SGIE Report 2024/25: Enhancing local pharma capabilities, halal certification emerge as key trends
Muslim consumer spending on pharmaceuticals flatlined in 2023, increasing slightly from $106.9 billion in 2022 to $107.1 billion in 2023, according to the State of the Global Islamic Economy Report (SGIE) 2024/25. Spending is projected to grow at a CAGR of 6.8%, reaching $149 billion by 2028.
On balance, the halal pharmaceutical sector continues to demonstrate resilience and innovation. Localization of production, particularly insulin, has advanced, with Indonesia launching its first locally produced halal insulin, and Saudi Arabia aiming to localize over half of its insulin needs by 2027.
Similarly, Egypt initiated local insulin production through collaborations while UAE’s Julphar established a licensing partnership to localize modern insulin analogues in the MENA region.
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