UAE aims to boost number of generic drugs manufactured in the country

UAE aims to boost number of generic drugs manufactured in the country
Pharmaceutical manufacturer Julphar’s headquarters in Ras Al Khaimah, United Arab Emirates. (Wikimedia Commons)
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Updated 14 January 2021

UAE aims to boost number of generic drugs manufactured in the country

UAE aims to boost number of generic drugs manufactured in the country
  • More than 6,000 non-branded medicines are available in the country; 16 factories manufacture pharmaceuticals and medical items
  • The cost of generic drugs is up to 60 percent lower than that of their branded equivalents, health official says

DUBAI: The number of generic medicines and drugs available in the UAE now totals 6,176, according to the Emirati Ministry of Health and Prevention. Sixteen factories are involved in the production of pharmaceuticals and medical items in the country.

“Such numbers clearly reflect the flexible and attractive legislation and investment environment, and the availability of experiences, research capabilities, initiatives and incentives that help establish competitive medical and pharmaceutical industries,” the ministry said in a statement issued by WAM, the UAE’s state news agency.

“The provision of generic drugs enables patients to receive appropriate and affordable treatment, owing to the lower costs of these medicines by 60 percent compared (with) branded medicines,” said Dr. Amin Hussein Al-Amiri, the assistant undersecretary of the ministry’s Public Health Policy and Licensing.

He added that the UAE is keen to further expand the number of generic drugs manufactured in the country, especially in light of travel and trade restrictions caused by the COVID-19 pandemic.

According to a report by Indian market-research company IMARC, the generic drug market in the Gulf Cooperation Council area was worth at $3.94 billion in 2020, and Saudi Arabia was the single largest market in the region.


IMF: Iraq has requested emergency assistance

IMF: Iraq has requested emergency assistance
Updated 7 min 43 sec ago

IMF: Iraq has requested emergency assistance

IMF: Iraq has requested emergency assistance
Iraq has requested emergency assistance from the International Monetary Fund and talks are ongoing between the parties, the IMF said late on Sunday.
Iraqi Finance Minister Ali Allawi told Bloomberg News earlier that Iraq was in talks with the IMF for a $6 billion loan package.
“The Iraqi authorities have requested emergency assistance from the IMF under the Rapid Financing Instrument, and indicated their intention to also request a longer-term arrangement with the Fund in support of planned economic reforms,” an IMF representative said in an emailed statement.
“Discussions of the authorities’ request for emergency assistance are ongoing.”
The IMF’s Rapid Financing Instrument provides quick financial assistance, which is available to all member countries facing an urgent balance-of-payments need.
Financial assistance under the RFI is provided without the need for a full-fledged program or review, according to the IMF website https://bit.ly/3c6YubX.
Iraq may ask for an additional $4 billion in low-cost loans through another program linked to government reforms, Allawi said on Sunday.
Iraq devalued the dinar last month after a collapse in global oil prices, a major source of Iraq’s financial resources.
Allawi told Bloomberg https://bloom.bg/3peGG2h that Iraq also planned other types of funding to help plug the budget gap. Once the spending plan was approved, the government would move to issue $5 billion in domestic bonds to expand its financial base.
The OPEC member’s economy has only a small manufacturing base and almost all goods are dollar-priced imports.