UAE pharmaceutical market to be valued at $7.9b by 2029

One driver is the new mandatory health insurance scheme for all private sector employees.

The UAE's pharmaceutical market is projected to reach $7.9b by 2029 at a compound annual growth rate of 5.9%, according to BMI.

The sector’s growth is driven by a combination of a robust legal framework and expanded healthcare access, such as the new mandatory health insurance scheme for all private sector employees.

Prior to the new mandate, mandatory health insurance was only enforced in Abu Dhabi and Dubai.

“Whilst UAE citizens are covered by government-backed healthcare plans, expatriate workers - who constitute approximately 85% of the total population - rely on private health insurance,” the report said.

“The alignment of regulatory enhancements with increased insurance coverage creates a favourable environment for growth, enabling pharmaceutical companies to effectively tap into growing healthcare demand,” it added.