Iran’s OTC and pharma market insights
Iran’s self-medication and pharma market is full of opportunities but has sustained important political and economic sanctions. Read here the main facts about this country’s self-medication and pharma market:
Iran’s political and economic situation has slightly pushed the country’s well-developed and regulated pharmaceutical market on the back foot. The bulk of Iran’s economy is heavily affected by US sanctions. However, as the pharma and consumer health sector is slightly protected for humanitarian reasons it has permitted the opportunity for expansion and increase in the future. Iran Pharma market was $2.47 billion in 2019 with 7.6% Growth. By 2035, the market size is expected to reach US$ 4,3 billion at ex-factory prices.
The government is developing parallel trade channels to ensure the procurement of vital pharmaceuticals. The country is trying to maintain the pharma and self-medication market by evidencing that the sanctions are limiting medicines and foodstuffs from reaching the country, which in turn goes in contravention of International law.
Access to basic healthcare in Iran is widespread, with about 90% of the rural population and the entire urban population covered.
Iran has one of the largest production capacities of generic medicines in the Middle East and North Africa, with 89 local drug makers present. The pharmaceutical producers have enhanced their own capacity during the period of sanctions and now they are producing many sophisticated products in the segments for the treatment of cancer, multiple sclerosis, and diabetes among others. The country is trying to incentivize pro-domestic companies, which is limiting market access opportunities to western drug makers. The government is offering incentives and support to local manufacturers or companies who are manufacturing international brands locally under license. The country is also granting importing licenses for companies that plan to produce inside the country in the future.
Contact the Chameleon Pharma Consulting Group to have more information about Market Entry, Regulatory topics, or GMP Certificates in Iran!
Iran OTC and pharma market in 2035
USD 4,34 Billion
OTC and pharma market size, ex-factory
OTC and pharma market growth
Iran in numbers
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