It offers various social programs and activities through the use of the volunteers and is supported in this endeavor by the Center for Empowerment and Elder Care (Ehsan).
Qatar Pharmaceutical Market Opportunity Insight 2028 Report Highlights:
- Qatar Pharmaceutical Market Opportunity > USD 1 Billion By 2028
- Qatar Pharmaceutical Market Current & Future Scenario
- Pharmaceutical Market by Trade, Branded & Generics Drugs
- Branded & Imported Drugs Dominating The Market
- Ongoing Clinical Trials in Qatar Pharmaceutical Market
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Despite small population, people across Qatar are facing several health care issues due to sedentary lifestyle and fast food consumption habits, such as obesity, diabetes, and other cardiovascular diseases, which is surging the demand of novel targeted drugs in its management thus driving the Qatar pharmaceutical market. To combat the rising geriatric population of Qatar, the government has initiated Qatar Foundation for Elderly People Care (IHSAN) which provides social care services to address the challenges of elderly population of both locals and expats. It offers various social programs and activities through the use of the volunteers and is supported in this endeavor by the Center for Empowerment and Elder Care (Ehsan).
Currently, the Qatar Pharmaceutical market is mainly inclined towards export products which are due to low number of domestic pharmaceutical players in the region. The region import pharmaceutical drugs from wide range of multinational companies including Roche, Merck, GlaxoSmitKline, Novartis, Sanofi, AstraZeneca and others. Regionally, US is the largest importer in the Qatar market which is attributed to presence of large pharmaceutical giants in the region. Apart from this, other regions including Germany, India, UK, Italy, UAE, and others also import pharmaceutical drugs to the Qatar market.
Although the Qatar pharmaceutical market is mainly inclined towards export products, several domestic players are also investing in research and development sector. For instance in 2021, Hamad Medical Corporation and Qatar Pharma for pharmaceutical industries has signed a three year framework contract agreement for the supply of medicines and medical supplies. This agreement comes within the framework of the joint efforts of the Minstry of Commerce and Industry and Hamad Medical Corporation to support national industries and to underscore the ability of local products to ensure Qatar’s self-sufficiency. Further, Advanced Solutions also entered into agreement with Vital Health Technologies of Doha and their sister company, H&D Medical Store and Equipment Trading as regional business partners for the BioAssemblyBot technology platform in Qatar and UAE market. These rising trends in the market suggest promising future of domestic players in the Qatar pharmaceutical market.
Further, the prevalence of COVID-19 in Qatar has also propelled the further research and development in this sector, thus propelling the growth of market. For instance, Qatar Biomedical Research Institute (QBRI) at Hamad Bin Khalifa University (HBKU), Hamad Medical Corporation and other collaborators have recently published a new joint study in the prestigious Nature Communications that addresses the need for early prognosis and treatment. The study utilized the Olink Technology Platform to examine plasma proteins from SARS-CoV2 infected patients.
The Qatar pharmaceutical market is currently present at nascent stage owing to small population base. The market is expected to register high growth rates during the forecast period. As per our report findings, Qatar Pharmaceutical market will surpass US$ 1 Billion by 2028. The growth rate is mainly attributed to the increasing healthcare expenditure, increasing research and development activities, and emergence of novel biologic drugs. Furthermore, rising government initiatives and development of favorable reimbursement policies is also expected to drive the growth of market during the forecast period. Moreover, rising competition from domestic as well as international pharmaceutical giants in the region will also impact the growth of market in forthcoming years.
The report Qatar Pharmaceutical market provides a comprehensive analysis on the pharmaceutical market in Qatar. The report focuses on imports and exports, branded, generics, and over-the counter drugs. The report also includes the competitive landscape in each section, which discusses the major market players in every segment along with the detailed discussion about the organization. The future analysis of overall Qatar Pharmaceutical has also been discussed along with recommendations from analyst view.
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Neeraj Chawla
Kuick research
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