Industry Trend Analysis - Improving Regulatory Landscape To Benefit Innovative Drugmakers - AUG 2017
BMI View : The UAE will retain its position as an attractive market for innovative drugmakers looking to launch new products and/or establish local manufacturing facilities. Improvements to the Emirates ' drug regulatory proceedings, including medicine approval times, will support a greater multinational presence over the long term as the impact will take time to materialise. A lack of clarity with regards to the prioritisation of innovative medicines and the government ' s cost-containment rhetoric are underlying risks.
Reforms to the UAE's drug regulatory system will gain traction gradually, perpetuating the existing challenges facing multinational drugmakers that are seeking to launch new medicines in the emirates. In June 2017, the UAE Ministry of Health (MoH) signed a Memorandum of Understanding (MoU) with Jafza for the development of the pharmaceutical and healthcare sector, with a particular focus on reducing the regulatory barriers. As part of the agreement, the UAE is aiming to attract 75 innovative drugmakers to the Jebel economic free zone by 2021, with the number of companies producing patented drugs locally expected to double.
Attractive Market For New Products
|Attractive Market For High-Value Drugs|
|UAE - Patented Drug Market Forecast (AEDbn)|
|f = BMI forecast. Source: UN Comtrade, national sources, BMI|