“Kuwait will ensure the regular availability of medicines” – ARAB TIMES
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KD597 million set aside for purchases
KUWAIT CITY, September 25: Fitch Solutions expects Kuwait to step up imports of medicines to ensure they can be obtained on a regular basis, noting that the country’s pharmaceutical market is almost entirely dependent on imports and the The Ministry of Health has recently increased its imports of necessary drugs and medical supplies, due to the shortage the country has experienced recently, Al-Qabas daily reports.
A report by Fitch indicates that cancer drugs are the most important category of products that Kuwait intends to import, as several local reports have recently revealed treatment delays of up to two months, forcing many patients to travel to neighboring countries for treatment. The report indicates that the Ministry of Health obtained, at the beginning of this month, approvals to spend 6.6 million dinars on drugs against cancer, diabetes and respiratory diseases, because these imports are part of the investments in care. department health following the corona pandemic outbreak.
The agency’s report forecast an increase in drug imports into Kuwait until 2026 at an annual rate of 3.6% in local currency, to around 597 million dinars ($1.8 billion), knowing that economic coordination between Gulf countries could improve local drug production, but not in a way that meets growing demand through 2026.
However, a combination of geopolitical factors and reasons related to the pharmaceutical industries will continue to act as an impediment to the strong growth of the pharmaceutical sector in Kuwait, although our expectations show that drug spending in the country could reach a moderate annual growth rate. 3.6% over the next 10 years.
Fitch Solutions suggested that the pharmaceutical market will continue to be disrupted in Kuwait due to geopolitical variables and variables related to the industry itself, explaining that most companies seeking to import and export drugs will face challenges. different. The agency went on to say that exporting goods from Kuwait to overseas is time-consuming and financially costly due to strict border procedures, and Kuwait’s geographical location contributes to the difficulty of supply chains to reach global shipping lines. Additionally, the country’s high levels of corruption increase operating costs and legal risks for many companies that intend to establish business lines with Kuwait.
Fitch Solutions’ report confirmed that the pharmaceutical industry in Kuwait faces several regulatory and bureaucratic hurdles, payment delays, as well as regulatory changes related to pharmacies, noting instances of mismanagement and corruption in the sector, including improper storage of medications and expired and damaged products. some products.