GURUGRAM, India, December 11, 2018
GURUGRAM, India, December 11, 2018 /PRNewswire/ --
Kuwait Pharmaceutical Market poses compelling future potential with growth led by the widespread prevalence of chronic diseases, growing population and the high per capita income of the people in the country. The limited indigenous manufacturing capabilities also present a number of growth opportunities for multinational and regional pharmaceutical companies to enter the Kuwait pharmaceuticals industry. The large investments which have been undertaken for development of the healthcare sector through the public-private partnership (PPP) route is expected to grow the pharmaceuticals market in the coming years. Mandatory health insurance, which is currently applicable only to the expatriates, is likely to be extended to the indigenous population in the future. This expansion of the healthcare sector in the country will be accompanied by growth in demand for medicines. The availability of generic products is anticipated to increase as private health insurance schemes are encouraging prescribers to adopt more rational prescription patterns. Price harmonization across GCC can further lead to substantial reduction in the prices of majority of pharmaceutical products across therapy areas in the country.
As Kuwait accelerates its healthcare development strategy as part of the Kuwait Vision 2035, the MoH is also working on expansion projects for eight existing hospitals adding 4,600 beds, 150 operating rooms, and 500 outpatient clinics. Both Kuwait's pharmaceutical and healthcare markets have been noted as high-priority sectors, with many projects set to be carried out under public-private partnerships (PPPs). Furthermore, chronic diseases such as cardiovascular, diabetes, obesity, cancer and respiratory conditions are rising dramatically in Kuwait primarily due to less physical activity and dietary habits such as increased fast food consumption linked to high-income generation. Thus, the market shares of anti-infectives, gastrointestinal, cardiovascular and musculoskeletal are expected to increase in the Kuwait pharmaceuticals market by 2022.
Analysts at Ken Research in their latest publication "Kuwait Pharmaceuticals Market Outlook to 2022- By Type of Drugs (Generic and Patented Drugs); By Channel of Distribution (Institutional Sales and Retail Sales) and By Therapeutic Class (Anti-Infectives, Gastrointestinal, Cardiovascular, CNS, Respiratory, Musculoskeletal, Analgesics and Anti Inflammatory and Others)" believe that promoting local manufacturing in the country, reducing prices of pharmaceutical products, introducing better regulations to develop pharmaceutical market, increasing R&D spending and focusing on building product portfolio, expanding storage and distribution network and investing in marketing activities will aid the manufacturers of pharmaceuticals in Kuwait to grow and achieve higher profits.
For more information about the report, refer to below link:
Key Segments Covered
By Type of Drug
By OTC and Prescription Drugs
By End Users
By Channel of Distribution
By Therapeutic Class
Key Target Audience
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Ankur Gupta, Head Marketing & Communications