Saudi Arabia Generic Pharmaceutical Products Market Size Projected to Reach Valuation of USD 5,624.78 Million By 2032 | Astute Analytica

The market is heading towards a more self-reliant and robust pharmaceutical sector, with a balanced mix of local production and strategic imports to meet the healthcare needs of the population.

New Delhi, June 05, 2024 (GLOBE NEWSWIRE) — According to the latest Astute Analytica Study, the Saudi Arabia generic pharmaceutical products market is anticipated to grow at a CAGR of 5.85% and attain a valuation of US$ 5,624.78 million by 2032 from US$ 3,372.37 million in 2023, at a CAGR of 5.85% during the forecast period 2024 to 2032.

Request a Free Sample Copy @ https://www.astuteanalytica.com/request-sample/saudi-arabia-generic-pharmaceutical-products-market

The pharmaceutical market in Saudi Arabia is experiencing significant growth, with revenue projections reaching approximately US$5.56 billion by 2024 and a robust CAGR of 5.20% expected through 2034. This growth is driven by an increasing demand for pharmaceuticals, influenced by a growing population and substantial government investment in healthcare infrastructure. Consumer preferences in Saudi Arabia lean heavily towards branded drugs, primarily due to perceptions of higher quality and effectiveness compared to generic alternatives. However, there is also a notable demand for over-the-counter (OTC) drugs, especially for treating common ailments such as headaches and colds. The COVID-19 pandemic has disrupted global pharmaceutical supply chains, impacting the availability of both raw materials and finished products in the Saudi market.

Generic drugs expected to hold a dominant position over branded drugs in Saudi Arabia generic pharmaceutical products market. It includes both prescription and OTC drugs, catering to various applications such as treating non-communicable diseases like diabetes, cardiovascular disorders, and respiratory illnesses. Despite efforts to boost local production, only 30% of drugs are manufactured locally, with the sector heavily reliant on imports from the US, Europe, China, and India. The growth of local generics is accelerating due to government initiatives to promote local production.

Significant Price Disparities in Saudi Arabia: Generic Medicines Priced at 67% of Branded Counterparts

Pricing policies in Saudi Arabia involve significant price differences between generic and branded medicines, with the price ratio being 0.67. The Saudi pharmaceutical pricing policy incorporates international price benchmarks and internal price referencing. The country’s healthcare infrastructure is bolstered by substantial government investment, aligned with the broader Vision 2030 economic transformation plan, presenting both challenges and opportunities for the healthcare system and generic pharmaceutical products market. The market faces challenges, including drug shortages caused by low commercial incentives and significant demand fluctuations in the international market. Locally manufactured drugs have an average shelf life of 30.35 months, slightly shorter than the 31.7 months for imported drugs. The demand for biopharmaceuticals, such as biologics and biosimilars, is expanding due to technological advancements, with a growing focus on nanomedicines contributing to the local industry’s development.

Saudi Arabia’s pharmaceutical market is the largest in the Gulf Cooperation Council (GCC) by population and GDP, with healthcare expenditure estimated to surpass US$77.7 billion by 2037. The regulatory environment, guided by the Saudi Food and Drug Authority (SFDA), supports a market where most registered products are generic. Technological breakthroughs are leading to more personalized treatments, and significant capital investment is required to further develop the local pharmaceutical industry. The medical sector benefits from being the third most subsidized sector in Saudi Arabia, underpinning the market’s dynamics and growth prospects.

Key Findings in Saudi Arabia Generic Pharmaceutical Products Market

Market Forecast (2032) US$ 5,624.78 Million
CAGR 5.85%
By Type Antibacterial (38.62%)
By Route of Administration Oral (45.62%)
By Application  Cardiovascular Diseases (16.37%)
By End User Hospitals (45.31%)
By Distribution Channel Hospital Pharmacies (44.31%)
Top Trends
  • Increasing Prevalence of Chronic Diseases.
  • Growing Healthcare Expenditure.
  • Rising Demand for Cost-Effective Generic Drugs.
Top Drivers
  • Government Initiatives to Promote Local Pharmaceutical Manufacturing.
  • Affordability of Small Molecule Generics.
  • Efforts to Reduce Dependence on Imported Pharmaceuticals.
Top Challenges
  • Limited Contribution of Local Manufacturers to Drug Security.
  • Strong Preference for Branded Drugs Over Generics.
  • High Cost of Producing Advanced Medications.

Antibacterial Generic Pharmaceutical Products Take Center Stage in Saudi Arabia’s Pharmaceutical Evolution with Revenue Contribution of US$ 1,307.44 Million

Antibiotics are among the most consumed pharmaceutical products in Saudi Arabia generic pharmaceutical products market, driven by factors such as ease of access without prescriptions, public misconceptions about their use, and the prevalence of self-medication. The ability to obtain antibiotics over the counter has led to widespread misuse, with studies indicating that more than three-quarters of visited pharmacies sell antibiotics to consumers without requiring a prescription. This issue has been exacerbated by pharmacists who often recommend antibiotics even without a direct request from patients. The COVID-19 pandemic further amplified this problem, leading to increased misuse and overuse of antibiotics.

Public misconceptions significantly contribute to the high consumption of antibiotics in Saudi Arabia. Many individuals mistakenly believe that antibiotics are a universal solution for various ailments, prompting widespread self-medication. Commonly self-medicated antibiotics include Amoxicillin/clavulanic acid and amoxicillin, primarily used for conditions like tonsillitis. Patients frequently reuse previous prescriptions from doctors for self-medication, further perpetuating the cycle of misuse. This behavior highlights a critical need for public education on the appropriate use of antibiotics and the risks associated with their misuse in the Saudi Arabia generic pharmaceutical products market.

The overconsumption of antibiotics has substantial implications for the healthcare system. One of the most pressing concerns is the emergence of antibiotic-resistant pathogens, a significant issue in Saudi Arabia, which has the highest prevalence of resistant pathogens in clinical isolates among Gulf Cooperation Council (GCC) countries. This resistance not only complicates treatment protocols but also leads to increased healthcare costs. Addressing this challenge requires concerted efforts to regulate antibiotic sales, educate the public on appropriate usage, and implement stricter policies to mitigate the risks associated with antibiotic resistance.

Inquire more about this report before purchase @ https://www.astuteanalytica.com/inquire-before-purchase/saudi-arabia-generic-pharmaceutical-products-market

Cardiovascular Medications is the Pulse of the Saudi Generic Pharmaceutical Products market, Generate Over 16.37% Market Revenue

Cardiovascular diseases (CVDs) hold a dominant position in the health landscape of Saudi Arabia, significantly influencing the generic pharmaceutical products market. As the leading cause of death in the country, CVDs are driven by prevalent risk factors such as obesity, physical inactivity, smoking, hypertension, and diabetes. With obesity affecting 24.7% of the population and more than half being either obese or overweight, the incidence of cardiovascular conditions remains high. Additionally, the prevalence of hypertension stands at 47.5% among expatriates and 31.4% among Saudi nationals, while dyslipidemia and diabetes further exacerbate cardiovascular risks.

The substantial burden of CVDs is reflected in healthcare spending patterns, where drug expenditures account for 20% of total health expenditures. The Saudi pharmaceutical market has seen impressive growth, expanding from 14 billion SAR in 2012 to 40 billion SAR in 2023. Despite this, there remains a notable underutilization of generic medications, attributed in part to knowledge gaps among community pharmacists. Medication wastage is also a significant issue, with an estimated 25.8% of medications going unused, resulting in a financial loss of around $150 million annually. Cardiovascular medications rank among the most prescribed drugs, underscoring the high demand driven by the widespread prevalence of CVDs.

Despite the high prevalence of cardiovascular diseases, awareness among the population remains alarmingly low, with only 2.7% of individuals aware of their condition. This highlights the urgent need for increased awareness and community-based screening programs for cardiovascular risk factors. Investment in preventive services is crucial to address the rising burden of CVDs. Demographic insights reveal that older age groups, women with lower physical activity levels, and men who smoke are particularly at risk. Familial hyperlipidemia and urban-rural disparities further emphasize the need for tailored interventions. Overall, the dominance of cardiovascular disease treatment in the Saudi Arabian generic pharmaceutical products market underscores the critical need for enhanced awareness, better utilization of generics, and comprehensive preventive measures.

From Tablets to Capsules: Oral Generics at the Forefront of Saudi Arabia’s Generic Pharmaceutical Products Market, Holds Over 45.62% Market Share

Saudi Arabia’s pharmaceutical market relies heavily on generic drugs, primarily administered orally. The cost-effectiveness of generics is a major factor driving their use, with the Saudi government promoting these drugs to manage rising healthcare expenditures. For instance, the drug market exceeded US$9.26 billion in 2023, accounting for 20% of healthcare expenditures. The SFDA’s pricing frameworks, such as External Price Referencing and Value-Based Pricing, ensure that the price of branded drugs drops by 20% once generics become available. Public awareness campaigns by the Ministry of Health and SFDA also emphasize the safety and effectiveness of generics, further encouraging their use.

The structure of the generic pharmaceutical products market shows a significant dependence on imports, with 80% of pharmaceuticals being imported and only 30% manufactured locally. Despite this, domestic manufacturers like Tabuk Pharmaceuticals and SPIMACO play crucial roles. The rising prevalence of chronic diseases, such as diabetes and cardiovascular conditions, has increased the demand for oral generic pharmaceuticals. Oral dosage forms dominate the market, accounting for 56% of national production and 51.77% of imported drugs, highlighting their convenience and patient compliance.

Government initiatives, including the Vision 2030 plan, aim to advance the pharmaceutical sector and promote generics for cost-effective healthcare. The SFDA supports manufacturers with clear guidelines, facilitating the registration of generic drugs. The cardiovascular segment alone is projected to contribute over 16.37% of market revenue, underscoring the critical role of generics in managing chronic diseases and ensuring accessible healthcare.

Saudi Arabia Generic Pharmaceutical Products Market Key Players

  • Advanced Pharmaceutical Factory
  • AstraZeneca
  • Fresenius SE & Co. KGaA
  • Hikma Pharmaceuticals PLC
  • Jamjoom Pharma
  • Novartis AG
  • Pfizer Inc.
  • SAJA Pharmaceuticals
  • Tabuk Pharmaceuticals
  • Other Prominent Players

Key Segmentation:

By Type

  • Antibacterial
  • Antiviral
  • Anti-hypertensive
  • Anti-inflammatory
  • Others

By Application

  • Central Nervous System Disorders
  • Respiratory Diseases
  • Hormones & Related Diseases
  • Gastrointestinal Diseases
  • Cardiovascular Diseases
  • Infectious Diseases
  • Cancer
  • Diabetes
  • Others

By Route Administration

  • Oral
  • Injectable
  • Inhalable
  • Others

By End Users

  • Hospitals
  • Homecare
  • Specialty Clinics
  • Others

By Distribution Channel

  • Online Pharmacies
  • Retail Pharmacies
  • Hospital Pharmacies

Buy Now Full Report: https://www.astuteanalytica.com/industry-report/saudi-arabia-generic-pharmaceutical-products-market?buy_now=true&license_type=single

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Contact Us:
Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/
LinkedIn Twitter YouTube

CONTACT: Contact Us: Astute Analytica Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) For Sales Enquiries: sales@astuteanalytica.com Website: https://www.astuteanalytica.com/

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy