The value of pharmaceutical market in Iran, which was $2.35 billion in 2014, is forecast to increase to $3.31 billion by 2024, according to Business Monitor International’s report on the Iranian pharmaceutical sector. In terms of market size, the report forecast Iran to be the fourth largest pharmaceutical market in the Middle East and North Africa region by 2024. It added that the regulatory environment, which operates in favor of the local industry, weak patent protection and a low percentage of patented drug sales compared to the MENA region will provide significant challenges to multinationals wishing to operate in the Iranian pharmaceutical market, despite the clear demand for chronic disease medications.
