Dubai The UAE's spending on medicine is expected to reach Dhs. 4 billion in 2012, driven by healthcare investments and a growing population, a top official at Dubai Biotechnology and Research Park (Dubiotech), told Gulf News.
Total drug expenditure was expected to increase by 20 per cent this year, said Marwan Abdulaziz Janahi, executive director of Sciences Cluster at Dubiotech.
Drug consumption in the MENA region accounts for $9 billion or about 1.5 per cent of the global total, according to Dubiotech.
The Middle East's pharmaceutical market is valued at more than $12 billion and is expected to grow at 10 to 15 per cent annually, it said.
The UAE is the second-largest consumer of pharmaceutical products in the Gulf after Saudi Arabia with the market valued at around $640 million.
It is also the second biggest capital investor in the pharmaceutical industry. It relies heavily on drug imports, with about 90 per cent of all its drug requirements coming from over 72 countries.
