UAE’s pharma market potential
The United Arab Emirates (UAE)’s national fund for the purchase of medicines has doubled, from $40 million in 2010 to $80 million for 2011, according to Pharma Times.
The UAE Ministry of Health has contacted drugmakers to begin production of medicines to supply medical zones, hospitals and health facilities throughout the country, Health Minister Hanif Hassan Ali reported.
The UAE will also be using a fully-integrated health information system, WAREED, a computer records system. WAREED is the largest public health care initiative in the Middle East and aims to revolutionize health care by enabling medical staff to access medical records more quickly and conveniently. Patient safety will be improved as medication errors will be less likely, says the Ministry.
With annual growth significantly increasing, the UAE is a profitable pharmaceutical market in the Middle East; sales in the UAE are expected to increase by an average of 17% a year. This growth rate is because of many factors including the UAE's growing population, liberal trade policies and international health care standards, according to Pharma Times.