The pharmaceutical market in Saudi Arabia including government procurements is estimated at SR13.5 billion ($3.6 billion) with the private sector claiming a share of SR7 billion, a report said.

The per capita consumption of medicines in the GCC and Arab countries stands at $52 and $3.2 per year, respectively, an Arab News report said, quoting experts.

The regional consumption of medicines is estimated at 1.5 per cent of the global consumption, the report said.

Meanwhile, the pharmaceutical market in the GCC is set to record a compounded average growth rate (CAGR) of 7 per cent to touch $10.8 billion by 2020, the report added, quoting an Alpen Capital study.