![]() For instance, in April 2020, SPIMACO Addwaeih signed an agreement with Amgen Inc. Strategic agreements with multinational pharmaceuticals is expected to boost growth of the market over the forecast period. Market players are involved in undergoing strategic agreements with multinational pharmaceuticals, which is expected to drive the growth of the Saudi Arabia pharmaceutical drugs market over the forecast period The Saudi Arabia pharmaceutical drugs market is estimated to be valued at US$ 10,191.4 Mn in 2020 and is expected to exhibit a CAGR of 7.3% over the forecast period (2020-2027).įigure 1: Saudi Arabia Pharmaceutical Drugs Market Share (%) Analysis, By Drug Type, 2020 The money is allocated for research and development of all diseases including COVID-19. Moreover, in March 2020, the government of Saudi Arabia announced that it donated US$ 10 million as financial support to the World Health Organization (WHO). ![]() CEPI is working with Curevac, Inovio Pharmaceuticals, Moderna, Novavax, The University of Hong Kong, The University of Oxford, The University of Queensland, and a consortium led by Institut Pasteur for COVID-19 vaccine development projects. For instance, in April 2020, the Coalition for Epidemic Preparedness and Innovations (CEPI) and Gavi, the Vaccine Alliance announced that the Group of 20 Kingdom of Saudi Arabia committed US$ 150 million for development of COVID-19 vaccine and invested in the manufacturing capacity required to produce a safe and effective vaccine for COVID-19 infection. The COVID-19 pandemic is expected to drive the growth of the Saudi Arabia pharmaceutical drugs market over the forecast period.įactors such as investments, research and development of novel medicines targeting COVID 19 as well as funding by various companies operating in Saudi Arabia pharmaceuticals market are expected to drive the Saudi Arabia pharmaceuticals market growth during this COVID 19 pandemic. Saudi Arabia Pharmaceutical Drugs Market - Impact of the Coronavirus (COVID-19) Pandemic These drugs are used for the treatment of patients suffering from cardiovascular, musculoskeletal, oncology, metabolic disorders, gastrointestinal, urogenital, respiratory, dermatology, ophthalmology, hematology and other disorders. Patented products are available as branded drugs while generic drugs include both branded generics and non-branded generics. ![]() Saudi Arabia pharmaceutical drugs market includes medicinal products sold as patented/prescription drugs and OTC in hospitals and retail pharmacies for various ailments.
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