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GOIC Plans to Expand in the Pharmaceutical Market in GCC and Yemen

GOICThe Gulf Organization for Industrial Consulting’s () Secretary General said yesterday that the in countries and is growing rapidly and is predicted to reach around $10bn by 2020 from the current $6bn.

During a meeting, Abdulaziz bin Hamad Al Ageel commented that locally manufactured pharmaceuticals are not able to meet the growing demand with the GCC and Yemen importing 90 percent of medicines despite the 6 percent annual growth of this market. He said “There are significant opportunities for growth and expansion of this sector in the GCC, so that in future it will be able to meet a substantial part of the requirements of the region with the possibility of exporting them to neighboring countries”.

He added that the continued improvement in healthcare and the increase in health awareness among citizens may lead to the growth of the pharmaceutical market. In 2010, there were 46 pharmaceuticals manufacturing plants in the GCC and Yemen while during the same year the combined investments of the region in the field were fixed at $830m providing jobs to 8,000 people, yet the region imports bulk of its medicines.

He also asked for the establishing a Gulf Society for Pharmaceutical manufacturers in the GCC, mentioning that GOIC insists to prepare a multi-clients study for the creation of investment opportunities in the pharmaceutical industry. According to the meeting, developing funding programs are being planned to encourage pharmaceutical industry in addition to conduct studies on bio-equivalence of drugs in cooperation with pharmaceutical companies operating in the GCC and Yemen.

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