on ventilators.

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

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

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

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