Tunisia Pharmaceutical Market Is Largely Driven by Increase in Pharmaceutical RandD Spending by 2028

Posted on 2022-09-16 by researchinsights in Healthcare, Industrial, Pharmaceuticals // 0 Comments

San Francisco, Calif., USA, Sep 16, 2022 — /EPR Network/ —

Tunisia Pharmaceutical Industry Overview

The Tunisia pharmaceutical market size was estimated at USD 1.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.9% from 2021 to 2028. The market is driven by the presence of various developed and integrated facilities that promote R&D, production of pharmaceuticals in the country. Tunisia’s healthcare system is one of the more advanced health systems in the Middle East and North Africa. With a large customer base, rising healthcare expenditures, and improving disposable incomes, Tunisia is an attractive market for pharma companies.

The pharmaceutical industry in Tunisia mainly operates through joint ventures with international firms. These global companies invest significantly in local players to boost the R&D of pharmaceutical drug products. For instance, Sanofi has invested a major amount in local companies. Thus, the abovementioned factors are anticipated to positively impact market growth. Moreover, the presence of R&D centers engaged in promoting the development of research clusters and scientific progress has benefitted Tunisia’s pharmaceutical sector.

Gather more insights about the market drivers, restraints and growth of the Tunisia Pharmaceutical market

According to Tunisia’s government, the country’s pharmaceutical industry recorded significant growth in the past two decades. Investments in this industry reached USD 105 million as of August 2019. This indicates increasing investments in the pharmaceutical industry, in turn, leading to lucrative opportunities for operating players looking to expand their business in the country. Furthermore, as a result of increasing exports, pharmaceutical manufacturers in the country are expanding their export reach to European and West African countries. Thus, the companies are investing a significant amount to expand their manufacturing capabilities.

The Tunisian pharma industry aims at expanding exports, particularly in European and West African markets, to tap on its developed production base as well as to gain easy access to Europe and African countries. Société Arabe des Industries Pharmaceutiques (SAIPH) is among some of the companies that are investing to boost production capacity for exports. Over the past years, SAIPH had announced exports to neighboring North African countries such as Algeria, Mauritania, and Libya, as well as to West African countries.

In recent years, Tunisia’s pharmaceutical industry has witnessed significant growth and is likely to continue growing over the coming years. However, the lack of robust regulatory and standardization policies can slow down the market. Unclear or insufficient pricing procedures, longer timeframes for marketing authorization, and the absence of an agency that can regulate the pharmaceutical industry are some major factors that may restrain Tunisia’s pharmaceutical industry. Furthermore, for the creation of any single committee, approvals from several government ministries are necessary.

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