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Middle East Manufacturing Market Set for Growth, Notes CPhI
A CPhI Middle East & Africa (MEA) expert has forecasted a boom in manufacturing in the region and has expectations that within five years some of the industry will be acting as contract manufacturers for the European market.
In a May 15, 2019 press release, a CPhI Middle East & Africa (MEA) expert has forecasted a boom in manufacturing with the Middle East region and has expectations that within five years some of the industry will be acting as contract manufacturers for the European market.
Madhukar Tanna, chief executive officer of Pharmax, which manufactures generics in the United Arab Emirates region, specified that the import market for the region is huge, with 90% of medicines imported, and the majority of these medicines are generics. As the UAE government has identified pharma manufacturing as a key growth area, implementing incentive schemes to promote domestic production, it is likely that the market will grow significantly.
“The picture in the UAE is particularly favorable, as we don’t have a true generics sector-rather just branded generics,” Tanna said. “Drugs produced by manufacturers for sale in the UAE, whether generic or innovator, are licensed to a specific brand. This ensures the highest quality-for which UAE consumers and insurance companies are willing to pay. The other aspect is that consumers are also willing to pay a premium for drugs made by trusted brands, meaning that in the last few years we have seen a sudden growth of manufacturers. In addition, beyond the UAE there is of course the option of selling into other parts of the MENA region, providing other high-growth markets.”
In the short term, two years, Tanna predicts that there will be a shift with more development work being performed within the UAE, thereby expanding the regional generic supply. Over the longer term, five years, she expects to see some of the UAE industry acting as contract manufacturers, supplying into Europe.
“At CPhI MEA, we have seen a notable increase in new finished product manufacturers across the region looking to work with international partners for development and API, as well as sourcing regional distributors,” addedCara Turner, brand director at Informa-organizers of CPhI MEA. “The conditions are really favorable, and we continue to see an expanding base of manufacturing, particularly in the UAE, Jordan, and Saudi Arabia.”
Source: CPhI MEA
