Business | Economy
Market for medicines up 18% a year
The Middle East pharmaceutical market is growing between 15 and 18 per cent annually on the back of increasing public and private investment in the sector, organisers of an industry event said.
- Staff Report
- Published: 00:34 March 25, 2008
Dubai: The Middle East pharmaceutical market is growing between 15 and 18 per cent annually on the back of increasing public and private investment in the sector, organisers of an industry event said.
The total size of the market is currently estimated in excess of $10 billion.
The current global market stands at $460 billion and it is estimated to grow to $625 billion by 2009.
"A huge boom in the biotechnology industry in the region is predicted to occur over the coming years," said IIR Middle East, which will organise the International Pharmaceutical and Biotechnology Exhibition.
The key areas covered at the launch event will include drug discovery, clinical trials and manufacturing through to biologics, devices, global licensing and regulatory aspects.
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