ID :
22608
Sat, 10/04/2008 - 13:24
Auther :
Shortlink :
https://oananews.org//node/22608
The shortlink copeid
UAE adjudged most attractive market in ME and Africa Region
Dublin, October 4, 2008 (WAM) — The UAE has once again been judged the most attractive market in the Middle East and Africa (MEA) region, retaining its pole position in London-based Business Monitor International’s (BMI) latest Business Environment Ranking table.
While not being the largest in size, the market offers plenty of opportunities for growth.
Key draws include increasing public and private wealth fuelled by the oil boom, strong and strengthening healthcare infrastructure, approvals of more medicines, a friendly regulatory environment, the absence of significant local competitors, establishment of comprehensive health insurance and the formation of a common market of the six Gulf Co-operation Council (GCC) states.
The above factors have clearly been recognised by foreign companies, with the world’s largest pharmaceutical manufacturer, Pfizer, being the latest corporation to choose the UAE as its new regional medical and marketing headquarters, following the footsteps of US-based biotechnology giants Amgen and Genzyme.
Similarly, in January 2007, Dabur International, a wholly-owned subsidiary of Dabur India, indicated its intention to create a manufacturing facility in the UAE, which will originally produce personal care products for the West Asian region.
Finally, in February 2008, India’s Intas Biopharmaceuticals (IBPL) stated its intention to initially planning to launch three products to treat certain cancers and their side effects, penetrating the single GCC common market.
The rising regional demand for medicine is also benefitting local players.
The UAE’s Globalpharma is beginning to live up to its name following the announcement that it has won good manufacturing practice (GMP) certification from South Africa’s Medicines Control Council (MCC), which brings the company a step closer to achieving the approval by the US and the European Union (EU) authorities.
In the meantime, the UAE’s changing insurance landscape continues to pose challenges for pharmaceutical manufacturers.
Nevertheless, private insurers continue to look for a foothold in the UAE health insurance market, with Goodhealth Worldwide becoming the latest company to register in the country.
In the public insurance sector, the introduction of new insurance programmes by Abu Dhabi and Dubai, the two largest emirates within the UAE, threatens to limit the private health insurance market to expatriates, as the authorities provide free coverage for all citizens.
BMI is also concerned that the five smaller emirates in the UAE are feeling increasingly left behind by the growing autonomy of Dubai and Abu Dhabi.
BMI publishes specialist business information on global emerging markets in more than 125 countries worldwide. – Business Wire
While not being the largest in size, the market offers plenty of opportunities for growth.
Key draws include increasing public and private wealth fuelled by the oil boom, strong and strengthening healthcare infrastructure, approvals of more medicines, a friendly regulatory environment, the absence of significant local competitors, establishment of comprehensive health insurance and the formation of a common market of the six Gulf Co-operation Council (GCC) states.
The above factors have clearly been recognised by foreign companies, with the world’s largest pharmaceutical manufacturer, Pfizer, being the latest corporation to choose the UAE as its new regional medical and marketing headquarters, following the footsteps of US-based biotechnology giants Amgen and Genzyme.
Similarly, in January 2007, Dabur International, a wholly-owned subsidiary of Dabur India, indicated its intention to create a manufacturing facility in the UAE, which will originally produce personal care products for the West Asian region.
Finally, in February 2008, India’s Intas Biopharmaceuticals (IBPL) stated its intention to initially planning to launch three products to treat certain cancers and their side effects, penetrating the single GCC common market.
The rising regional demand for medicine is also benefitting local players.
The UAE’s Globalpharma is beginning to live up to its name following the announcement that it has won good manufacturing practice (GMP) certification from South Africa’s Medicines Control Council (MCC), which brings the company a step closer to achieving the approval by the US and the European Union (EU) authorities.
In the meantime, the UAE’s changing insurance landscape continues to pose challenges for pharmaceutical manufacturers.
Nevertheless, private insurers continue to look for a foothold in the UAE health insurance market, with Goodhealth Worldwide becoming the latest company to register in the country.
In the public insurance sector, the introduction of new insurance programmes by Abu Dhabi and Dubai, the two largest emirates within the UAE, threatens to limit the private health insurance market to expatriates, as the authorities provide free coverage for all citizens.
BMI is also concerned that the five smaller emirates in the UAE are feeling increasingly left behind by the growing autonomy of Dubai and Abu Dhabi.
BMI publishes specialist business information on global emerging markets in more than 125 countries worldwide. – Business Wire
