Kuwait Pharmaceuticals & Healthcare Report

Published 31 March 2015

  • 109 pages
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$1,295.00
Kuwait Pharmaceuticals & Healthcare Report

BMI View: While the persistence of lower oil prices will dr i ve down national budgets and curtail some investment programmes, we maintain that the h ealthcare sector 's perception as a critical source of economic diversification away from hydrocarbons in addition to public support, will continue to be largely insulated from major cuts to funding. As such, drugmakers will continue see to sector values rise in all categories, although patented prescription drugs will dominate in value terms. However, a continued escalation of regional security concern s and to a lesser extent, internal political instability, will frustrate investors ' ability to forecast the long-term direction of public spending and heighten the risk of sharp unexpected corrections to sales.

Headline Expenditure Projections

  • Pharmaceuticals: From KWD0.312bn (USD1.10bn) in 2014 to KWD0.334bn (USD1.13bn) in 2015; +7.0% in local currency terms and +2.8% in US dollar terms. Forecast down from Q 1 1 5.

  • Healthcare: From KWD1.55bn (USD5.43bn) in 2014 to KWD1.68bn (USD5.66bn) in 2015; +8.3% in local currency terms and +4.3% in US dollar terms. Forecast unchanged from Q115.

Risk/Reward Index

Kuwait scores 58.5 in BMI's Pharmaceutical Risk/Reward Index (RRI) for Q215, unchanged from Q115. The country has fallen to third place out of the 31 markets in the region, ceding second position to the UAE with a score of 58.6.

Key Trends A nd Developments

  • In March 2015 the Kuwaiti government launched discussions with the IMF to introduce a corporate tax for local firms in order to diversify sources of state income and increase non-oil revenues, reported state news agency KUNA, citing Commerce and Industry Minister Abdulmohsen al-Madaj. The IMF had urged the government for many years to diversify revenues through tax reforms, but political pressure from the country's parliament had dissuaded major policy changes. However, the fall in oil prices since June 2014 has hit state finances hard,...

Table of Contents

BMI Industry View
7
SWOT
9
Political
9
Economic
11
Operational Risk
12
Industry Forecast
14
Pharmaceutical Market Forecast
14
Table: Pharmaceutical Sales, Historical Data And Forecasts (Kuwait 2011-2019)
15
Healthcare Market Forecast
16
Table: Healthcare Expenditure Trends, Historical Data And Forecasts (Kuwait 2011-2019)
17
Table: Government Healthcare Expenditure Trends, Historical Data And Forecasts (Kuwait 2011-2019)
17
Table: Private Healthcare Expenditure Trends, Historical Data And Forecasts (Kuwait 2011-2019)
18
Prescription Drug Market Forecast
19
Table: Prescription Drug Market Indicators, Historical Data And Forecasts (Kuwait 2011-2019)
20
Patented Drug Market Forecast
21
Table: Patented Drug Market Indicators, Historical Data And Forecasts (Kuwait 2011-2019)
22
Generic Drug Market Forecast
23
Table: Generic Drug Market Indicators, Historical Data And Forecasts (Kuwait 2011-2019)
24
OTC Medicine Market Forecast
25
Table: Over-The-Counter (OTC) Medicine Market Indicators, Historical Data And Forecasts (Kuwait 2011-2019)
26
Pharmaceutical Trade Forecast
27
Table: Pharmaceutical Trade Data And Forecasts (Kuwait 2013-2019)
28
Table: Pharmaceutical Trade Data And Forecasts local currency (Kuwait 2013-2019)
29
Key Risks To BMI's Forecast Scenario
29
Macroeconomic Forecasts
31
Economic Analysis
31
Expenditure Breakdown
32
Table: Economic Activity (Kuwait 2010-2019)
37
Industry Risk Reward Ratings
38
Middle East And Africa Risk/Reward Index
38
Kuwait Risk/Reward Index
46
Rewards
46
Risks
46
Market Overview
48
Industry Trends And Developments
49
Epidemiology
49
Healthcare Sector
54
Healthcare Sector Developments
54
Healthcare Insurance
58
Research and Development
59
Regulatory Development
60
Regulatory Regime
60
Intellectual Property Issues
62
Pricing Regime
63
Reimbursement Regime
65
Competitive Landscape
70
Domestic Industry
70
Foreign Industry
72
Pharmaceutical Distribution
73
Company Profile
74
Pfizer
74
GlaxoSmithKline
76
Sanofi
78
Merck & Co
80
Johnson & Johnson
82
Novartis
85
Kuwait-Saudi Pharmaceutical Industries (KSP)
87
Advanced Technology Company
89
Bader Sultan & Bros
92
Safwan Trading And Contracting Company
95
Demographic Forecast
97
Table: Population Headline Indicators (Kuwait 1990-2025)
98
Table: Key Population Ratios (Kuwait 1990-2025)
98
Table: Urban/Rural Population & Life Expectancy (Kuwait 1990-2025)
99
Table: Population By Age Group (Kuwait 1990-2025)
99
Table: Population By Age Group % (Kuwait 1990-2025)
100
Glossary
102
Methodology
104
Pharmaceutical Expenditure Forecast Model
104
Healthcare Expenditure Forecast Model
104
Notes On Methodology
105
Risk/Reward Index Methodology
106
Index Overview
107
Table: Pharmaceutical Risk/Reward Index Indicators
107
Indicator Weightings
108

The Kuwait Pharmaceuticals & Healthcare Report features BMI Research's forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.

BMI's Kuwait Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Kuwait pharmaceutical and healthcare industry.

Key Benefits

  • Benchmark BMI's pharmaceutical and healthcare market forecasts for Kuwait, to test other views - a key input for successful budgeting and strategic business planning in the Kuwaiti pharmaceutical and healthcare market.
  • Target business opportunities and risks in the Kuwaiti pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Kuwait.
  • Assess the activities, strategy and market position of your competitors using our company profiles (including SWOTs, KPIs and latest activity) and competitive landscape tables.

Coverage

BMI Industry View

An at-a-glance perspective on the latest regulatory developments, key forecast indicators and major corporate developments, covering the prescription, OTC and generics markets. The pharmaceuticals and healthcare SWOT outlines strategic factors that affect the basic assumptions underpinning BMI’s forecast analysis, and taken together with BMI’s political, economic and business environment SWOTs, it gives a complete overview of market climate.

BMI Industry Forecast Scenario

Industry forecasts to end-2019 for all key indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecasts:

  • Healthcare: Total healthcare expenditure (USDbn), healthcare expenditure (% of GDP), healthcare expenditure per capita (USD), hospital beds, doctors, and birth & mortality rates (all per ‘000 population).
  • Pharmaceutical Market: Drug expenditure in USDbn, % of GDP and per capita (USD).
  • Patented Drug Market: Prescription drug sales (USDbn & % of total sales).
  • Generic Drug Market: Generic product sales (USDbn), generic sales (% of total sales).
  • OTC Drug Market: OTC sales (USDbn & % of total sales).
  • Macroeconomic Forecasts: Nominal and real GDP, % real GDP growth, % private consumption growth, % industrial output growth, % consumer price index, % GDP price deflator, exports, imports, trade balance, current account balance, foreign direct investment, exchange rate against USD, government expenditure and external debt.

BMI’s Pharmaceuticals and Healthcare Risk Reward Index

BMI’s Risk Reward Index provides investors (both national and multinational) looking for opportunities in the region with a clear country-comparative assessment of the market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Summary

A snapshot of key market characteristics, including total size of the pharmaceuticals and healthcare segments, growth drivers, leading therapeutic areas and the competitive landscape

Industry Developments

A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.

Regulatory Regime

Details of the industry regulatory framework and key legislation covering the licensing of new products/services, pricing and reimbursements, intellectual property, taxation and advertising, as well as analysis of the overall regulatory burden.

Competitive Landscape

The competitive landscape section provides comparative company analyses and index by USD sales and % share of total sales – for the total pharmaceutical sector, as well as the OTC, generics and distribution sub-sectors.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc