Iraq. Pharmaceutical market overview

Industry Insights
Iraqi healthcare market estimated to reach US$ 915 million by 2014

The Government of Iraq is committed to return Iraq to its place as the regional leader in the medical sector through increased investment in education, training and infrastructure.The Ministry of Health has also declared a need for a greater number of skilled professionals, which highlight the demand for advanced education opportunities and access to medical resources.

Iraq's commercial potential as a pharmaceutical market is viewed with increased interest by foreign manufacturers; its large population (expected to reach 37 million in 2015) and attractive epidemiological profile provide a solid foundation for future market growth. Additionally, demand for medical treatment will continue to be created by the government-funded expansion of healthcare facilities.

Iraqi Health Expenditure in 2011

Pharmaceuticals: IQD 814.03 billion (US$ 696 million) in 2010 to IQD 1,018 billion (US$ 870 million) in 2011; equivalent to a 25% growth.
Healthcare: IQD 4,244 billion (US$ 3.63 billion) in 2010 to IQD 5,214 billion (US$ 4.46 billion) in 2011; equivalent to a 22.8% growth.
Medical devices: IQD 331.77 billion (US$ 284 million) in 2010 to IQD 407.70 billion (US$ 348 million) in 2011; equivalent to a 22.9% growth.

US$ 6 billion to improve the Iraqi health sector in 2012

The Iraqi cabinet has earmarked US$ 6 billion from the proposed budget bill for 2012 to boost the country's healthcare sector. Of the total, US$ 1.5 billion will be used for purchasing medicine and US$ 1 billion to build 22 new hospitals across the country. An additional US$ 1 billion will be spent on the construction of 150 clinics and recruiting nurses and specialists.

In October 2011, the country inaugurated the first health center specialized in cancer treatment at Al-Kadhimiya Hospital and there are currently more than 200 projects underway or planned throughout all Iraqi provinces to rebuild and re-equip core health infrastructure, creating strong opportunities and potentially large contracts for healthcare firms. Target areas for the Iraqi health system include: