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Jordanian pharmaceutical industry is thriving in compliance with the strictest WTO's Intellectual Property rul - 28 May 2007
28-05-2007 - JORDAN
Source :
Country from : Jordan
Activity :
Other or not specified |
According to Jordan Business Magazine:
"The Jordanian pharmaceutical industry, which currently boasts 17 factories, 4,000 employees (nearly double the total registered for 1991), and 3,000 jobs indirectly in supply and related industries, has proven to be just what the doctor ordered. Not only does the sector account for 3.5% of the total workforce employed in the country’s industrial sector, it is also the second largest export industry after garment manufacturing, with 70% of its sales accruing from serving 60 markets worldwide with earnings of JD198.6 million in 2005. Saudi Arabia (JD60.3 million) is listed as the number one client for Jordanian pharmaceuticals, followed by Algeria (JD26.1 million) and Iraq (JD15.2 million). In the local market, 2005 was a good year for the pharmaceutical sector, which grew by 17.5%. The total value of domestic production in Jordan rose to almost $350 million in 2005, which is up an additional $50 million from 2004, and after slipping in 2003 to $185 million due to loss of the Iraqi market. This translates into a 62% increase in nearly 10 years.
Due to a noticeable change in the disease profile worldwide, such as the prevalence of certain lifestyle ailments, namely HIV/AIDS, and the increased longevity of populations, the global pharmaceutical market grew by 7% in 2005, to $602 billion, with the largest chunk of the market, namely 47%, in the U.S. followed by Europe and Asia-Pacific.
The highly publicized blunders of the big players, such as pharmaceutical giant Merck announcing the voluntary worldwide withdrawal of the osteoarthritis drug VIOXX in 2004, a medication more than two million people in 80 countries used, making it the largest voluntary drug recall in history, has left the industry unabashed. VIOXX generated $2.5 billion in worldwide sales in 2003, and its withdrawal reduced the company’s market valuation by more than a quarter. The global industry remained undaunted by the Food and Drug Administration’s (FDA) request to Pfizer to remove Bextra, another arthritis drug, from the shelves in 2005, which caused an 87% plunge in first-quarter profits for that year in addition to raking up a $766 million charge for halting its sales."
For further information: Jordan Business Magazine |
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