ID :
174992
Tue, 04/12/2011 - 21:26
Auther :
Shortlink :
https://oananews.org//node/174992
The shortlink copeid
Yemen pharma market to reach US$10bn by 2020
(Saba)- The pharmaceutical market in GCC countries and Yemen is growing rapidly and is projected to reach
around US$10bn by 2020 from the current US$6 billion, the Gulf Organisation for Industrial Consulting's (GOIC) Secretary General has said.
Abdulazizbin Hamad al-Ageel told a meeting that despite the 6 percent annual growth of this market, locally manufactured pharmaceuticals are not able to meet the growing
demand with the GCC and Yemen importing 90 percent of medicines.
"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 said.
He added that the development of this industry would also contribute to the industrial diversification into knowledge -based industries.
Al Ageel attributed the growth of the pharmaceutical market in the region to the continued improvement in healthcare and due to the increase in health awareness among citizens.
Al Ageel was speaking at the 1st Coordination Meeting for the Pharmaceutical Industry in the GCC and Yemen which opened here yesterday.
Participants at the meeting hope among other things to explore the possibility of setting up a pharmaceutical trade association for GCC & Yemen producers.
Al Ageel noted that there were 46 pharmaceuticals manufacturing plants in the GCC and Yemen in 2010, while the combined investments of the region in the field during the
same year stood at US$830m providing jobs to 8,000 people, yet the region imports bulk of its medicines.
Meanwhile, the one-day meet has recommended the establishment of a GCC and Yemen Pharmaceutical Manufacturers and Medical Suppliers' Union.
This recommendation is intended to develop these industries protect the interests of producers, cooperation and coordination between pharmaceutical manufacturers in member
states. It is also meant to develop proper mechanisms to strengthen communication and continuous coordination and consultation.
The meeting also recommended the unification of legislations on procedures relating to registration of pharmaceutical products and inspection, approvals and specifications
between member states.
Other recommendations of the meeting included developing funding programmes to encourage pharmaceutical industry as well as to conduct studies on bio-equivalence of drugs
in cooperation and coordination with pharmaceutical companies operating in the GCC and Yemen.
around US$10bn by 2020 from the current US$6 billion, the Gulf Organisation for Industrial Consulting's (GOIC) Secretary General has said.
Abdulazizbin Hamad al-Ageel told a meeting that despite the 6 percent annual growth of this market, locally manufactured pharmaceuticals are not able to meet the growing
demand with the GCC and Yemen importing 90 percent of medicines.
"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 said.
He added that the development of this industry would also contribute to the industrial diversification into knowledge -based industries.
Al Ageel attributed the growth of the pharmaceutical market in the region to the continued improvement in healthcare and due to the increase in health awareness among citizens.
Al Ageel was speaking at the 1st Coordination Meeting for the Pharmaceutical Industry in the GCC and Yemen which opened here yesterday.
Participants at the meeting hope among other things to explore the possibility of setting up a pharmaceutical trade association for GCC & Yemen producers.
Al Ageel noted that there were 46 pharmaceuticals manufacturing plants in the GCC and Yemen in 2010, while the combined investments of the region in the field during the
same year stood at US$830m providing jobs to 8,000 people, yet the region imports bulk of its medicines.
Meanwhile, the one-day meet has recommended the establishment of a GCC and Yemen Pharmaceutical Manufacturers and Medical Suppliers' Union.
This recommendation is intended to develop these industries protect the interests of producers, cooperation and coordination between pharmaceutical manufacturers in member
states. It is also meant to develop proper mechanisms to strengthen communication and continuous coordination and consultation.
The meeting also recommended the unification of legislations on procedures relating to registration of pharmaceutical products and inspection, approvals and specifications
between member states.
Other recommendations of the meeting included developing funding programmes to encourage pharmaceutical industry as well as to conduct studies on bio-equivalence of drugs
in cooperation and coordination with pharmaceutical companies operating in the GCC and Yemen.
