Pharmaceuticals: Saudi Arabia | Market | Insights

Saudi Arabia Pharmaceuticals Market Overview

Kingdom of Saudi Arabia

Country Information

Capital: Riyadh

Main cities: Jeddah, Mecca, Medina, Al-Ahsa, Taif, Dammam

Primary Ports: Dammam, Jeddah, Jubail

Population

The complete population of Saudi Arabia in 2020 is 34.8139 million. The male populace is 20.1 million, representing 57.73% of the total population; the female populace is 14.7139 million, representing 42.27%. The metropolitan population is 28.8078 million, and the rural population is 5.4607 million. The urbanization rate is 84.07%. The population aged 0-14 represents 24.87%, the population aged 15-64 represents 71.72%, and the population aged 65 or more represents 3.41%.

NDF Fatality Rate

1. Ischemic heart disease
2. Stroke
3. Chronic kidney disease
4. Cirrhosis
5. Diabetes
6. COPD
7. Congenital defects
8. Alzheimer's disease
9. Colorectal cancer
10. Lung cancer

Financial Overview

GDP (2020): $700.118 billion

GDP Growth Rate: CAGR until 2020 - 4.11%

Currency: Saudi Riyal

Trade Value in USD: 100 Saudi Riyal equals 266.73 US Dollars

Public Economic Development Strategy

"Saudi Arabia Vision 2030"

Gulf Cooperation Council (GCC)

The Gulf Cooperation Council is a global association comprising Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain, and Oman. Since 2014, these countries have together designed a drug price coordination strategy to normalize drug costs in the region and reduce regulatory barriers.

Status of the Pharmaceutical Market

Saudi Arabia is the most attractive market for global pharmaceutical companies in the Middle East. Due to "Saudi Vision 2030," the expansion of Saudi manufacturing is supported, which is a positive sign for local Saudi businesses and companies in Gulf nations. However, patent approval and strict regulatory frameworks remain significant issues for foreign research-based pharmaceutical companies. Saudi Arabia's long-term goal is to produce 40% of medication locally.

Innovative Drug Market

Due to the local preference for branded medications, Saudi Arabia's market is dominated by foreign drug manufacturers, with local production being limited. Leading local players include Saudi Pharmaceutical Industries and Medical Appliances Company (SPIMACO), Tabuk Pharmaceutical Manufacturing, Jamjoom Pharma, and Saudi Arabian Japan Pharmaceutical Company (SAJA).

Traditional Drug Market

The government is encouraging the traditional medicine market in Saudi Arabia, replacing patented medications with generic drugs to control costs. Generic medications are expected to grow at a faster rate in the short and long term.

Market Volume

In 2018, the Saudi pharmaceutical market grew at a CAGR of nearly 5% to reach approximately $8.2 billion. It is expected to grow at an annual growth rate of 5.4% to $10.89 billion by 2024.

Registered Organization

Saudi Food and Drug Authority
Website: https://www.sfda.gov.sa/en
General registration time: 6-18 months
Registration requirements: [File format]: e-CTD
Plant Inspection: yes

Pharmaceutical Trade

Saudi Arabia's Vision 2030 and National Transformation Plan will encourage the country to expand its domestic pharmaceutical industry, reducing dependence on imported medications while providing export opportunities.

Top Ten Corporations

1. PFIZER
2. SANOFI
3. NOVARTIS
4. TABUK
5. SPIMACO
6. GSK
7. HIKMA PHARMA
8. NOVO NORDISK
9. MSD
10. ASTRAZENECA

Fastest Growing Corporations

1. MSD - 294.43%
2. HIKMA PHARMA - 338.41%
3. MECP - 125.37%
4. AMGEN - 110.31%
5. SANOFI - 535.28%
6. LILLY - 132.26%
7. ASTRAZENICA - 240.21%
8. J&J - 188.20%
9. ALLERGAN - 93.16%