KUWAIT,(KUNA) — The number of pharmaceutical factories in the Gulf Cooperation Council (GCC) states increased to reach 55 in 2004 with USD 793.2 million in investments compared to 18 factories in 1995 with investments of about USD 174.4 million.
A report issued by the Gulf Organization for Industrial Consultations (GOIC) indicated that Saudi Arabia ranked first in number of factories and size of investments, with 27 factories and USD 619 million, followed by the United Arab Emirates (UAE) with eight factories and investments worth USD 64.2 million, then Kuwait, Qatar, Oman and Bahrain.
It added that the value of the world consumption of medicines exceeded USD 300 billion annually with the industrial countries consuming about 80 percent of medicine.
The GOIC report noted that the world sales of licensed medication achieved a seven percent increase last year, according to statistics.
As for the individual consumption of medicine last year, it reached USD 52 in the GCC states and USD 20.3 in the Arab countries. Arab consumption of medicine is nearly 1.5 percent world consumption in total.
Figures for the Arab Industrial Development and Mining Organization (AIDMO) indicated that the prodcution of Arab medication covers 45 percent of the Arab world consumption, estimated at USD 5.5 billion per year. The investments in the Arab medicine industry also reach about USD four billion.