UAE-based Neopharma, a leading pharmaceutical manufacturing company, has revealed that it is planning for a major expansion, primarily in the Middle East and North African (Mena) markets and parts of Asia.

These plans take into account the impending growth of the industry in these markets. The push for compulsory health insurance schemes, increased demand of generics and hike in medical tourism numbers would provide a positive push.

Dr B R Shetty, chairman and managing director, Neopharma, said: “Being one of the largest pharmaceutical markets in the region, Mena’s lure can be attributed to its increasing population, drastically changing healthcare infrastructure and the government’s willingness to radically improve the healthcare systems in the country.”

“Our aim for the region is to help bridge the gap between the patented and the generic by providing products of high quality which aren’t a burden on the insurance companies,” Dr Shetty said.

According to reports, Mena region is forecasted to witness an increase in pharmaceutical expenditure to $33.4 billion by the end of 2017, up by nearly a billion American dollars from the previous year.

The Saudi pharmaceutical market accounts for over 60 per cent of the GCC and is forecasted to grow at a rate of 9 per cent up until 2026.

Dr Shetty said: “The first phase of expansion would involve proliferation in the other Middle Eastern countries where our company is aggressively pushing for licences and trademarks.”