Informed Saudi pharmaceutical sources revealed that the sales of the Saudi pharmaceutical market through the “private sector” grew by 3%, in the first five months of 2021.
The sources said, that the Saudi drug market achieved sales during the period from January to last May, at a value of 1.975 billion dollars, compared to about 1.925 billion dollars during the same period in 2020, and about 1.796 billion dollars in the same period of 2019.
The sources noted that the Saudi pharmaceuticals market achieved sales during the year 2020 of $4.390 billion, with a growth rate of 3%, while it achieved growth in 2019 of 5%.
The sources indicated that the leading companies, Spimaco Addwaeih, Tabuk Pharmaceuticals, GlaxoSmithKline, Jamjoom Pharma, Sanofi, Hikma Pharma, Nestle, Abbott, Novo Nordisk, Novartis, Pfizer, AstraZeneca, Riyadh Pharma, MSD, Bayer, sales The Saudi pharmaceutical market, respectively, during the first five months of 2021.
The Saudi pharmaceutical market owns 442 companies and about 40 drug factories, covering 36% of the Saudi market’s need for medicines, with an estimated annual growth rate of 5%, and exports exceeding 1.5 billion Saudi riyals.
The pharmaceutical sector in Saudi Arabia is promising and has many ingredients for success, as Saudi pharmaceutical products enjoy a good reputation that competes with European and Asian products as they are of high quality compared to many countries in the region, in addition to the strength of the pharmaceutical and regulatory legislation systems in the Kingdom of Saudi Arabia and the large and growing health need for medicines and medical products.