Boston, MA -- (ReleaseWire) -- 07/24/2014 -- Thanks to the government's expansionary fiscal policy, spending on education, health and public services will increase . The Iraqi government has reportedly pledged to invest USD12bn into healthcare expansions in 2014, and the Ministry of Health recently awarded 18 health project contracts worth USD276mn . In addition, n ew restrictions aim to end the chaos in which materials have entered the country in previous years , targeting control over drug policy and ensuring the supply of medicines in adequate quantities and at reasonable prices. In general, the projected growth of Iraq's pharmaceutical market in 2014 and 2015 is linked to an oil-driven economic expansion, which is dependent on the government's ability to represent and appease the country's factions. Numerous factors, however, will continue to hamper market growth.
Headline Expenditure Projections
- Pharmaceuticals: IQD1,573bn (USD1.35bn) in 2013 to IQD1,772bn (USD1.52bn) in 2014; +12.6% in local currency and +12.8% in US dollar terms. Forecast unchanged from Q214.
- Healthcare: IQD9,701bn (USD8.33bn) in 2013 to IQD10,477bn (USD9.01bn) in 2014; +8.0% in local currency and +8.2% in US dollar terms. Forecast substantially lowered from Q214 due to macroeconomic conditions.
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Iraq's Pharmaceutical Risk/Reward Rating (RRR) score for Q314 reflects the market's potential and its strong economic growth prospects. It performs better in terms of Rewards than Risks. In Q314 Iraq scores 41.9 out of 100, making it the 16th most attractive pharmaceutical market in the Middle East and African region. While its score has increased, the country's position is unchanged from Q214.
Key Trends And Developments
In May 2014, Zawya reported that Brazil exported pharmaceutical products worth USD15.5mn to Arab countries in 2013, citing the Arab-Brazilian Chamber of Commerce (ABCC). The top five importers were Egypt, Saudi Arabia, Sudan, Iraq and the United Arab Emirates. Brazil's...
The Iraq Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
BMI's Iraq Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Iraqi pharmaceutical and healthcare industry.
- Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for Iraq to test other views - a key input for successful budgeting and strategic business planning in the Iraqi pharmaceutical and healthcare market.
- Target business opportunities and risks in the Iraqi pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Iraq.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.
BMI Industry View & Industry SWOT
An at-a-glance perspective on latest regulatory developments, key forecast indicators and major corporate developments, covering the prescription, OTC and generics markets. The SWOT outlines strategic factors which affect BMI's forecast analysis, and taken together with BMI's political, economic and business environment SWOTS, it gives a complete overview of market climate.
Snapshot of key market characteristics, including total size of pharmaceuticals and healthcare segments, growth drivers, leading therapeutic areas and the competitive landscape.
Details of the industry regulatory framework and key legislation covering the licensing of new products/services, pricing and reimbursements, intellectual property, taxation and advertising, as well as an analysis of the overall regulatory burden.
Focus on government healthcare reforms, epidemiological trends, company M&As, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
BMI Industry Forecasts
Forecasts to end-2018 for all key industry indicators (see list below) supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
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