Staff reporter
,
United Arab Emirates
Photo by Nwato
One driver is a new compulsory health insurance scheme for all private sector workers.
According to BMI, the pharmaceutical market in the UAE is expected to reach US$790 million by 2029, with a compound annual growth rate of 5.9%.
The industry's growth is driven by a combination of strong legal frameworks and expanded health services, such as the new mandatory health insurance scheme for all private sector employees.
Before the new regulations, compulsory health insurance was only implemented in Abu Dhabi and Dubai.
“While UAE citizens have access to government-supported healthcare schemes, expatriate workers, who make up approximately 85% of the population, rely on private health insurance,” the report states.
“Strengthening regulations coupled with expanded insurance coverage have created a conducive growth environment, enabling pharmaceutical companies to effectively capitalize on growing healthcare demand,” it added.
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