Saudi Arabia Pharma logistics market showcased an unpredictable growth trajectory. Pharma logistics revenue stood at USD ~ Million during 2019 and further developed at a CAGR of ~% during 2014-2019. The market observed a downfall throughout 2016-2017 owing to oil price shock further leading to an economic slowdown. The pharma industry in Saudi Arabia is majorly reliant on the imports from several countries. Saudi Arabia’s Vision 2030 and the NTP’s significances for job creation and economic diversification delivered a robust incentive for both the private and public sector to improve the life sciences industry in general, and pharmaceuticals. The Saudi Arabian Government’s attempts to decrease its dependence on oil and augment inward investment through its Vision 2030 economic policy has enabled 100% FDI in the pharma sector boosting the growth of the market. Improvement in infrastructure facilities coupled with government initiatives has collectively advanced the capacity of the ports throughout 2016-2018. Large investments in road infrastructure under Saudi Vision 2030, a 680 Km Saudi-Oman highway and the UAE-Saudi Mafraq-Ghuwaifat International Highway underway. The government of Saudi Arabia is functioning on new multi-mode logistic stations and two new railway lines to link GCC countries in the east & Yanbu-Jeddah in the west.
According
to the report analysis, ‘Saudi
Arabia Pharmaceutical Logistics Market Outlook to 2025: Rising Demand for
Pharmaceutical Drugs and Government Support to Healthcare Will Drive Market
Growth’ states that competition was witnessed to be extremely
fragmented in both freight forwarding and warehousing segment along with the existence
of both international and domestic players. Nevertheless, the local / domestic
players have a larger existence in the market and were witnessed to compete on
the basis of foremost clientele, revenue matrix, logistics networking, average
pricing, technological innovation and value added services.
The
pharma industry is extremely dependent on roads for pharmaceutical transport due
to the low barriers of entry in road freight. The Saudi government’s exertions
to curb pharmaceuticals expenditures and encourage the local manufacturing have
resulted in several companies to set up manufacturing units within the country.
Road was witnessed as the most protruding freight mode in Saudi Arabia for
Pharma logistics, followed by air and sea during the year 2019. The
pharmaceuticals sector is classified by an augmenting domestic manufacturing
base, majorly for generic and Over the Counter (OTC) drugs, as well as
licensing arrangements with branded research-based foreign ground-breaking drug
manufacturing firms. Decreased imports of pharmaceutical products into the
country to assist the government’s aim of influencing the domestic
pharmaceutical manufacturing
At
Ken Research, the report titled “KSA
Pharmaceutical Logistics Market Outlook to 2025” provides a
comprehensive analysis of pharma logistics market in Saudi Arabia. The
report covers the trade scenario, trends and innovations, issues and
challenges, SWOT analysis, regulatory insight, end user analysis, value chain
analysis, COVID-19 impression on pharma transportation industry, decision
making procedure, COVID-19 impact on pharma warehousing industry, technological
developments & innovations, comparative scenario including cross comparison
of foremost players functioning in KSA pharma logistics market and cross
comparison of foremost players operating in KSA pharma market.
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The
effective growth in demand for a variety of drugs as a result of augmenting the
cases of chronic and lifestyle-related diseases is also a crucial aspect that
will propel the market growth. Pharma Sales is projected to develop at a single
digit CAGR till 2025, signaling augmenting the pharmaceutical imports and
production. The government is also distracting the funds towards creating a strong
healthcare infrastructure by building new hospitals which would further lead to
an augment in the requirement for the logistics services.
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