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Qatar Pharmaceuticals and Healthcare Report Q2 2010
Market |
Healthcare and Medical |
Report Type |
Market Research |
Country |
Qatar |
Published |
3 March 2010 |
Number of Pages |
67 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
File Format |
- |
The value of Qatar's drug expenditure at consumer prices was estimated as QAR848mn (US$233mn) in 2009, having posted double-digit growth in relation to the previous year. Prescription drugs continued to dominate the market, accounting for close to 90% of sales by value, supported by generous and highquality public-sector provision. Through to 2014, drug expenditure is forecast to increase by a compound annual growth rate (CAGR) of 11.16%, in both US dollar and local currency terms – as the latter is pegged to the former – to reach QAR1.44bn (US$400mn). However, we expect a greater focus on cost containment to stimulate greater generic substitution, thus lowering overall market growth to 8.31% over the 10-year forecast period.
In comparison to its regional peers, and despite its small overall size – due to low population numbers – Qatar remains ranked third out of 17 countries in our Middle East and Africa Business Environment Ratings for Q210. Among other positives, the country offers a predictable operating environment, a sound economic base and a high level of urbanisation. However, although pharmaceutical regulatory risk is presently low, the government may be forced to take a less generous approach to reimbursement in the coming years, depending on the influx of oil revenues and the cost of healthcare modernisation. This is especially pertinent now that a new Supreme Council of Health has been created and is entrusted with setting prices for medical services and pharmaceuticals.
Still, the demand for medical services in general and medicines in particular will continue to grow, driven by epidemiological changes as much as by healthcare modernisation programmes. In fact, in December 2009, Qatar launched a five-day healthcare conference to promote the sector and attract investment into the country. The healthcare industry is viewed as having strong growth potential given the government's strategy to diversify the economy beyond its hydrocarbon-based resources. This objective is supported by other measures, such as the collaboration with South Korea and other governments in regards to promoting healthcare sectors.
As Qatar has no local pharmaceutical manufacturing facilities, developments of modern medical facilities – such as the scheduled opening of the state-of-art Hamad Medical City (HMC) complex with four hospitals – will inevitably benefit foreign producers, both from the region and further afield. Additionally, the government's decision to cut the non-oil corporate tax rate for multinationals in the country to 10% from the start of 2010 should provide a major impetus for investment, though most multinationals will continue to prefer cheaper regional locations for possible involvement in local manufacturing. Nevertheless, notably, the World Economic Forum's (WEF) Global Competitiveness Report 2009-2010 identifies Qatar's economy – which places 22nd globally – as the most competitive in the Middle East and North Africa (MENA) region.
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