Saudi Arabia Pharmaceutical Drugs Market, By Drug Type (Generic Drugs and Branded Drugs), By Product Type (Prescription Drugs and Over-the-counter (OTC) Drugs), By Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Central Nervous System, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies)

Published In : Sep 2023

Code : CMI3557

Pages :164

Formats :

Excel and PDF

Industry : Pharmaceutical

Market Challenges And Opportunities

Saudi Arabia Pharmaceutical Drugs Market - Drivers

Key companies focusing on facility expansion for pharmaceutical drugs: The key companies focusing on facility expansion is expected to propel the growth of the Saudi Arabia pharmaceutical drugs market over the forecast period. For instance, in September 2023, Avalon Pharmaceuticals is a biopharmaceutical company, is set to launch its fourth manufacturing plant in Saudi Arabia, Avalon 4, to foster its growth and expansion plans across the region. Avalon 4 will focus on various forms of complex and high-tech medications such as oncology and general injectables.
Increasing product launches or approvals by market players: Increasing product launches or approvals by market players are expected to drive the Saudi Arabia pharmaceutical drugs market growth over the forecast period. For instance, in August 2023, Futura Medical plc, a research and development pharmaceutical company, announced that its distribution partner, Labatec Pharma (Labatec), a privately-owned Switzerland-based pharmaceutical company, had received regulatory approval for MED3000, Futura’s innovative topical, gel-based Erectile Dysfunction (ED) treatment, in the Kingdom of Saudi Arabia.

Saudi Arabia Pharmaceutical Drugs Market: Restraint

Product recalls: Product recalls of pharmaceutical drugs are expected to hinder the market growth over the forecast period. For instance, the Saudi Food and Drug Authority (SFDA) had issued a decision to recall and suspend the registration of the product (RABEZOLE) for the two registered strengths of 20 mg and 10 mg, (Registration No 95-368-07 and 96-368-07). The products are marketed by Jamjoom Pharmaceuticals, a Saudi Arabia-based pharmaceutical company. The decision was taken as the product was found to be not bioequivalent with the reference product. SFDA stated that bioequivalence study is a study that is conducted according to internationally recognized scientific standards to verify that there are no differences between the generic product (similar) and the reference product in terms of rate and extent to which the Active Pharmaceutical Ingredient (API) becomes available at the site(s) of drug action when used in the same dose.