By: Sowjanya Talamarla -- Senior Research Analyst
31 March, 2014
Middle East (primarily Saudi Arabia, UAE and Bahrain) is the next destination for pharmaceutical/biopharmaceutical companies to set up manufacturing facilities as the growth rates in North America, Europe and Asia are decreasing.
Cost saving opportunities is not as high as in other geographies (North America, Europe and Asia) for pharmaceutical companies as the collective demand for lab supplies and equipment from this industry in Middle East is very low. Lab equipment & supplies which is one of the core spend areas for any pharmaceutical/biopharmaceutical company would inevitably face procurement challenges in Middle East as the business model in this region is strikingly different from that of other regions (North America, Europe and Asia).
The main challenges and the possible solutions will be looked upon in this paper. The procurement action plan would be to evaluate the different cost saving opportunities and implement the right strategy suitable for the specific buyer. This paper is intended to address pharmaceutical/biopharmaceutical companies who have entered and also those who are planning to enter Middle East.
Exploring Opportunities in Middle East Middle East is the new focus region for pharmaceutical/biopharmaceutical companies driven by population growth, rapid economic growth, and creation of ?free zones? for foreign companies which includes full ownership and tax benefits and also declining growth rates in other emerging countries.
COVID-19: Assess impact on your suppliers and ensure business continuity with Beroe’s WIRE
(World Instant Risk Exposure)