Halal Industry 

UAE, Malaysia, Iran, Saudi vying to be pharma leader among Islamic countries: study

Islamic Finance Gateway | 01 November, 2018 Download |  Print

The United Arab Emirates, Malaysia, Iran and Saudi Arabia are all vying to be the leading pharmaceutical producer among countries of the Organisation of Islamic Cooperation (OIC) countries, said new report the State of the Global Islamic Economy 2018/19.

Each country has made big commitments in pharma, including UAE's pledge to attract more than 75 major firms in the sector by 2021 and doubling the number of manufacturing facilities from 17 to 34, and the Iranian government's goal to boost the ratio of domestically-produced biopharmaceuticals to 75 percent within five years. 

The report, which gives an overview of the global Islamic economy in 2017, also said non-Islamic countries and non-halal firms in the pharmaceutical industry are increasingly attentive to the needs of Muslim consumers.

Among others, it cites South Korean firm Dong-A ST that formed a partnership with Iran's Rooyan Darou to produce biopharmaceuticals and U.S.-based BioCell acquiring halal certification for collagen ingredients used in finished products such as topical lotions and supplements. 

For the full analysis the State of the Global Islamic Economy 2018/19 report can be downloaded from here.

UAE, Malaysia, Iran, Saudi vying to be pharma leader among Islamic countries: study

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