The pharmaceutical industry is poised for remarkable growth in the coming years, driven by an expanding middle class and ageing global population. With the pharma market set to increase by 165.2% between 2020 and 2030, the sector presents lucrative opportunities for investors and stakeholders worldwide. The post-pandemic era has further propelled the industry, leading to a record number of biopharmaceutical deals and significant investments in healthcare systems. This trend has also garnered attention in the Middle East, particularly in the GCC, where a new pharma industry frontier is emerging.Globally, the pharma market is on an upward trajectory, according to a recent sectoral study by the Investment Promotion Agency Qatar (IPA Qatar). Biopharma deals soared to new heights in 2020, with a remarkable increase of 107% compared to 2018. R&D spending equally saw substantial growth, reaching $189bn in 2020.This projected growth is indicative of the industry’s steady expansion in the aftermath of the pandemic and substantial investments in global healthcare systems. By 2025, the market is estimated to reach $2,051bn, a 70% increase from 2020. Similarly, drug sales are expected to rise by 32% from 2020 to reach $1,181bn by 2024.The Middle East is quickly becoming a key driver of this anticipated growth. The region benefits from improved medicine accessibility and a robust economic development outlook, making it an attractive market for pharmaceutical investments. With nations actively focusing on boosting healthcare and easy access to personalised digital services, the GCC countries are experiencing a surge in their $9bn consumer health market.There are several key demand drivers for the pharmaceutical industry: an ageing population, a rise in chronic diseases, stress-related illnesses, and pandemics are all contributing factors. Simultaneously, supply side drivers such as speciality medicine, patent expiry, generic drugs and over-the-counter medications present additional opportunities for growth within the sector.Key pharmaceutical market highlights in the Middle East:■ Rising Middle Class: The global middle class is projected to reach 5.3 billion by 2030.■ Growing Market for Generic Drugs: The generic drug market was worth $390.6bn in 2020 and will reach $574.6bn by 2030.■ Drug Price Increase: Prescription drug prices have increased by 35% since 2014.■ Development of Personalised Medicine: Market size is expected to reach $796.8bn by 2028, expanding at a CAGR of 6.2% till 2028.Within this context, Qatar stands out as an attractive destination for foreign investors in the industry. The country offers a competitive business climate, extensive medical infrastructure and significant R&D investments. In line with its commitment towards world-class healthcare services, Qatar’s healthcare expenditure per capita is the highest in the GCC at $1,827.Looking ahead, Qatar’s position in the global pharmaceutical industry remains strong as the world moves beyond the pandemic. With its readiness to adapt, along with its supportive infrastructure and expertise, Qatar is ranked in the top three in the MENA region for health infrastructure and will continue to make significant contributions in the healthcare space. (ICE Doha)

Fonte notizia: https://thepeninsulaqatar.com/