GCC Pharmacy Benefit Management Market Outlook

gcc pharmacy benefit management (pbm) market outlook for the period 2018 to 2032 is expected to remain quite positive, primarily due to the increased demand from the governments in the gcc countries to provide comprehensive healthcare under the framework of universal health coverage. with the surge in disposable income, and focus on preventive healthcare, the trend towards out of pocket spending is likely to contribute to the increasing utilization of pbm services. the influx of insurance companies in the region is likely to expand the pool of customers for pbm services, which is expected to fuel the growth of the market in the coming years. the governments in the gcc countries have recognized the need for dedicated pbm services to ensure better management of pharmacy benefits programs, and thus has implemented regulatory framework to promote the use of the services. such initiatives are expected to provide a fillip to the growth of pbm market in the region. the industry is also expected to benefit from the introduction of new technology, such as cloud and mobile computing, to streamline the operations of pbms. the enhanced efficiency of operations is expected to attract more customers to the services of pbms and propel the market growth in the coming years. apart from the increased demand for pbms due to the governments’ initiatives for universal healthcare, the presence of some large retail pharmacies in the region, such as al tayer pharmacy and mezayen pharmacy, is likely to boost the market growth. these companies provide excellent in-house pbm services, as well as the ability to contract with external pbms, thus ensuring substantial customer base. the pbm industry in the gcc is also likely to benefit from the presence of large hospitals and insurance companies, such as mubadala healthcare and daman, which are expected to provide pbm services and offer trainings for health care professionals. in summary, the gcc pbm market outlook for the period 2018 to 2032 is expected to remain quite positive, primarily due to the increased demand from the governments in the gcc countries to provide comprehensive healthcare under the framework of universal health coverage. the presence of several large retail pharmacies in the region, as well as the entry of prominent insurance companies, is likely to provide a fillip to the growth of the pbm industry in the region.