The Kuwait Pharmaceuticals market is in the augmenting stage and is primarily propelled by government’s healthcare initiatives. A booming oil and gas industry and restricted diversification into other segments have progressively constrained the manufacturing activities in Kuwait. As a result, domestic production of medicines across the country sustained to be low and majority of the pharmaceuticals consumed were imported in this period, involving branded and generic drugs. Although the industry is closely observed by the government, medicine prices in Kuwait sustained to be high. Doctors and patients commonly prefer patented and branded products, which has strained the government funding system. Pervasiveness of chronic disorders such as cardiovascular, diabetes, cancer and respiratory conditions was also on an augment which gave a boost to the requirement for pharmaceuticals market.
According to the report analysis, ‘Kuwait Pharmaceuticals Market Outlook to 2022 – By Type of Drugs (Generic and Patented Drugs); By Channel of Distribution (Institutional Sales and Retail Sales) and By Therapeutic Class (Anti-Infectives, Gastrointestinal, Cardiovascular, CNS, Respiratory, Musculoskeletal, Analgesics and Anti Inflammatory and Others)’ states that the Kuwait Pharmaceuticals market is extremely fragmented. It is registered by foreign corporations in Kuwait and the only indigenous producer of Kuwait functioning in the pharmaceuticals market is Kuwait Saudi Pharmaceutical Industries Company (KSPICO). The regional/local players of the Middle East functioning in Kuwait encompassed of companies such as Julpar, Spimaco, Tabuk, Hikma Pharmaceuticals etc. During 2017, Pfizer had the greatest market share in the Pharmaceuticals market across Kuwait followed by AstraZeneca, Abbvie, Novartis, GSK, Roche, MSD, Sanofi, Johnson & Johnson, Abbott, Julphar, Tabuk and Hikma Pharmaceuticals on the basis of revenue.
The future outlook of the industry is positive and the industry growth will be led by the prevalent prevalence of chronic diseases, augmenting population and the high per capita income of the individuals in the country. The restricted indigenous manufacturing capabilities also present a number of growth choices for multinational and regional pharmaceutical entities to enter the Kuwait pharmaceuticals industry. The large investments which have been undertaken for expansion of the healthcare sector through the public-private partnership (PPP) route is projected to augment the pharmaceuticals market too during the coming years.
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The availability of generic products is predicted to augment as private health insurance schemes are motivating the prescribers to adopt more rational prescription patterns. As Kuwait quickens its healthcare development strategy as part of the Kuwait Vision 2035, both Kuwait’s pharmaceutical and healthcare markets have been noted as high-priority segments, with several projects set to be carried out under public-private partnerships (PPPs).
In addition, the chronic diseases such as cardiovascular, diabetes, obesity, cancer and respiratory conditions are augmenting the dramatically in Kuwait primarily owing to less physical activity and dietary habits such as augmented the fast-food consumption associated to high-income generation. Thus, the market shares of anti-infective, gastrointestinal, cardiovascular and musculoskeletal are projected to augment in the Kuwait pharmaceuticals market by 2022.
For More Information, refer to below link: –
Kuwait Pharmaceuticals Market Future Outlook
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