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The pharmaceutical and
biotechnology markets of the Middle East countries that are
currently valued at more than $12 billion are forecasted to boom
in the near future, reported Pharma Times.
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According to PharmaTimes, the introduction of mass health
insurance, liberalization initiatives and the Middle East
governments's desire to become self-sufficient in pharmaceuticals
production may herald a prospective future for the global drug
makers. Increased access to generics and innovative new medicines
due to spread of health insurance and rise in chronic diseases are
also believed to create wide opportunities of growth in the middle
east
pharma market.
The Middle East pharmaceutical market is expected to grow around
10%-15% annually compared to less than 5% a year growth predicted
in the mature markets of the US and
Europe.
Initiatives like offering free zones to overseas firms, including
100% ownership and tax benefits, to set up within developments
such as Saudi Arabia's $534 million King Fahd Medical City in
Riyadh and the Dubai Biotechnology and Research Park, are expected
to fuel rapid growth in the region's overall market for
biotechnology
products.
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