Piribo, the online destination for business intelligence for the biotech and pharmaceutical industry, has now added a report which finds that Kuwait is second only to the UAE as an attractive pharmaceutical market in a list of Gulf countries.
“Kuwait Pharmaceuticals and Healthcare Report Q3 2008” which is available at http://www.piribo.com/
The report says Kuwait received an improved score, which elevated the market to the enviable second position, from fifth in the previous quarter. The score was supported by report's forecast which predicts strong annual growth, in excess of 10% for the pharmaceutical market. However, Kuwait remains five points behind the first-ranked UAE, due to its small and relatively young population.
Analysts say that the formation of a Gulf Co-operation Council (GCC) which is a common market of the six member states (the UAE, Kuwait, Bahrain, Qatar, Saudi Arabia and Oman) at the beginning of 2008 will lead to the gradual standardisation of various procedures across the region.
The publication states that in the years to come, market growth, as in other GCC states, will be driven by an expanding population and an epidemiological shift towards chronic, non-communicable diseases.
Authors of the report say that Kuwait's oil reserves will continue to support economic growth and healthcare investment.
The report also finds that the medical devices market will continue to be stimulated by demand, due to the high percentage of foreign workers in Kuwait as well as high per capita incomes. In addition, the country's modern hospital system provides various opportunities for medical devices manufacturers. In some cases, the lack of rural infrastructure and trained medical personnel could pose some barriers to investment, it says.
“Kuwait Pharmaceuticals and Healthcare Report Q3 2008” is available in pdf format from Piribo.
For more information, go to:
http://www.piribo.com/
Piribo product ID: BMI123
