Widespread prevalence of NCDs and chronic diseases, high per capita income of the people and increase in healthcare awareness in the country has driven the growth of pharmaceuticals market in Kuwait.
The Kuwait Pharmaceuticals market is in the growing stage and has been primarily driven by government’s healthcare initiatives. Dependence on oil and gas industry and limited diversification into other sectors has significantly constrained the manufacturing activities in Kuwait. Domestic production of medicines in the country continued to be low and majority of the pharmaceuticals consumed were imported, including branded and generic drugs. Although the industry is closely monitored by the government, medicine prices in Kuwait continued to be high. Doctors and patients generally prefer patented and branded products, which has stretched the government funding system.
Prevalence of chronic disorders like such as cardiovascular, diabetes, cancer and respiratory conditions was on a rise which gave a boost to the demand for pharmaceuticals market. The trend towards preventive healthcare witnessed a rise in line with an increase in healthcare awareness in this period, thus supporting expansion of the OTC segment and increasing demand for OTC medication and pseudo-pharmaceuticals such as vitamins and supplements, weight loss formulations, and smoking cessation aids. High public spending on healthcare and a free of cost provision of medical services for the locals have supported demand for pharmaceuticals in the country in this period. A number of government initiatives are also driving the pharmaceuticals market in Kuwait. Medical Permit to 12 companies to build pharmaceutical factories in collaboration with the Public Authority for Industry (PAI) in the country, doubling the budget for healthcare spending between 2010 and 2016, reaching close to KD 2 billion (USD 6.6 Billion) in 2016 and more than 20 large governmental healthcare projects in the pipeline worth KD 3.5 billion (USD 12 billion) in the country has driven the pharmaceutical sales.
Analysts at Ken Research in their latest publication “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-Infective, Gastrointestinal, Cardiovascular, CNS, Respiratory, Musculoskeletal, Analgesics and Anti Inflammatory and Others)” believe that promoting local manufacturing in the country, reducing prices of pharmaceutical products, introducing better regulations to develop pharmaceutical market, increasing R&D spending and focusing on building product portfolio, expanding storage and distribution network and investing in marketing activities will aid the manufacturers of pharmaceuticals in Kuwait to grow and achieve higher profits.
Key Segments Covered
By Type of Drug
Generic Drugs
Patented Drugs
By OTC and Prescription Drugs
OTC Drugs
Prescription Drugs
By End Users
Public Sector
Private Sector
By Channel of Distribution
Institutional Sales
Retail Sales
By Therapeutic Class
Anti-Infective
Gastrointestinal
Cardiovascular
CNS
Respiratory
Musculoskeletal
Analgesics and Anti Inflammatory
Key Target Audience
Pharmaceuticals Manufacturers
Generic Drug Companies
Pharmaceutical Distributors
Hospital Chains
Clinical Research Organizations
Government Association and Regulatory Authority
Private Equity and VC Fund
Chronic Diseases in Kuwait
Pharmaceuticals Sales Kuwait
Trends Pharmaceuticals Kuwait
Pharmaceuticals industry in Kuwait
Inpatients Medicine Market Kuwait
Institutional Sales Pharmaceuticals Kuwait
Manufacturers of Pharmaceuticals Kuwait
Pharmaceutical Sales Hospitals Kuwait
Companies Covered:
Pharmaceutical Companies:
Pfizer, AstraZeneca, Abbvie, Novartis, GSK, Roche, MSD, Sanofi, Johnson & Johnson, Abbott, Julphar, Tabuk, Hikma Pharmaceuticals, Kuwait Saudi Pharmaceutical Industries Company (KSPICO), Al Mojil Drug Company, YIACO Medical Company, Bader Sultan And Brothers Company, Ali Abdulwahab Al Mutawa Commercial Company, Pharmazone and Al- Hajery
To know more, click on the link below:
https://www.kenresearch.com/healthcare/pharmaceuticals/kuwait-pharmaceuticals-market/173389-91.html
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
