PharmaBoardroom’s latest country report gives an up-to-date and comprehensive overview of one of the most strategic and innovation-friendly nations on earth: The UAE.
The UAE’s pharma market was predicted to grow to USD four billion in 2020, representing a CAGR of 8.5 percent from 2019. The country sits at the heart of the Middle East which, although only making up two percent of the global pharmaceutical industry, has been growing at a rate of ten percent and is therefore increasingly attracting the eye of international investors.
With the full fallout of the global coronavirus pandemic still unknown as of April 2020, the UAE nevertheless seems set to remain a highly sought-after investment destination for the foreseeable future. A raft of multinational pharma companies are basing management for vast regions from the UAE thanks to its stability and openness compared to that of its neighbours, well-developed infrastructure, and attractiveness to top talent.
Moreover, the UAE’s welcoming embrace of disruptive technologies is a key selling point and its regulatory body is increasingly open to the early introduction of globally cutting-edge treatments and therapies.
Universal healthcare has been rolled out, creating a myriad of opportunities for pharmacos to cater to the country’s growing population, and a proliferation of non-communicable lifestyle diseases means that the country’s medical needs will continue to grow in the coming years.
Looking towards the future, the UAE will need to reconcile importing innovation from overseas with developing technologies at home among other challenges, but the nation’s burgeoning reputation as a gathering force in the global healthcare and life sciences industries seems well justified.