Comment by Y.S. Shashidhar, Partner & Managing Director, South Asia, Middle East & North Africa, Frost & Sullivan
LONDON – 24 September 2015 – “With around 9% of the population suffering from diabetes, Iran represents a huge market for insulin. In fact, over the last few years the number of diabetic patients has been increasing at a CAGR of around 15-16%.
Presently, around 65-70% of the insulin requirements are imported into Iran, so it makes absolute sense for manufacturers to explore setting local manufacturing facilities to cater to this huge market. Foreign entities should in fact explore tie ups with local manufacturing facilities and groups in order to gain access to the local distribution network. The government is also providing tax exemptions for setting up pharma units that can cater to the local demand as well as focus on export markets, as Iran is pushing to be a major player in the regional market.
Insulin currently represents only 2.7% of the total pharma expenditure in Iran. The price advantage of domestic production vis-a-vis imports of insulin is almost 2.5 times, and this is also another reason for foreign companies to explore setting up local manufacturing facilities.
The proposed Novo Nordisk plant - which is likely to commence production around 2020 - will target the local population first, to then target exports to cater to the regional demand.”
For more information or interviews, please contact Anna Zanchi, Corporate Communications: anna.zanchi@frost.com
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
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LONDON – 24 September 2015 – “With around 9% of the population suffering from diabetes, Iran represents a huge market for insulin. In fact, over the last few years the number of diabetic patients has been increasing at a CAGR of around 15-16%.
Presently, around 65-70% of the insulin requirements are imported into Iran, so it makes absolute sense for manufacturers to explore setting local manufacturing facilities to cater to this huge market. Foreign entities should in fact explore tie ups with local manufacturing facilities and groups in order to gain access to the local distribution network. The government is also providing tax exemptions for setting up pharma units that can cater to the local demand as well as focus on export markets, as Iran is pushing to be a major player in the regional market.
Insulin currently represents only 2.7% of the total pharma expenditure in Iran. The price advantage of domestic production vis-a-vis imports of insulin is almost 2.5 times, and this is also another reason for foreign companies to explore setting up local manufacturing facilities.
The proposed Novo Nordisk plant - which is likely to commence production around 2020 - will target the local population first, to then target exports to cater to the regional demand.”
For more information or interviews, please contact Anna Zanchi, Corporate Communications: anna.zanchi@frost.com
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Help employers find you! Check out all the jobs and post your resume.
