Saudi Arabia’s pharmaceutical market to hit $16.7b by 2029

Thanks to rising investments and increased international collaboration.

Saudi Arabia’s pharmaceutical market is projected to reach $16.7b by 2029 at a compound annual growth rate of 5.3% in both local currency and US dollar terms, said BMI.

The sector’s expansion is attributed to rising investments and increased collaboration between international and domestic companies.

“The concerted efforts of various industry stakeholders, including government bodies, private sector and international partners will result in continued the sector investments,” the report said.

The country’s market is expected to remain the largest in the Middle East and North Africa region.