The British Embassy in Kuwait commemorated the agreement between British healthcare company GSK and Safwan, a global science-led medical products distribution expert in Kuwait. Her Majesty’s Ambassador to Kuwait, Belinda Lewis, witnessed the signing of the contract.
Safwan has the market authorization necessary to safely and efficiently import a plethora of vaccines and medicines to prevent or treat infectious diseases, auto-immune, HIV, and mental health issues in Kuwait from GSK. The company will be utilizing the opportunity to grow and expand the business while deploying a dedicated team to train healthcare professionals and lead the supply chain of the market-leading GSK products to incorporate better health standards in Kuwait.
The Kuwait Pharmaceuticals market would grow due to its healthcare initiatives. The government has taken several steps to improve access to mental health care, which was critical during the pandemic. Government services included phone consulting, interactive applications, psychiatric clinics, etc.
With the UK being a leader in life sciences and pharmaceutical development that includes more than 5800 companies, it brings innovation and scientific exploration offering life-saving medicines affordable and accessible globally.
A Fitch solutions report says total health care spending in Kuwait may reach 2.3 billion dinars in 2021 and 2.6 billion dinars by 2025. The percentage comprises a cumulative annual growth rate of 2.7% and is an indicator of long-term growth of health care in the private sector. Although the country is facing an economic crisis, the government’s spending on health care in the country is expected to grow by 4% in 2021 on an annual basis to two billion dinars, compared to a rise of 3.5% in 2020.
According to new research released by the QuintilesIMS Institute, the total spending on medicines is forecast to reach $1.5 trillion by 2021, up 33 percent from 2016 levels. As per the report, the U.S and China remain strong in the pharmaceutical market with forecasted growth of 53% and 12 % in the next five years.
The Kuwait Vision 2035 propels the expansion of the healthcare industry. The Ministry of Health aims to build healthcare standards with expansion projects of existing hospitals and arranging 4,600 beds, 150 operating rooms, and 500 outpatient clinics. The country prioritizes both pharmaceutical and healthcare markets through various projects lead by public-private partnerships (PPPs).
The global pharmaceuticals market projects an increase from $1228.45 billion in 2020 to $1250.24 billion in 2021 at a compound annual growth rate (CAGR) of 1.8%. The Global pharmaceutical market leaders include Pfizer; F. Hoffmann-La Roche Ltd; Sanofi; Johnson & Johnson, and Merck & Co.