Saudi Arabia Clinical Trials Industry | Opportunities & Forecast to 2020 |
Market Entry - Clinical Trials Market in Saudi Arabia: Analysis of Growth, Trends and Progress (2016 - 2021)

PUBLISHED

DEC 2017

Market Entry - Clinical Trials Market in Saudi Arabia: Analysis of Growth, Trends and Progress (2016 - 2021)

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About the Market

Based on indication, the global clinical trials market is classified as blood disorders, ophthalmology, autoimmune diseases, circulatory diseases, cancer, genitourinary diseases, congenital diseases, musculoskeletal diseases, central nervous system (CNS), infections, dermatology, metabolic disorders, cardiovascular system (CVS) diseases, gastrointestinal diseases, mental disorders etc. Being a relatively expensive process, many companies have outsourced their clinical trial activities to contract research organizations (CROs), which provide services such as clinical trial management, clinical research, and preclinical research. Factors such as advancement in technology and increasing demand for innovative solutions in the healthcare industry are driving the market of global clinical trials. On the other hand, factors such as high cost and stringent regulations are restraining market. The clinical trials market in the first world countries has seen major growth due to the rapid technological advancements and ample availability of funds. The developing countries demonstrate impressive potentials and are expected to record the highest growth rate. Countries such as India are attractive markets, due to the availability of skilled practitioners and government support in terms development of outsourcing hubs, thus attracting pharmaceutical and biotechnology companies to outsource clinical trial activities to CROs in this region. Some of the market leaders contributing to this market include Eli Lilly and Company, Novo Nordisk A/S, Ranbaxy Laboratories Ltd., Sanofi-Aventis A.S., and Roche Group.

About the Geography

Saudi Arabia is a monarchical state with large oil reserves and is one of the leading members of OPEC. It is an oil-based economy and the government controls most major economic activities. Due to the low oil prices, the government is focusing on expanding its healthcare, education, nuclear, construction, and tourism industries. It is the third largest recipient of FDI in western Asia.

Saudi Arabia has a stable economy, a large local market with a high spending capacity, sound infrastructure, and a well-regulated banking system. Political and social tensions along with the policy of “Saudisation”, which favors domestic labor, have been major obstacles to FDI. Laws regarding intellectual property are not transparent and the laws enforce segregation of sexes in most business and social settings. To attract investors, the government recently announced the opening of the retail and wholesale sectors to 100% foreign ownership. Extensive privatization programs and controlled inflation add to the reasons for FDI. Investors can form joint stock companies, branch offices, and limited liability partnerships only, as a foreigner is not allowed to conduct business as a sole proprietor in Saudi Arabia.

The government also encourages companies to hire local women to improve workplace sex ratios.

 

Component Name

Unit

GDP (USD billion)

646

GDP Annual Growth Rate

1.4

GDP Per Capita

21313

Unemployment Rate

5.6

Inflation Rate

3.3

Consumer Price Index (CPI)

138

Interest Rate

2

Balance of Trade (USD billion)

4.344

Business Confidence

3

Manufacturing PMI (Index Points)

55.3 Index Points

Ease of Doing Business

82

Competitiveness Rank

36

Corruption Rank

48

Consumer Confidence

104

Consumer Spending (USD billion)

68.807

Corporate Tax Rate

20

 

The Market Entry Series

Exploring global markets is now recognized as the shortest way to ensure high time to efficiency conversion, when trying to expand revenues past domestic markets, for firms both large and small. Our market entry series, priced suitably low contains the essentials of all the parameters (Refer: Table of Contents) you must be apprised of before you can have a well informed contemplation of a business opportunity in your choice of industry, in your choice of geography.

1. Introduction

                1.1 Scope of the Report

                1.2 Regional Analysis

                                1.2.1 PESTLE Analysis

                                1.2.2 Analysis of Ease of Doing Business

2. Market Dynamics

                2.1 Drivers

                2.2 Restraints

                2.3 Opportunities

3. Market Demand Analysis

                3.1 Socio-Economic Segmentation

                3.2 Demographic Strengths & Weaknesses

                3.3 Spending Patterns

                3.4 Target Market Identification

4. Market Size of Clinical Trials Market (USD millions)

                4.1 By Phases

                4.2 By Design

5. Market Entry

                5.1 Market Entry: The Strategy

                                5.1.1 Types of Entry Modes, by Market Entry Objectives

                                5.1.2 Competition Analysis

                                                5.1.2.1 Market Share

                                                5.1.2.2 Strategies Adopted, Recent Events 

                                5.1.3 Pricing Strategy

                                5.1.4 Supply Chain Analysis

                                                5.1.4.1 Trade (Import-Export Analysis)

                                                5.1.4.2 Distribution Network & Retail Analysis

                5.2 Market Entry: The Administration

                                5.2.1 How to Register a Company (Flowchart)

                                5.2.2 Registration Processes 

                                                5.2.2.1 Ministries Involved

                                                5.2.2.2 Criteria and Conditions

                                5.2.3 List of Forms & Documents

                                5.2.4 Product Control Guidelines specified by the Government

6. Sources

7. Disclaimer

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