A study by Investment Promotion Agency Qatar (Qatar Invest) said that it expects the pharmaceutical industry is poised for remarkable growth in the coming years, driven by a competitive business climate, comprehensive medical infrastructure, and investments in research and development.
The study noted that the pharma market is set to increase 165.2% between 2020 and 2030, the sector presents lucrative opportunities for investors and stakeholders worldwide, representing a lucrative opportunity for investors and stakeholders worldwide.
The study also said that the post-pandemic era has further propelled the industry, leading to a record number of biopharmaceutical deals and significant investments in healthcare systems.
This trend has also garnered attention in the Middle East, particularly in the GCC, where a new pharma industry frontier is emerging.
Within this context, Qatar stands out as an attractive destination for foreign investors in the industry. The country offers a competitive business climate, extensive medical infrastructure and significant R&D investments. In line with its commitment towards world-class healthcare services, Qatar’s healthcare expenditure per capita is the highest in the GCC at $1,827.
One key factor of its success, according to the study, is the Qatar National Health Strategy 2018-2022, which has created an exceptionally favorable environment for pharmaceutical companies.
This strategy focuses on developing healthcare services and encouraging private sector participation, bolstered by the government’s commitment to consistent growth in health expenditure and private healthcare spending. Moreover, simplified distribution networks and improved access to healthcare services have heightened the market’s appeal, ensuring the availability of essential medications.
Institutions such as Qatar University’s College of Pharmacy and initiatives like the Biomedical Research Training Program (BRTP) contribute significantly to the nation’s scientific and research capabilities, fostering innovation in the pharmaceutical sector. Additionally, prestigious organizations like Weill Cornell Medicine-Qatar actively advance healthcare and pharmaceutical research, further enhancing Qatar’s standing in the industry.
Invest Qatar said that it expects the country’s position in the global pharmaceutical industry remains strong as the world moves beyond the pandemic. With its readiness to adapt, along with its supportive infrastructure and expertise, Qatar is ranked in the top three in the MENA region for health infrastructure and will continue to make significant contributions in the healthcare space.
Source: Qatar News Agency