MARKET
- Second largest country in the Middle East
- 18th largest economy in the world
- Second largest gas reserves worldwide
Today, Iran’s domestic pharmaceutical industry is one of the most developed in the Middle East and North Africa region (“MENA”). While initially,Iranian pharmaceutical manufacturers only produced Over the Counter (“OTC”) and generic medicine, they have since evolved towards producing more sophisticated medicine used in the treatment of different types of cancers, diabetes and multiple sclerosis and a number of biosimilars of leading immunology and cancer medicine.
At the end of 2019, Iran’s pharmaceutical industry was valued at € 2.5 billion
annually and is expected to grow around € 3.1 billion by 2024.
There are around 100 pharmaceutical manufacturing companies active in Iran producing almost 40 billion drug units annually. Iran’s local pharmaceutical products account for 95% of the local market in volume terms, whereas in value terms imports encompass around 40% of the market.