Saudi Arabia Generic Drugs Market is Projected to Grow at a Formidable Rate During the Forecast Period
Growing prevalence of diseases is
driving the growth of Saudi Arabia generic drugs market during the forecast
period.
According to TechSci report on, “Saudi
Arabia Generic Drugs Market By Type (Small Molecule Generics v/s
Biosimilars), By Mode of Drug Delivery (Oral, Topical, Parenteral, Others), By
Form (Tablet, Capsule, Injection, Others), By Source (In House v/s Contract
Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies,
Retail Pharmacies, Online Pharmacies, Others), By Application (Cardiovascular
Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others),
By Region, Competition Forecast & Opportunities, 2026”, Saudi
Arabia generic drugs market is expected to witness formidable growth through
2026 on account of the supportive government policies such as the government of
Saudi Arabia has started rolling out incentives for international companies to
invest in local manufacturing. Additionally, the new healthcare transformation
scheme launched by the government recently in 2021 will not only improve the
status of healthcare sector but also of the pharmaceutical industry in the
country through 2026. Additionally, the Saudi Arabia generic drugs market is
majorly import driven, the government is taking major steps to increase the
local manufacturing in the country thereby creating lucrative opportunities for
the overall market growth in the next five years. However, stringent regulatory
landscape for the marketing and approval of drugs in the country can restrict
the market growth through 2026.
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Arabia Generic Drugs Market"
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The
Saudi Arabia generic drugs market can be segmented by type, mode of
drug discovery, form, source, distribution channel, application, region, and
company. Based on distribution channel, the market can be categorized into hospital
pharmacies, retail pharmacies, online pharmacies. The retail pharmacies segment
is expected to dominate the market through 2026 on account of the fact that through
retail pharmacy stores as most generic drugs are over the counter (OTC)
medicines that can be bought without a prescription. While online pharmacies
segment is expected to register the highest growth during the forecast period
on account of growing number of smartphone users, increasing internet
proliferation and emergence of several e-commerce platforms across the country.
Additionally, increase in the number of online pharmacies and increasing number
of retail pharmacies launching their websites to make their products available
online across the country is further expected to support the segmental growth.
The
major companies operating in Saudi Arabia generic drugs market includes Saudi
Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Tabuk
Pharmaceuticals Manufacturing Co., Jamjoom Pharmaceuticals Co., Riyadh Pharma,
Al Jazeerah Pharmaceutical Industries Ltd (Hikma), Pfizer Saudi Company Ltd.,
Sanofi Aventis Arabia Co. Ltd., Novartis Saudi Arabia, GlaxoSmithKline Saudi
Arabia Limited (GSK), Novo Nordisk Saudi Arabia, among others. Major market
players in generic drugs are expanding their businesses through mergers &
acquisitions and strategic collaborations. For instance, in March 2020, the
Ministry of Health (MOH) of Saudi Arabia signed a memorandum of understanding
with Sanofi, Saudi Arabia, to start localizing and transferring insulin
industry technology in the Kingdom of Saudi Arabia and the possibility of its
external export to the GCC countries and the Middle East region.
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“Saudi
Arabia Generic Drugs Market is driven by the increasing population base
suffering from various communicable and non-communicable diseases across the
country. Additionally, supportive government policies to boost the status of
local manufacturing and reducing the reliance on imports is further expected to
support the market growth over the next few years.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Saudi
Arabia Generic Drugs Market By Type (Small Molecule Generics v/s Biosimilars),
By Mode of Drug Delivery (Oral, Topical, Parenteral, Others), By Form (Tablet,
Capsule, Injection, Others), By Source (In House v/s Contract Manufacturing
Organizations), By Distribution Channel (Hospital Pharmacies, Retail
Pharmacies, Online Pharmacies, Others), By Application (Cardiovascular
Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others),
By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Saudi
Arabia generic drugs market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Saudi Arabia generic
drugs market.
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