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02 December 2023

Gulf drugs market to soar above $10 bn in 2020

By Staff

The drugs market in Gulf oil producers and Yemen stood at around $5.6 billion in 2010 and is projected to surge above $10 billion in 2020, according to official data.

Despite the steady expansion in this market because of high population growth, the local medicine industry has remained relatively small and can meet only a portion of the drugs needs in the region, said a report by the Doha-based Gulf Organization for Industrial Consulting (GOIC).

It said 29 local companies are involved in drug manufacturing in the region, with total investment of about $805 million.

“The local drugs industry is still far below the actual market and does not fulfill the ambitions of this sector,” said GOIC, which advises on the non-oil industrial policies in the six-nation Gulf Cooperation Council (GCC).

The report said GOIC would organize the region’s first meeting of drugs producers in the GCC and Yemen in Qatar in April to discuss fresh investments in this sector and cooperation among regional states.

“The conference will cover new projects in the drug industry and obstacles blocking the expansion of this sector to meet local needs,” it said.