UAE, among all the GCC countries after Saudi Arabia is showing tremendous growth rate with respect to the pharmaceutical industry. The entry of local and global companies in the market is leading to release of all the stagnant factors that have been the primary reason for the late arrival of the UAE market into the global pharmaceutical industry. For more than two decades now, the changes done on the regulatory framework related to pharmaceutical domain has been completely transformed the perspective of the market, which is leading more influx of healthcare budgets. The pharmaceutical market in UAE is also powered by increasing research and development activities as well as the by incorporating more elements that have made the market a top destination for conducting clinical research studies.
The radical increase in the number of clinical studies, drug identification and development, and many others have primarily extended the market by more than 50%. The outlook of the market in general for the pipeline drugs have also been observed a blockbuster for the future of the market, as the currently developing drugs in the industry are estimated to generate huge returns to the patient population. Gain of productivity and increase in the technological advancement in the market are estimated to significantly strengthen the position of UAE in the pharmaceutical market.
The life sciences sector which is considered important for the development of the pharmaceutical industry is estimated to be closely tied with the UAE pharmaceutical industry and in the successive years, the researchers and the clinicians have performed superior transformation into the overall scenario of the market. Other than the advanced outlook of the market in terms of pharmaceutical market, the factors that are driving and fueling the market include: increasing aging population, growing cases of chronic diseases and improved key demographics. Other potential drivers for the market include stable economic activity leading to more industry collaboration and consolidation and novel business models.
As per the analysis for UAE pharmaceutical market, the country is emerging as a large power in the overall GCC pharmaceutical industry. All the shares of the revenue and the overall profit contributed by the country is estimated to make the market position itself as a pioneering leader. The impressive figures achieved from the UAE pharmaceutical industry indicates several significant opportunities for the future growth as well as attractive trends for the future navigation of the market into highly recognizable market.