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Pharmaceutical factories in GCC rise to 55

posted on 14/06/2005: 719 views

Kuwait - The number of pharmaceutical factories in the Gulf Cooperation Council (GCC) states increased to reach 55 in 2004 with USD 793.2 million in investments compared to 18 factories in 1995 with investments of about US$174.4 million.

A report issued by the Gulf Organization for Industrial Consulting (GOIC) indicated that Saudi Arabia ranked first in number of factories and size of investments, with 27 factories and US$619 million, followed by the United Arab Emirates (UAE) with eight factories and investments worth US$64.2 million, then Kuwait, Qatar, Oman and Bahrain.

It added that the value of the world consumption of medicines exceeded USD 300 billion annually with the industrial countries consuming about 80 percent of medicine. The GOIC report, carried by KUNA, noted that the world sales of licensed medication achieved a seven percent increase last year, according to statistics.

As for the individual consumption of medicine last year, it reached US$52 in the GCC states and USD 20.3 in the Arab countries. Arab consumption of medicine is nearly 1.5 percent world consumption in total.

Figures for the Arab Industrial Development and Mining Organization (AIDMO) indicated that the production of Arab medication covers 45 percent of the Arab world consumption, estimated at US$5.5 billion per year. The investments in the Arab medicine industry also reach about US$4 billion. (The Emirates News Agency, WAM)


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