COMPANY PROFILE -Pharma Domain Iraq
Business Sector :Pharmaceutical
Operating Geography :Iraq, Middle East
About Pharma Domain Iraq :
The healthcare sector in Iraq is undergoing progressive development. Each year the Government of Iraq (GOI) spends 5-7% of its GDP on the Health Sector. However, Iraq healthcare sector is significantly lagging behind MENA region. Given the current state of healthcare sector in Iraq and the significant projected economic growth, healthcare sector in Iraq is expected to grow significantly. Among the different segments of healthcare, pharmaceuticals market in Iraq is expected to grow significantly
Pharma Domain Iraq Revenue :
Competitive Analysis of Pharma Domain Iraq
The SWOT analysis for Pharma Domain Iraq is presented below:
Strengths | Weaknesses |
1. World’s fourth largest proven crude oil reserves
2. Investment in Iraq's pharmaceutical sector by neighboring countries | 1. Low government spending on healthcare
2. Lack of sufficient capabilities and expert staff in MoH |
Opportunities | Threats |
1. Growth potential of the healthcare system in Iraq
2. Iraq pharmaceuticals market to continue its healthy growth till 2020
3. Opportunity for local manufacturing of pharmaceutical products | 1. Private pharmaceutical market out of state control
2. Wars, sanctions and turmoil damaging the country’s healthcare sector |
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Detailed SWOT Analysis of Pharma Domain Iraq
Strength
1. World’s fourth largest proven crude oil reserves: Iraq’s growth is highly dependent upon its vast crude oil reserves. The projected growth for 2020 which is expected to be around 5.1% is expected to see a fall in 2021 to around 2.7%due to uncertainties regarding the renewal of the OPEC+ agreement as well as because oil prices are expected to see a fall in upcoming years. However, as non-oil sectors are expected to grow at a steady pace, the pharma sector is likely to see positive growth as long as sufficient investments continue to come in and help build the country’s damaged infrastructure.
2. Investment in Iraq's pharmaceutical sector by neighboring countries: Iraq’s pharma sector is likely to see positive growth if neighboring countries put in investments into the country’s pharma sector. The government of Iran has plans underway to set up several joint alliances with the country’s private and semi-governmental sector. Iran already has a strong pharmaceutical industry with over 97% of its medical needs being manufactured locally. It additionally also has around 66 medical science universities located all over the country. Iran is thus well equipped to assist Iraq in developing its health and treatment infrastructure. A new pharmaceutical deal signed in 2019 will result in Lebanon importing greater amounts of locally manufactured medicines to Iraq
Weakness
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Opportunity
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Threat
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The PESTLE / PESTEL analysis of Pharma Domain Iraq is presented below:
Political | Economical |
1. Political turmoil and the stability of the current government
2. Corruption an issue in the Iraq business environment | 1. Falling oil prices impacting Iraqi economy |
Social | Technological |
1. Increased rate of population with chronic diseases
2. Lack of pricing regulations making medicines prohibitively expensive
| 1. Weak pharmacovigilance in Iraq |
Legal | Environmental |
1. Lack of effective implementation of regulations for pharmaceuticals
2. Market entry into Iraq may take longer than other markets
| 1. Importance of sustainability in pharma sector |
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Detailed Pestle Analysis of Pharma Domain Iraq
Political
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Economic
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Social
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Technological
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Legal
1. Lack of effective implementation of regulations for pharmaceuticals: The MoH has recently set up a number of circulation rules and registration processes for maintaining quality of drugs. However, implementation of these has been poor owing to a number of factors like lack of knowledge and inefficiencies in procuring quality pharmaceuticals, bureaucracy for foreign company registration, lack of proper regulations for importing medical equipment and pharmaceutical products, local Iraqi representatives for foreign companies and the overall the widespread corruption.
2. Market entry into Iraq may take longer than other markets: Iraq is a market that has only recently become a peaceful zone devoid of war and terrorism. The developing market of Iraq will thus require greater efforts for entry. The senior management of any company attempting to do so thus needs to secure commitment before entering the market. Higher operational costs, the need for technical staff within the country as well as sales managers from amongst the locals are some factors which need to be considered. Forming alliances with local companies is also an excellent way to form a market presence and mange daily operations
Environmental
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On purchase the Pharma Domain Iraq SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
TABLE OF CONTENTS
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References used in Pharma Domain Iraq SWOT & PESTLE Analysis Report
1. Healthcare Resource Guide: Iraq 2018: https://build.export.gov/main/industry/health/healthcareresourceguide/eg_main_116238
2. Iraq is pumping record oil, creating a ‘fully-blown migraine’ for OPEC’s cutting plans: https://www.cnbc.com/2019/09/06/iraq-is-pumping-record-oil-disrupting-opecs-production-cutting-plans.html
3. Iran seeking joint investment in Iraq's pharmaceutical sector: http://www.iran-daily.com/News/251818.html
4. Lebanon: Lebanon signs pharmaceutical deal with Iraq: https://www.laingbuissonnews.com/healthcare-markets-international-content/lebanon-lebanon-signs-pharmaceutical-deal-with-iraq/
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