GCC Pharmaceutical Industry: Sovereign Wealth Funds and Local Manufacturers

The Gulf Cooperation Council (GCC) pharmaceutical industry is undergoing significant structural changes as sovereign wealth funds deploy capital and local manufacturers expand biosimilar portfolios and manufacturing capacity. The combined GCC market reached approximately $23.7 billion in 2024, with projections targeting $49 billion by 2033 at a 7.6% CAGR. Saudi Arabia accounts for 36-37% of regional value at $12.4 billion, while the UAE recorded the fastest growth at 17.5% in 2024. This report analyzes sovereign wealth fund investments and local pharmaceutical manufacturers across all six GCC states.

Several factors drive current industry activity: high chronic disease burden (diabetes prevalence exceeds 18-20% of adult population in Saudi Arabia and Kuwait), aging demographics, Vision 2030 localization mandates, supply chain vulnerabilities exposed during COVID-19, and objectives to diversify hydrocarbon-dependent economies. The region historically relied on imported medicines from multinational firms (70-90% import dependency across GCC states) and is now attempting to build domestic production capacity.

The concentration of pharmaceutical activity remains weighted toward Saudi Arabia and the UAE. In Saudi Arabia's private market, local companies including Tabuk, Jamjoom Pharma, SPIMACO, and Avalon Pharma together account for approximately half of pharmaceutical sales—comparable to multinational companies like Eli Lilly, Novo Nordisk, and Sanofi. Five of the top ten pharmaceutical corporations in Saudi Arabia are domestic manufacturers. The overall Saudi pharmaceutical market has grown 9-14% annually in recent years.

GCC governments have enacted policies to attract pharmaceutical investments. The UAE introduced medical products legislation offering incentives including tax exemptions and fast-track licensing. Saudi Arabia earmarked $57 billion in 2024 for health and social development and launched regulatory reforms under Vision 2030. Incentives such as land grants, financing, and procurement preferences for local manufacturers are common across the region.

Part 1: Sovereign Wealth Fund Investments

Gulf sovereign wealth funds have committed estimated capital exceeding $10 billion to pharmaceutical sector development since 2020, pursuing different strategies. Saudi Arabia's PIF focuses on domestic manufacturing infrastructure through Lifera, Abu Dhabi's ADQ pursues global acquisition-driven scale through Arcera, Mubadala builds integrated biopharma capabilities through Mubadala Bio, Qatar's QIA deploys venture capital into biotech globally, and Bahrain's Mumtalakat targets AI-driven drug discovery partnerships.

The investment approaches reflect each country's circumstances: Saudi Arabia leverages its large domestic market and procurement scale, the UAE capitalizes on logistics infrastructure and business environment, Qatar deploys capital reserves into biotech ventures, and Bahrain positions itself through technology partnerships. The actual returns and outcomes of these investments remain to be determined.

Saudi Arabia: Public Investment Fund and Lifera

The Public Investment Fund established Lifera (Pharmaceutical Investment Company) on June 18, 2023, as a wholly-owned commercial-scale contract development and manufacturing organization (CDMO). Chairman Dr. Ibrahim Aljufalli leads the entity, which operates through two business units: Lifera Biologics for drug product manufacturing and Lifera Omics for genomic testing services.

Lifera's stated mission targets two national priorities: improving Saudi Arabia's biopharma resilience and enabling the National Biotechnology Strategy. The CDMO focuses on approximately 200 priority biologic molecules deemed essential for national health security, spanning vaccines, insulin, plasma therapeutics, monoclonal antibodies, and cell and gene therapies.

Lifera Partnership Portfolio

Partner	Date	Deal Type	Scope	Key Details
Novo Nordisk	October 2024	Technology Transfer	Insulin biologics	Localize 50%+ of Saudi insulin needs by 2027; first GCC biologic innovator insulin production; 200+ high-skilled jobs; builds on SaudiBio 2018 agreement making Saudi fifth country globally with Novo Nordisk local manufacturing
Pfizer	October 2025	MoU	Pharmaceutical localization	Technology transfer, workforce development, local manufacturing exploration; signed at Global Health Exhibition Riyadh
Sanofi/Arabio	July 2023	Technology Transfer	Vaccine manufacturing	Seven vaccines on mandatory immunization schedule; new state-of-the-art fill-finish facility; pediatric, meningitis, influenza vaccines; Sanofi supplies 10M+ doses annually in Gulf
MSD/Merck	October 2025	MoU	Vaccine localization	Evaluate opportunities for sustainable vaccine access through potential local manufacturing
National Resilience	August 2023	Joint Venture	Sterile injectables CDMO	Lifera as controlling owner; 125+ million units annually; Riyadh facility; scope includes inactivated/bacterial vaccines, mRNA vaccines, monoclonal antibodies, plasma-derived products, cell/gene therapies; 200 Lifera staff training commitment
CENTOGENE	November 2023	Joint Venture (80/20)	Genomic testing	Lifera Omics subsidiary; $30M mandatorily convertible loan + $10M upfront milestone; rare disease genomic/multiomic testing; leverages Centogene Biodatabank with 70M+ unique genetic variants including 60,000+ Saudi patient datasets
Jamjoom Pharma	October 2025	Joint Venture	Vaccines, biologics, biosimilars	Announced with Ministry of Health and Industry officials; leverages Jamjoom manufacturing expertise with Lifera sovereign backing

Lifera acquired a 70% majority stake in SaudiBio on October 10, 2023—the only insulin manufacturing facility in Saudi Arabia, located in Sudair Industrial & Business City. The facility covers 10,000 square meters and is being upgraded to global cGMP standards with commissioning targeted for 2026. SaudiBio's origins trace to a 2018 agreement with Novo Nordisk that made Saudi Arabia the fifth country globally with Novo Nordisk local manufacturing capability.

The SaudiBio acquisition positions Lifera to deliver on its Novo Nordisk partnership commitments—localizing over 50% of Saudi Arabia's insulin needs represents a substantial undertaking given the Kingdom's diabetes burden. Saudi Arabia has one of the world's higher diabetes prevalence rates, with over 4 million diagnosed diabetics. Current insulin supply relies almost entirely on imports, creating cost pressures and supply security concerns. The Lifera-Novo Nordisk-SaudiBio integration is intended to address this.

Lifera's approach differs from traditional CDMO models by combining sovereign backing with technology partnerships that include knowledge transfer requirements. The Pfizer, Sanofi, and MSD memoranda emphasize workforce development and technology transfer alongside manufacturing localization. PIF Deputy Governor Yazeed Al-Humied stated that "PIF is investing to enable a leading health sector... Biologics represent one of the most critical and fastest-growing segments."

At the 2025 Global Health Exhibition in Riyadh, Lifera announced seven strategic partnerships with global and local companies for vaccine and biopharma production localization. The cumulative effect of these partnerships—spanning insulin (Novo Nordisk), vaccines (Sanofi, MSD), sterile injectables (Resilience), and genomics (Centogene)—is intended to build biopharmaceutical manufacturing capabilities across multiple modalities. Whether these partnerships deliver on stated objectives remains to be seen.

United Arab Emirates: ADQ and Arcera

ADQ launched Arcera on April 1, 2024, as a global life sciences holding company consolidating the sovereign fund's pharmaceutical acquisitions. CEO Isabel Afonso, with 18 years of pharmaceutical leadership experience including senior roles at Novartis, leads the entity with a stated strategic vision to double revenue over five years through strategic acquisitions and global partnerships.

Arcera Acquisition History

Company	Date	Deal Value	Geography	Capabilities Acquired
Acino International	September 2021	Undisclosed (ADQ's largest healthcare acquisition)	Switzerland	Origins dating to 1836; manufacturing sites in 5 countries; commercial operations across 4 continents; modified-release formulations, transdermal patches, extended-release tablets; focus on narcotics and extended-release oncology, urology, pain therapies
Amoun Pharmaceutical	March 2021	$740 million	Egypt	One of Egypt's largest pharma plants; 2,500+ employees; flagship products: Hibiotic (amoxicillin/clavulanate antibiotic), Antinal (nifuroxazide antidiarrheal), Alphintern (chymotrypsin/trypsin anti-inflammatory), Neuroton (B-vitamin complex), Antodine (famotidine gastric), Xithrone (azithromycin antibiotic); acquired from Bausch Health
Birgi Mefar Group	June 2022	Undisclosed	Turkey	50+ years sterile production experience; full-service pharmaceutical CDMO for sterile injectables; vials and pre-filled syringes for vaccines; drug lyophilization (freeze-drying); primary packaging ampoules; blow-fill-seal (BFS) technology; 14 global GMP certifications (EMA, SFDA, Russian, Turkish); exports to 30+ countries; ~800 employees
Pharmax Pharmaceuticals	January 2021	Undisclosed	UAE	Dubai Science Park facility; EU GMP certified; branded generics for chronic diseases (cardiovascular, diabetes, CNS); tablets and capsules production

Arcera Therapeutic Portfolio

Arcera offers 2,000 branded medicines across therapeutic areas addressing acute and chronic conditions:

Therapeutic Area	Key Product Categories	Representative Products/Capabilities
Neurology	CNS disorders, neuropathy	Neuroton (B-vitamin complex for neuropathy)
Gastroenterology	Acid suppression, GI infections, anti-diarrheal	Antinal (nifuroxazide), Antodine (famotidine), proton pump inhibitors
Cardiovascular	Hypertension, heart failure	Amosar (losartan), ACE inhibitors, beta blockers
Pain Relief	Analgesics, anti-inflammatory	Alphintern (enzyme anti-inflammatory), NSAIDs, narcotics (extended-release)
Rheumatology	Autoimmune, joint disease	Anti-inflammatory enzymes, DMARDs
Anti-infectives	Antibiotics, antifungals	Hibiotic (amoxicillin/clavulanate), Xithrone (azithromycin)
Cardiometabolic	Diabetes (type 2), metabolic	Zemiglo/Zemimet (gemigliptin DPP-4 inhibitor, via LG Chem license in LatAm)

Acino's M8 Pharmaceuticals subsidiary (Latin America) focuses on CNS, respiratory, cardiometabolic, immunology, gastroenterology, onco-hematology, and rare diseases through licensing agreements with global partners including LG Chem for type 2 diabetes treatments.

The combined Arcera portfolio now spans 2,000 branded medicines, seven manufacturing sites across UAE, Switzerland, Ukraine, Estonia, South Africa, Turkey, and Egypt, 6,500+ employees, and sales in 90+ countries. Effective January 1, 2025, Arcera launched a "One Arcera" unified operational structure with two divisions: Arcera General Medicines and centralized core functions.

The strategic logic behind ADQ's acquisition-driven approach differs from PIF's CDMO model. Rather than building manufacturing capabilities organically through technology partnerships, ADQ acquired existing pharmaceutical platforms with established product portfolios, manufacturing infrastructure, and commercial networks. This approach provides immediate scale and revenue generation while avoiding multi-year development timelines associated with greenfield investments.

The Acino acquisition was strategic given the Swiss company's expertise in modified-release formulations and complex generics—technologies that require specialized manufacturing capabilities. Acino's portfolio includes transdermal patches, extended-release tablets, and other advanced dosage forms. The Amoun acquisition provided access to one of MENA's larger pharmaceutical manufacturing platforms with established distribution.

ADQ also holds a minority stake in Biocon Biologics, India's large biosimilar manufacturer, providing pipeline access to biosimilar insulin, adalimumab, trastuzumab, and other biologics. This investment complements Arcera's manufacturing assets by providing access to Biocon's biosimilar development capabilities.

The Arcera strategy positions ADQ to pursue multiple growth paths: expanding product portfolios through geographic expansion, adding products through R&D and licensing, and leveraging the manufacturing network for both regional and export markets. CEO Isabel Afonso has stated the ambition to build Arcera into a global life sciences company. Whether the "One Arcera" integration and revenue-doubling targets are achieved remains uncertain given the complexity of integrating multinational pharmaceutical operations.

United Arab Emirates: Mubadala and Mubadala Bio

Mubadala Investment Company launched Mubadala Bio on May 19, 2025, at the "Make it in the Emirates" summit. CEO Dr. Essam Mohamed leads the entity through two verticals: Integrated Biopharma and Pharma Logistics.

Mubadala Bio Manufacturing Footprint

Metric	Capacity
Manufacturing facilities	10 facilities across 3 continents
Tablet/capsule production	2.5 billion units annually
IV/injectable production	120 million units annually
Manufacturing space	110,000 square meters
Geographic presence	UAE (6 facilities), India, Egypt, Malta, Morocco

Mubadala Bio Therapeutic Portfolio (via KELIX bio)

KELIX bio (acquired March 2024 for approximately $450 million from Development Partners International, BII, and EBRD) commercializes complex generics across four therapeutic areas:

Therapeutic Area	Product Categories	Key Capabilities
Oncology	Cytotoxic agents, targeted therapies	105 oncological products across 20 African countries; EU-approved oncology injectables from Malta facility (FDA and EMA approved)
Diabetes	Oral antidiabetics, insulin formulations	Recombinant human insulin API production (DiabTec); oral and injectable formulations
Cardiovascular	Antihypertensives, anticoagulants, lipid regulators	94 treatments for cardiovascular conditions
Central Nervous System	Antidepressants, anxiolytics, anticonvulsants	CNS therapies portfolio across emerging markets
Anti-infectives	Antibiotics, antivirals, antifungals	64 anti-infective products

KELIX bio subsidiaries acquired pre-Mubadala:

• Adwia (Egypt, acquired 2020): Generic pharmaceuticals exporter to Middle East, Eastern Europe, Africa
• Celon Labs (India, acquired 2020): Hyderabad-based oncology and critical care manufacturer, exports to 42+ countries
• PHI (Morocco, acquired 2022): One of Morocco's largest generic pharmaceutical producers
• KELIX bio Malta (acquired 2022): State-of-the-art EU-approved oncology injectables facility with FDA and EMA certification

Post-Mubadala acquisitions:

• DiabTec (January 2025, from Julphar): 20,000-liter drug substance bioreactors; cartridge fill-finish facility (only such facility in GCC meeting EU/US FDA standards); recombinant human insulin API production enabling vertical integration for diabetes treatments

Mubadala Bio Acquisition Timeline

Asset	Date	Source	Capabilities
KELIX Bio	March 2024 (announced), September 2024 (closed)	Established November 2020	Manufacturing facilities in India, Egypt, Malta, Morocco; diabetes, oncology, cardiology, CNS therapies; foundation for Mubadala Bio consolidation
Bioventure	October 2024	Yas Holding/GlobalOne Healthcare	Biotech commercialization platform
Bioventure Healthcare	October 2024	Yas Holding/GlobalOne Healthcare	Region's top soft gelatin capsule producer
Gulf Inject	October 2024	Yas Holding/GlobalOne Healthcare	Sterile fluid management
Wellpharma	October 2024	Yas Holding/GlobalOne Healthcare	IV and dialysis products leader
Julphar DiabTec	January 2025	Julphar	20,000-liter drug substance reactors; separate cartridge fill-finish facility built to EU/US FDA standards; only such facility in GCC; recombinant human insulin API production

Mubadala Bio's partnership with National Resilience (January 2023) establishes a new state-of-the-art GMP biopharma manufacturing facility in Abu Dhabi—described as the first GMP biopharma facility in MENA for advanced biologics, producing therapeutics for cancer, infectious diseases, and autoimmune disorders.

Mubadala International Biotech Investments

Company	Date	Investment	Focus
Hasten Biopharma	April 2023	$315 million (co-led with CBC Group)	China-based pharmaceutical company; acquisitions and pipeline development
NeuroGen Pharma	November 2024	$680 million (with CBC Group)	UCB Pharma China neurology portfolio acquisition

Qatar: Qatar Investment Authority

The Qatar Investment Authority has emerged as a significant biotech investor, deploying an estimated $5.5 billion specifically in biotechnology out of $11.8 billion in total health-related investments according to Cipherbio data. QIA's strategy focuses on venture financing in cutting-edge biotech globally, building a geographically and technically diversified portfolio.

QIA Biotech Investment Portfolio

Company	Date	Investment Size	Stage	Therapeutic Focus	Co-Investors
BridgeBio Pharma	September 2023	$250 million PIPE	Growth	Genetic and rare diseases; acoramidis (ATTR cardiomyopathy)	Four major US investment management firms
Ensoma	January 2023	$85 million Series B	Early	Genomic medicines; in vivo hematopoietic stem cell engineering	Arix Bioscience, 5AM Ventures, Bill & Melinda Gates Foundation
Ensoma follow-on	2025	$53 million	Clinical	EN-374 Phase 1/2 trials	Gilead Sciences (lead)
Tessera Therapeutics	January 2021	$230 million Series B	Early	Gene Writing technology	Multiple investors
Star Therapeutics	September 2023	$90 million Series C	Growth	Undisclosed	Multiple investors
ITM Isotope Technologies Munich	June 2023	€255 million	Growth	Radiopharmaceuticals; targeted radionuclide therapy	Temasek (lead)
ITM follow-on	2024	€188 million	Growth	Pipeline enhancement; radioisotope manufacturing	Multiple investors
Artbio	2024	$132 million Series B	Growth	Radiopharmaceuticals	Multiple investors

QIA's former CEO Mansoor bin Ebrahim Al-Mahmoud stated at WEF Davos 2024: "Healthcare is a big theme... A lot of AI could be used in healthcare. Governments are starting to admit that they have not invested in healthcare sector, so a lot of opportunities will come to the surface." Dr. Mohamed Ghanem heads QIA's healthcare division, with Ron Hsu MD directing the pharmaceuticals and biotechnology team.

QIA's biotech investment strategy differs fundamentally from ADQ's acquisition approach or PIF's domestic manufacturing focus. Rather than building or buying pharmaceutical manufacturing capacity, QIA functions as a global biotech venture investor, deploying capital into early and growth-stage companies developing novel therapeutic platforms. The rationale is threefold: capturing financial returns from successful biotech investments, building relationships with innovative companies that may benefit Qatar's healthcare system, and positioning QIA at the forefront of pharmaceutical innovation trends.

The portfolio composition reflects sophisticated sector thesis development. Investments in BridgeBio and Ensoma target genetic and rare disease therapies—areas with strong pricing power and significant unmet medical need. The ITM Isotope Technologies Munich and Artbio investments focus on radiopharmaceuticals—a rapidly growing therapeutic modality combining targeted drug delivery with radioactive payloads for cancer treatment. The Tessera Therapeutics investment in "gene writing" technology represents a bet on next-generation genetic medicines beyond current CRISPR approaches.

The geographic and stage diversification (US-focused, spanning Series B through growth rounds) provides QIA exposure to cutting-edge drug development while managing portfolio risk. While these investments don't directly establish pharmaceutical manufacturing in Qatar, they provide knowledge capital—understanding of drug development trends, relationships with innovative companies, and potentially future partnership opportunities for clinical trials or manufacturing in Qatar.

Qatar's domestic pharmaceutical market is relatively small (~$500 million), making large-scale local manufacturing investments less economical than in Saudi Arabia. QIA's venture approach leverages Qatar's competitive advantage—substantial capital reserves—while avoiding the challenges of building manufacturing infrastructure in a small market.

Bahrain: Mumtalakat and SandboxAQ Partnership

Mumtalakat announced a partnership with SandboxAQ on October 27, 2025, at the Future Investment Initiative, targeting over $1 billion in biotech asset value creation for Bahrain over three years.

SandboxAQ—spun out from Alphabet in 2022 and backed by T. Rowe Price, NVIDIA, Google, and Eric Schmidt—applies Large Quantitative Models (physics-based AI combining quantum mechanics, molecular dynamics, and machine learning) to drug discovery, compressing development timelines from years to weeks.

SandboxAQ Partnership Details

Element	Details
Partnership duration	Three years
Target value creation	$1 billion+ in biotech IP
Focus areas	Diabetes, genetic disorders (high regional prevalence)
Governance	Joint research committee for target identification
Technology platforms	AQBioSim (end-to-end drug discovery), AQAffinity (drug-target binding prediction)
Strategic positioning	Establish Bahrain as regional biotech hub through IP-generating discoveries

SandboxAQ's approach differs from traditional AI drug discovery by using physics-based simulation rather than pattern matching, enabling prediction of molecular behavior without extensive experimental data. The technology has demonstrated ability to skip key experimental steps in drug discovery, potentially reducing costs and timelines significantly.

Mumtalakat manages $17.6-18 billion in AUM across 50-60+ enterprises, recording a 2024 net profit of 363 million Bahraini dinars—its highest ever. The SandboxAQ partnership represents a strategic pivot toward knowledge-based investment rather than traditional asset acquisition.

Part 2: Local Pharmaceutical Manufacturers

Saudi Arabia

Saudi Arabia hosts the GCC's most extensive pharmaceutical manufacturing infrastructure with dozens of production lines operating under GMP standards. Local companies including SPIMACO, Tabuk, Jamjoom, and Avalon together account for approximately half of private market pharma sales.

SPIMACO (Saudi Pharmaceutical Industries & Medical Appliances Corporation)

SPIMACO, established in 1986, is Saudi Arabia's leading private-sector manufacturer and a publicly traded company on Tadawul. CEO Jérôme Cabannes (appointed February 2024) oversees 1,200+ employees at a 61% Saudization rate.

SPIMACO Financial Performance

Metric	2022	2023	2024	9M 2025
Revenue	SAR 1.42B	SAR 1.66B	SAR 1.68B	SAR 1.30B (flat YoY)
Net profit	SAR -50.7M	SAR 24.5M	SAR 67.8M	SAR 154.7M (+220% YoY)
Market share	—	7.4%	~7%	—

Note: Q3 2025 revenue declined 7.2% YoY to SAR 415 million due to an 18% drop in private-sector sales and 36% decline in exports. Government-sector sales increased 50% YoY to SAR 110 million. Contract manufacturing grew 338% to SAR 19 million.

SPIMACO Manufacturing Capacity

Facility	Location	Capacity	Specialization
Main plant	Al-Qassim	1.8 billion units; 34,000 sqm	Tablets, capsules, liquids, sterile injectables
High-potency facility	Al-Qassim	275 million units; 3,200 sqm	Oncology, antivirals (operational July 2025)
Total network	4 countries	2.3 billion units (scalable to 3+ billion)	7 facilities

SPIMACO Biosimilar and Partnership Pipeline

Partner	Date	Product	Details
Internal development	September 2023	Endosa (enoxaparin)	First biosimilar produced in integrated manner in GCC by national company; low-molecular-weight heparin pre-filled syringes
Altos Biologics	July 2024	ALT-L9 (aflibercept biosimilar)	Eylea® biosimilar; 10-year exclusive agreement; 16 MENA markets; valued at ~2.51% of 2023 revenues
CanSino Biologics	2024	MCV4 meningococcal vaccine	Mandatory for Hajj/Umrah visitors; technology transfer for local production
Boston Oncology Arabia	January 2025	Advanced oral oncology treatments	MoU for 5-year localization program

SPIMACO created subsidiary SPIMACO Bio for biologic and cell/gene therapies, indicating intent to move beyond traditional generics. Q4 2024 included a SAR 16 million write-off for a discontinued biosimilar project.

The Endosa (enoxaparin) launch in September 2023 was described as the first biosimilar manufactured in an integrated manner (from API to finished product) by a GCC national company. Enoxaparin is a low-molecular-weight heparin used as an anticoagulant. The global enoxaparin market exceeds $3 billion annually. SPIMACO's entry demonstrates manufacturing capability for complex biological products, though market penetration data is not yet available.

The Altos Biologics partnership for ALT-L9 (aflibercept biosimilar) targets one of ophthalmology's higher-value biologics. Aflibercept (marketed as Eylea by Regeneron/Bayer) is a VEGF inhibitor used for wet age-related macular degeneration and diabetic macular edema, with global sales exceeding $8 billion annually. The biosimilar opportunity exists given high treatment costs and large patient populations. Under the 10-year exclusive agreement covering 16 MENA markets, SPIMACO handles manufacturing, marketing, and distribution while Altos Biologics provides the biosimilar technology. Commercial success will depend on regulatory approvals, pricing dynamics, and market adoption.

Note that SPIMACO's Q3 2025 revenue declined 7.2% YoY, with private-sector sales down 18% due to increased competition, and exports declining 36% on weak regional demand. Government-sector sales and contract manufacturing partially offset these declines.

Tabuk Pharmaceuticals

Tabuk Pharmaceuticals, wholly owned by Astra Industrial Group since 1994, operates as Saudi Arabia's largest privately-owned pharmaceutical company with 2,400+ employees, four manufacturing sites (Saudi Arabia, Sudan, Algeria), and commercial presence in 17-18 MENA countries. Annual production exceeds 2 billion base units.

Tabuk Existing Therapeutic Portfolio

Therapeutic Area	Product Count	Representative Products/Categories
Cardiovascular	40 products	Atortab (atorvastatin), Bisotab (bisoprolol), Covatel (valsartan), Aspicard (aspirin), Cardex (diltiazem), antihypertensives, lipid regulators, anticoagulants
Central Nervous System	30 products	Dementil (donepezil for Alzheimer's), Depralex (escitalopram), Dopaxol (levodopa/carbidopa for Parkinson's), antidepressants, anxiolytics, anticonvulsants
Pain Management	15 products	Divido (diclofenac), Coxitab (celecoxib), analgesics, NSAIDs
Respiratory/Allergy	13 products	Airfast (montelukast), Fexodine (fexofenadine), bronchodilators, antihistamines
Urology/Nephrology	16 products	Erevard (tadalafil), Finiscar (finasteride), prostate therapies, nephrology treatments
Gastrointestinal	10 products	Gastropan (omeprazole), Ezipan (esomeprazole), proton pump inhibitors, antiemetics
Diabetes	7 products	Gavilda (vildagliptin), Gavilda Met (vildagliptin/metformin), Glados (glimepiride), oral antidiabetics
Dermatology	8 products	Derma-T series, topical preparations
Anti-infectives	Various	Ceftriaxone-Tabuk, Cephalex (cephalexin), Flazol (metronidazole), Claritt (clarithromycin), antibiotics, antifungals
Hospital Products	4 products	Injectable formulations for acute care

Tabuk Biosimilar Partnership Portfolio

Partner	Date	Product	Target	Stage	Territory
Bio-Thera Solutions	December 2024	BAT2206	Ustekinumab (Stelara®) biosimilar for psoriasis, psoriatic arthritis, Crohn's disease, ulcerative colitis	Regulatory filings pending EMA/FDA	Saudi Arabia exclusive
Biocon Limited	September 2024	GLP-1 products	Liraglutide/semaglutide analogs for diabetes, chronic weight management	Commercial stage	8 Middle East markets
Hanmi Pharmaceutical	2024/2025	Rolontis (eflapegrastim)	Pegfilgrastim biosimilar for chemotherapy-induced neutropenia	FDA-approved, US market since 2022	MENA region
Mabwell Bioscience	2024	Two undisclosed biosimilars	Likely adalimumab, bevacizumab, or rituximab	Development	MENA region
HK inno.N	2024	K-CAB (tegoprazan)	Novel GERD treatment (potassium-competitive acid blocker)	Commercial	6 MENA countries
BioRay	2024	Undisclosed biosimilars	Undisclosed	Development	MENA region

The Bio-Thera BAT2206 partnership is particularly significant as ustekinumab (Stelara) represents one of the highest-value biologic targets with global sales exceeding $10 billion annually. The biosimilar has completed Phase III clinical trials and regulatory filings are pending with EMA and FDA, with Tabuk holding exclusive Saudi rights for manufacturing, distribution, and marketing.

Ustekinumab is a human monoclonal antibody targeting interleukin-12 and interleukin-23, approved for psoriasis, psoriatic arthritis, Crohn's disease, and ulcerative colitis. The reference product Stelara faces biosimilar competition starting 2025 in major markets, creating a significant commercial opportunity. Bio-Thera's BAT2206 has demonstrated biosimilarity in comparative pharmacokinetic studies and Phase III efficacy trials in psoriasis patients. Under the partnership, Tabuk will initially receive manufactured product from Bio-Thera while establishing local production capabilities through technology transfer.

The Biocon GLP-1 partnership addresses the region's acute diabetes burden (18-20% adult prevalence in Saudi Arabia) with technology transfer options for localized manufacturing, potentially enabling Tabuk to produce GLP-1 analogs domestically.

GLP-1 (glucagon-like peptide-1) receptor agonists represent one of the fastest-growing therapeutic classes globally, driven by efficacy in both diabetes management and weight loss. The market exceeds $20 billion annually and is dominated by Novo Nordisk's semaglutide (Ozempic, Wegovy) and Eli Lilly's tirzepatide (Mounjaro). Biocon has developed biosimilar and follow-on versions of earlier GLP-1 products including liraglutide, providing Tabuk access to this critical therapeutic category. The partnership covers eight Middle East markets with potential for technology transfer to enable local manufacturing—a strategic priority given both the regional diabetes epidemic and global supply constraints on GLP-1 products.

The Mabwell partnership announced at CPHI Middle East 2024 adds two additional biosimilars to Tabuk's pipeline for MENA markets, framed as Belt and Road pharmaceutical collaboration reflecting China's strategic interest in Middle East healthcare markets. While specific products remain undisclosed, Mabwell's pipeline includes biosimilars targeting adalimumab, bevacizumab, rituximab, and other high-value monoclonal antibodies.

The Hanmi Pharmaceutical partnership brings Rolontis (eflapegrastim-xnst, marketed as Rolvedon in the US), the first Korean pharmaceutical FDA-approved biosimilar. Rolontis is a long-acting granulocyte colony-stimulating factor (G-CSF) for treating chemotherapy-induced neutropenia—a significant supportive care market in oncology. The product generated over $200 billion Korean won (~$150 million) in cumulative US sales by 2024. HK inno.N's K-CAB (tegoprazan) represents a novel potassium-competitive acid blocker for GERD, offering differentiated mechanism versus traditional proton pump inhibitors.

Tabuk's strategy reflects a systematic approach to building biosimilar capabilities through partnerships with leading Asian biosimilar developers (Chinese Bio-Thera and Mabwell, Indian Biocon, Korean Hanmi and HK inno.N), leveraging their development expertise and regulatory track records while establishing regional manufacturing and commercial infrastructure.

Jamjoom Pharma

Jamjoom Pharma, headquartered in Jeddah, holds the #1 position in Saudi ophthalmology and #2 in dermatology. The company completed its Tadawul IPO in 2022 (Stock: 4015), offering 30% of shares.

Jamjoom Pharma Financial Performance

Metric	2023	2024	9M 2025
Revenue	SAR 1.10B	SAR 1.318B (+20% YoY)	SAR 1.19B (+13% YoY)
Net profit	SAR 293M	SAR 357M (+22% YoY)	SAR 395.7M (+30% YoY)
EBITDA margin	~31%	33.2%	34-34.5% (guidance)
Production volume	88M units	170M units	128M units (9M)

Note: Q3 2025 net profit rose 12% YoY to SAR 107 million on 4.5% revenue growth to SAR 342 million. Saudi Arabia contributed SAR 795 million (+14% YoY) in 9M 2025, accounting for two-thirds of revenue. The company has 60 products in pipeline with 17 under SFDA review.

Jamjoom Pharma Manufacturing Infrastructure

Facility	Location	Capacity	Status
Main facility	Jeddah	46,500 sqm; expanded from 88M to 170M units since 2021	Operational
Three total facilities	Jeddah	Combined 175.2 million units (2024)	Operational

Jamjoom Pharma Strategic Guidance

Metric	Target
Revenue by 2027	Double current (~SAR 2.6 billion implied)
Revenue by 2030	SAR 1 billion+
Annual growth	12-15% CAGR
Profit margins	30%+
New product launches	6-10 annually

The October 2025 Lifera joint venture announcement represents potentially transformative expansion into vaccines, biologics, and biosimilars—pairing Jamjoom's proven manufacturing expertise with PIF's sovereign backing and Lifera's biotech partnerships.

Avalon Pharma

Avalon Pharma (Middle East Pharmaceutical Industries Co.) completed Saudi Arabia's first 2024 IPO in February.

Avalon Pharma IPO Details

Metric	Value
IPO proceeds	SAR 492 million (~$131 million)
Share price	SAR 82/share
Valuation	SAR 1.65 billion
Institutional subscription	138.76x coverage (~SAR 68.27 billion demand)
Retail subscription	54.27x coverage from 284,739 applications
Majority shareholder	Tabbaa National Holding Company (60.25%)

Avalon Pharma Financial Performance

Metric	2023	2024	9M 2025
Revenue	SAR 338M	SAR 387M	~SAR 310M
Net profit	SAR 42M	SAR 51M	SAR 52.5M (+50% YoY)

Note: Q3 2025 net profit rose 114% YoY to SAR 8.3 million on 33% revenue growth to SAR 108 million. Private-sector sales increased 61% YoY. CEO Mohamed Al Ghannam attributed Q3 margin compression to seasonal factors rather than operational issues.

Avalon Pharma Product Portfolio and Strategy

Element	Details
Market position	Dermatological products market leader
Product portfolio	70+ brands, 250+ SKUs
Therapeutic focus	Dermatology, consumer health
2024 growth	~35% sales growth
Export share (current)	10% of revenue
Export share (target)	30% of revenue

Avalon Pharma Growth Targets

Metric	Target
Revenue by 2027	Double 2023 revenue (SAR 338M → ~SAR 676M)
Revenue by 2030	SAR 1 billion

Avalon 4, a new manufacturing facility in Riyadh representing SAR 100 million+ investment, targets operational status in 2026 with focus on oncology and injectable products—representing significant capability expansion beyond the company's traditional oral solid and topical formulations.

Other Saudi Manufacturers

Company	Ownership	Focus	Notable Activity
AJA Pharma	Saudi Chemical Co. subsidiary	Oncology, insulin fill-finish	Licensed technology from Eli Lilly for insulin cartridge fill-finish
Saja	Saudi-Japanese JV	Licensed Japanese drugs	Long-standing partnership model
Arabio	Tamer Group (majority)	Vaccine fill-finish	Partner in Lifera-Sanofi vaccine facility; Jeddah operations
SaudiVax	International partnerships	Halal biotherapeutics, vaccines	First Saudi developer/manufacturer of halal biologics; Merck services collaboration

United Arab Emirates

Julphar (Gulf Pharmaceutical Industries)

Julphar, founded in 1980 in Ras Al Khaimah, is one of the largest pharmaceutical manufacturers in the Middle East with exports exceeding 80% of output to approximately 40 countries.

Julphar Financial Performance

Metric	2023	2024	H1 2025
Revenue	AED 1.278B	AED 1.312B (+2.7%)	AED 718M (+6.7% YoY)
Net profit	AED -98.5M	AED +44.9M	AED +158.2M
EBITDA	~AED 48M	AED 144.9M	—

Note: H1 2025 marks a substantial turnaround from H1 2024 losses of AED 2.4 million. Q1 2025 revenue reached AED 359 million (+6.7% reported, +9.6% constant currency). The company completed divestiture of Zahrat Alrawda pharmacy chain in Saudi Arabia during Q1 2025.

Julphar Manufacturing Infrastructure

Metric	Capacity
Facilities	10-13 internationally accredited
Daily output	Up to 1 million medicine boxes
Geographic reach	~40 export countries
Location	Ras Al Khaimah, UAE

Julphar Strategic Initiatives

Initiative	Partner	Investment	Details
Insulin analogues	Sunshine Lake Pharma	Technology transfer (May 2023)	First to localize modern insulin analogues manufacturing in MENA; launched April 2025: insulin glargine (Lansulin), insulin aspart (Insurapid), premixed insulin aspart/aspart protamine (Insumix)
Saudi biologics facility	—	SAR 300 million (~$80 million)	Complex biologics, sterile drugs, general formulation; project execution initiated Q1 2025
Darbepoetin alfa biosimilar	Dong-A ST	Licensing (March 2025)	Exclusive MENA manufacturing and commercialization rights
DiabTec divestiture	Mubadala/KELIX bio	Sale (January 2025)	Retained long-term insulin API supply agreement
5-year investment plan	—	AED 300 million	Capacity expansion, technology localization, global partnerships

Julphar's insulin analogue portfolio—Lansulin (insulin glargine), Insurapid (insulin aspart), and Insumix (premixed insulin aspart/aspart protamine)—launched in April 2025. These represent modern insulin formulations with improved pharmacokinetic profiles compared to older human insulin. Insulin glargine provides 24-hour basal coverage, while insulin aspart offers rapid-acting mealtime coverage. The MENA region's diabetes prevalence creates demand for these products, previously supplied through imports from Novo Nordisk, Sanofi, and Eli Lilly.

Julphar's partnership with China's Sunshine Lake Pharma (Shenzhen-based subsidiary of HEC Pharm) provided the technology transfer for local production. Sunshine Lake Pharma manufactures biosimilar glargine, aspart, lispro, and other insulin analogues in China.

The Dong-A ST (South Korean) partnership for darbepoetin alfa biosimilar extends Julphar's biologics portfolio beyond diabetes. Darbepoetin alfa (reference product: Aranesp by Amgen) is an erythropoiesis-stimulating agent for anemia associated with chronic kidney disease and chemotherapy. The global market exceeds $2 billion annually. Julphar's MENA licensing provides manufacturing and commercialization rights.

The SAR 300 million (~$80 million) Saudi Arabia facility investment targets complex biologics, sterile drugs, and general formulation manufacturing. The facility addresses Saudi Vision 2030 localization requirements while providing Julphar access to the region's largest pharmaceutical market. Construction began Q1 2025.

Julphar's DiabTec divestiture to Mubadala's KELIX bio (January 2025) involved selling the insulin API manufacturing facility while retaining commercial insulin products through a long-term supply agreement. This allows Julphar to focus on finished dosage manufacturing.

The company's stated Strategy 2030 targets tripling revenues through 90+ products in pipeline. Actual performance will depend on competitive dynamics, regulatory outcomes, and execution.

PureHealth Pharmaceutical Investments

PureHealth—UAE's largest integrated healthcare platform (ADX-listed, December 2023 IPO raising AED 3.62 billion)—anchors pharmaceutical localization through procurement commitments and strategic partnerships.

PureHealth Pharmaceutical Commitments

Metric	Current	Target
Local sourcing (ICV)	AED 2.25 billion	AED 13 billion by 2032
Rafed GPO	Middle East's first healthcare-focused GPO	Pharmaceutical procurement, warehousing, distribution
Life Corner pharmacies	100+ locations across UAE	Retail network expansion
SEHA ICV score	81.13%	Highest in UAE healthcare

The AED 150 million insulin glargine JV with Julphar (announced October 2022) catalyzed Julphar's subsequent Sunshine Lake Pharma technology transfer, demonstrating how healthcare system procurement commitments can drive manufacturing investment.

GlobalPharma

GlobalPharma—now wholly owned by Dubai Investments PJSC after Sanofi's 2019 exit from its 2014 majority stake—maintains significant manufacturing presence in Dubai.

GlobalPharma Manufacturing Capacity

Metric	Capacity
Facility size	27,000 sqm Dubai Investment Park
Tablet production	300 million annually
Capsule production	150 million annually
Liquid production	7+ million liters annually
Product categories	Anti-infectives, cardiovascular, anti-diabetics
Market reach	14+ countries

Neopharma

Neopharma, founded by B.R. Shetty in 2003, entered restructuring proceedings in November 2024 (Abu Dhabi Commercial Court) but maintains significant manufacturing assets across three continents.

Neopharma Global Manufacturing Footprint

Facility	Location	Acquisition	Capabilities
US operations	Bristol, Tennessee	Acquired from Dr. Reddy's (2018)	390,000 sq ft; Augmentin®, Amoxil® production
Japan operations	—	KYOWA CritiCare acquired from Lupin (2019)	Injectables
India operations	—	—	API and formulations
UAE operations	Abu Dhabi	Founded 2003	Solid oral, injectables

Kuwait

KSPICO (Kuwait Saudi Pharmaceutical Industries Company)

KSPICO—Kuwait's sole pharmaceutical manufacturer—became majority-owned (67%) by Mezzan Holding in August 2019.

KSPICO Manufacturing Capabilities

Product Line	Capacity	Details
Large Volume Parenterals (LVP)	71 products	Electrolyte solutions, parenteral nutrition; established 1995 with German expertise
Oral solids	Tablets, capsules	Multiple formulations
Oral liquids	Syrups	Various therapeutic areas
Semi-solids	Creams, ointments	Topical formulations
Total portfolio	120+ products	GMP/WHO quality standards
Laboratory facilities	1,068 sqm	Product Development Lab, Analytical Lab

KSPICO Strategic Partnerships

Partner	Date	Scope
Abbott Laboratories	May 2021	First international pharma localization in Kuwait; 26 products localized as "Made in Kuwait"
Mezzan Holding	August 2019	67% acquisition; integration with Mezzan's 15+ pharmacy retail network

The Abbott partnership represents a significant milestone for Kuwait's pharmaceutical industry—the first time an international pharmaceutical company established local manufacturing presence through a Kuwaiti partner. The 26 localized products span multiple therapeutic categories that Abbott markets in the Gulf region. The "Made in Kuwait" designation provides advantages in government procurement while establishing a template for future international company localization agreements.

Kuwait's pharmaceutical industry structure differs from other GCC states in having only one significant manufacturer. This concentration creates both advantages (KSPICO has no domestic competition) and vulnerabilities (limited backup capacity if production disruptions occur). The Mezzan Holding acquisition provides KSPICO access to capital for modernization and integration with Mezzan's consumer healthcare distribution network, which includes pharmacies, supermarkets, and healthcare facilities across Kuwait.

KSPICO's historical strength in Large Volume Parenterals (IV fluids) reflects early investment in specialized manufacturing capabilities. The LVP line established in 1995 with German technical expertise (likely Fresenius) produces 71 products including electrolyte solutions, dextrose solutions, and parenteral nutrition formulas. These sterile injectable products require sophisticated manufacturing facilities with strict environmental controls—capabilities that most GCC countries lacked until recent investments.

The Product Development Lab and Analytical Lab on-site enable KSPICO to develop new generic formulations for the Kuwaiti market and potentially for export to other GCC states through unified registration procedures. While no novel drug R&D occurs in Kuwait, KSPICO's formulation development capabilities allow adaptation of products to local market requirements and expansion of the product portfolio over time.

Oman

Oman has built a diversified pharmaceutical manufacturing base with particular strength in export-oriented generics production and international quality certifications.

Oman Pharmaceutical Manufacturers

Company	Location	Certifications	Capacity	Focus
National Pharmaceutical Industries (NPI)	Muscat (HQ); 4 plants across Oman, UAE, Saudi Arabia	USFDA (January 2024), EU GMP (valid to June 2026), MHRA-UK, TGA-Australia, ISO 9001	1.5B tablets, 150M capsules, 150M sachets, 30M liquid bottles annually	Export to 60+ countries; OIA-backed
Oman Pharmaceutical Products (OPP)	Salalah Free Zone	US-FDA, MHRA-UK, TGA-Australia	30+ ZYNOVA-branded products	Export to 45+ countries; cephalosporins, hormones, effervescents
Philex Pharmaceuticals	Salalah Free Zone	Modern technology	$150 million investment; 100,000+ sqm; 1B tablets, 1B capsules annually	Cardiovascular, oncology, antivirals
Dhofar Pharma	Raysut Industrial City	German Plumet technology	OMR 15 million (~$39 million); 22,000 sqm; 15M IV solution units, 2.3M dialysis solution units annually	First Omani IV solutions/dialysis fluids; launched September 2024; 80% Omani workforce target

NPI's achievement of USFDA certification in January 2024 is particularly significant—enabling US market entry and positioning the company for ANDA filings. This regulatory achievement is rare among Gulf manufacturers and indicates manufacturing quality meeting the world's most stringent standards.

Qatar

Qatar's pharmaceutical sector remains nascent but growing under state initiatives aligned with Qatar National Vision 2030.

Qatar Pharmaceutical Manufacturers

Company	Facility	Certifications	Capabilities
QLife Pharma	8,000-13,500 sqm	WHO cGMP	140+ medicines; oral solids, liquids, semi-solids, solutions
Qatar Pharma	50,000 sqm "city of pharmaceutical factories"	—	LVP/SVP solutions, hemodialysis solutions, topicals; plans for 35,000 sqm Qatar Biopharma facility (insulin pens, vaccines, oncology)

Qatar's investment strategy emphasizes international biotech venture funding through QIA (detailed above) rather than domestic manufacturing scale, reflecting the small domestic market (~$500 million range) and strategic focus on knowledge-based returns.

Bahrain

Bahrain's pharmaceutical manufacturing focuses on specialized niches with limited domestic production but strategic positioning for regional distribution.

Bahrain Pharmaceutical Manufacturers

Company	Specialization	Capacity	Capabilities
Bahrain Pharma	Contract manufacturing, softgel capsules	9 billion softgel capsules annually; 25 million syrup bottles	Vegetarian softgels; regional CMO serving GCC/MENA clients
Gulf Biotech	Injectable drug manufacturing	4,500 sqm; BOSCH technology	Bahrain's first licensed injectable manufacturer; 56 pharmaceutical products; antibiotics, diabetes, rheumatoid arthritis

The Mumtalakat-SandboxAQ partnership (detailed above) represents Bahrain's strategic pivot toward AI-driven drug discovery rather than traditional manufacturing scale, potentially positioning Bahrain as a biotech IP generator rather than production hub.

Part 3: Market Analysis and Import Dependency

GCC Pharmaceutical Market Size by Country

Country	2024 Market Size	Growth Rate	Projection	CAGR
Saudi Arabia	$12.4 billion	11.1%	$14.3B by 2027	~5%
UAE	$4.5 billion	17.5% (fastest GCC)	$8B by 2033	7.3%
Kuwait	$1.7 billion	4.0%	—	5.12%
Oman	$700-900 million	—	—	6.9% to 2032
Qatar	$455 million	—	$698M by 2030	5.4-5.6%
Bahrain	$465 million	—	—	—
GCC Total	$23.7 billion	—	$49B by 2033	7.6%

Import Dependency and Localization Targets

Country	Import Dependency	Local Manufacturing	Localization Target
Saudi Arabia	64-70%	30-36%	40% minimum (Vision 2030); 80% aspirational
UAE	80-85%	15-20%	40% by 2026
Kuwait	87%	~13%	—
Qatar	85-90%	~10%	—
Oman	80-85%	~15-20%	—
Bahrain	90%+	<10%	—

Per Capita Pharmaceutical Spending

Country	Per Capita Spend	Healthcare % of GDP
UAE	$282-400	3-5%
Kuwait	$350-400	3-5%
Saudi Arabia	$350-400	5-7.5%
Bahrain	$280-320	3-5%
Qatar	$200-250	2-3%
Oman	$150-200 (lowest)	3-5%

Conclusion

The GCC pharmaceutical industry is at an inflection point. Sovereign wealth funds have committed estimated capital exceeding $10 billion across PIF/Lifera, ADQ/Arcera, Mubadala Bio, QIA, and Mumtalakat. Whether these investments produce intended outcomes—from Lifera's planned 125+ million unit CDMO facility to Mubadala Bio's 10-facility operation—remains to be determined.

Three trends characterize current activity:

Biosimilar portfolio expansion through Asian partnerships—SPIMACO with Altos Biologics (aflibercept), Tabuk with Bio-Thera (ustekinumab), Biocon (GLP-1), and Mabwell, Julphar with Dong-A ST (darbepoetin alfa). The combined pipeline includes biosimilars for high-value biologic targets: ustekinumab (Stelara, $10B+ global sales), aflibercept (Eylea, $8B+ global sales), and GLP-1 analogs ($20B+ global sales).

The rationale: biologics represent a faster-growing segment of the global pharmaceutical market (12-15% CAGR versus 4-5% for small molecules), and biosimilars offer cost savings (typically 15-30% below reference products) while providing manufacturing complexity that creates barriers to entry. However, biosimilar commercialization requires regulatory approvals, physician adoption, and competitive pricing—outcomes that are not guaranteed.

Insulin and GLP-1 localization addresses the region's 18-20% adult diabetes prevalence through Lifera-Novo Nordisk (insulin biologics, 50%+ Saudi needs targeted by 2027), Mubadala Bio-DiabTec (recombinant insulin API), and Julphar-Sunshine Lake Pharma (insulin glargine, aspart).

The diabetes burden in GCC countries is among the world's most severe—Saudi Arabia ranks among the top ten globally in diabetes prevalence. The combination of high prevalence, relatively young populations, and substantial healthcare spending creates demand for diabetes medications. Local manufacturing could reduce import dependency and potentially lower costs through elimination of import duties and logistics expenses. Execution risk remains substantial given manufacturing complexity.

Regulatory and procurement preferences for local content through NUPCO scoring (SAR 25+ billion annual procurement, 10% local price preference, 40% added value requirement), UAE ICV mandates, and Vision 2030 targets create advantages for domestic production that attract investment.

Saudi Arabia's NUPCO represents one of the world's largest single pharmaceutical purchasers. The procurement framework favors local manufacturers through price preferences and local content requirements. Similar mandates in the UAE and other GCC states reinforce these incentives.

The Jamjoom Pharma-Lifera JV pairs a profitable regional manufacturer (SAR 1.3 billion revenue, 33% EBITDA margins) with sovereign backing for vaccines, biologics, and biosimilars. The Mumtalakat-SandboxAQ partnership targets $1 billion in biotech IP through AI-driven drug discovery. Both represent aspirations beyond import substitution toward regional pharmaceutical innovation—ambitions that will take years to evaluate.

Risks and challenges should be noted. Large-scale pharmaceutical manufacturing is capital-intensive with long payback periods. Technology transfer from multinational partners may be incomplete or restricted. Workforce development requires sustained investment. Regulatory harmonization across GCC states remains incomplete. The combined population (approximately 57 million) limits domestic market scale compared to major pharmaceutical markets.

Late 2025 financial results show mixed performance: SPIMACO's 9M 2025 profit rose 220% YoY but revenue was flat with declining private-sector and export sales. Jamjoom Pharma maintained growth with 9M 2025 revenue up 13% and profit up 30%. Julphar swung to H1 2025 profit of AED 158 million versus prior-year losses. Avalon Pharma's 9M 2025 profit rose 50% on strong private-sector growth.

The capital commitments, technology partnerships, and manufacturing infrastructure investments are underway. Whether the GCC pharmaceutical industry achieves stated localization targets and evolves beyond import substitution toward innovation will depend on execution over the coming decade.

Disclaimer: The author is not a lawyer or financial adviser. This content is for informational purposes only and does not constitute investment or legal advice.