Muslim spending on pharmaceuticals reached $108 billion in 2022, up 7.8% from $100 billion in 2021, and is forecasted to reach $142 billion in 2027 at a CAGR of 5.7%, according to DinarStandard's State of the Global Islamic Economy 2023/24 Report.
In the aftermath of the pandemic, several initiatives were also launched to strengthen vaccine and biopharmaceutical production in OIC countries, such as Indovax and Saudivax.
The State of the Global Islamic Economy 2023/24 produced by DinarStandard can be downloaded here.
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