Growing prevalence of diseases is driving the growth of Saudi Arabia generic drugs market during the forecast period.
Additionally, the new healthcare transformation scheme launched by the government recently in 2021 will not only improve the status of healthcare sector but also of the pharmaceutical industry in the country through 2026. Additionally, the Saudi Arabia generic drugs market is majorly import driven, the government is taking major steps to increase the local manufacturing in the country thereby creating lucrative opportunities for the overall market growth in the next five years. However, stringent regulatory landscape for the marketing and approval of drugs in the country can restrict the market growth through 2026.
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The Saudi Arabia generic drugs market can be segmented by type, mode of drug discovery, form, source, distribution channel, application, region, and company. Based on distribution channel, the market can be categorized into hospital pharmacies, retail pharmacies, online pharmacies. The retail pharmacies segment is expected to dominate the market through 2026 on account of the fact that through retail pharmacy stores as most generic drugs are over the counter (OTC) medicines that can be bought without a prescription.
While online pharmacies segment is expected to register the highest growth during the forecast period on account of growing number of smartphone users, increasing internet proliferation and emergence of several e-commerce platforms across the country. Additionally, increase in the number of online pharmacies and increasing number of retail pharmacies launching their websites to make their products available online across the country is further expected to support the segmental growth.
The major companies operating in Saudi Arabia generic drugs market includes Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Tabuk Pharmaceuticals Manufacturing Co., Jamjoom Pharmaceuticals Co., Riyadh Pharma, Al Jazeerah Pharmaceutical Industries Ltd (Hikma), Pfizer Saudi Company Ltd., Sanofi Aventis Arabia Co. Ltd., Novartis Saudi Arabia, GlaxoSmithKline Saudi Arabia Limited (GSK), Novo Nordisk Saudi Arabia, among others.
Major market players in generic drugs are expanding their businesses through mergers & acquisitions and strategic collaborations. For instance, in March 2020, the Ministry of Health (MOH) of Saudi Arabia signed a memorandum of understanding with Sanofi, Saudi Arabia, to start localizing and transferring insulin industry technology in the Kingdom of Saudi Arabia and the possibility of its external export to the GCC countries and the Middle East region.
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“Saudi Arabia Generic Drugs Market is driven by the increasing population base suffering from various communicable and non-communicable diseases across the country. Additionally, supportive government policies to boost the status of local manufacturing and reducing the reliance on imports is further expected to support the market growth over the next few years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Generic Drugs Market By Type (Small Molecule Generics v/s Biosimilars), By Mode of Drug Delivery (Oral, Topical, Parenteral, Others), By Form (Tablet, Capsule, Injection, Others), By Source (In House v/s Contract Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others), By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Saudi Arabia generic drugs market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia generic drugs market.
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