GCC pharma market boosted by regional aging population

Mubasher: Population in the middle east and north Africa (MENA) is expected to grow to 654 million by 2050 from 443 million, according to UN research figures, a recent press release said.

Based on the UN figures, the population in the Gulf countries is forecast to increase from 53 million today to more than 71 million by 2050, the statement added.

Aging population and its relation to the pharma industry in the region will be among the main topics in the global pharmaceutical event CPhI Middle East and Africa which will be held in the Abu Dhabi National Exhibition Centre (ADNEC) from 16 to18 September 2019.

“It is estimated that there will be almost 18 million people over the age of 60 years, living in the GCC by 2050, representing 25% of the total population, a significant increase over the current number which is reckoned to be just over two million. The issue of an aging population is not confined to the GCC, it is a global issue,” brand director – Pharma for UBM EMEA Cara Turner said.

Turner added, “So, this not only presents regional governments with major fiscal challenges, allocating sufficient amounts to their healthcare budgets over the next 20-30 years, but it also presents pharma-related companies with opportunities to grow in tandem with market demand, which is currently worth in excess of US$ 40 billion.”

Other major market growth drivers include obesity and chronic diseases such as diabetes, cardiovascular disease, and oncology; private medical insurance that all expatriate residents must carry; medical tourism and the development of domestic manufacturing.