Atrash said Economic Modernization Vision (EMV) makes Jordan’s medical industries and supplies sector a top priority as a high-value business and supporter of economic growth.
EMV also features multiple initiatives and strategies to advance the sector, seeking to make pharmaceutical industries (value added) share of gross domestic product at about JD1.7 billion and an increase number of employees to 16,000, he said.
In this regard, Atrash noted EMV also seeks to raise the sector’s exports to reach JD2.1 billion by 2033 by adopting multiple priorities to achieve this goal, by creating “qualitative” pharmaceutical industries and establishing a center for drug research and development.
According to Atrash, EMV aims to attract investments to the sector at approximately JD1.1 billion within ten years in a bid to upgrade the industry to become a regional center for pharmaceutical products by integrating technologies, developing new drugs, focusing on expansion and entry into new markets, and achieving drug security for Jordan and the region.
As per Statistics of the World Trade Center, the Kingdom has multiple export opportunities to various countries across the world in multiple industrial sectors, foremost are therapeutic industries and medical supplies, which were estimated at more than $515 million for various nations.
Most of these export opportunities are concentrated in countries of the North American region, with a value of $174 million, and then Middle East nations came second with $85 million, he said.
United States is the highest untapped market for export opportunities with a value of $164 million, then Saudi market with $52 million and China with $37 million, he noted.
Atrash estimated value of Jordanian export opportunities for pharmaceutical industries within the African market to exceed $100 million.
During 2022, he noted exports of the medical industries and supplies sector increased by 5.7%, compared to 2021, to reach JD692 million, accounting for approximately 7.3% of the total Jordanian industrial exports.
In addition, he noted exports of human pharmaceutical industries hit JD599 million, while veterinary medicines stood at JD87 million and medical supplies at JD14 million, or 2 percent of the sector’s total exports.
Arab markets were the “key” export destinations for the sector during 2022, accounting for 86% of the total exports, with a value of JD602 million, while the United States was the top non-Arab partner, witch imported drugs at a value of about JD57 million, he pointed out.
Source: Jordan News Agency