Halal pharmaceuticals are those medicines that stringently adhere to Shariah law. More specifically, halal pharmaceuticals refer to medicines that should not contain any parts of animals (dogs, pigs and ones particularly with pointed teeth), insects (bees), alcohol and other substances prohibited as ‘haram’ under the Shariah law. Competent religious local regulatory bodies in countries generally provide a better segregation regarding the classification of drugs as halal or ‘haram’ (unlawful) across the world. Halal pharmaceuticals are subject to normal pre-marketing and post-marketing controls by the relevant national pharmaceutical regulators such as the National Pharmaceutical Control Bureau in case of Malaysia. Halal medicines market has vast potential globally in terms of revenue generation supported by growing demand for faith-compliant medicines from an expanding Muslim population. Drugs approved by halal drug certifiying agencies such as Lembaga Pengkajian Pangan Obatobatan dan Kosmetika Majelis Ulama Indonesia (LPPOM MUI) of Indonesia and Jabatan Kemajuan Islam Malaysia are expected to witness rising consumption globally. Currently, halal medicines are estimated to have contributed close to one-third of the total revenue from the global halal market, posing an extremely attractive opportunity for Shariah compliant drugs. This is supported by the fact that demand outstrips supply of halal medicines by a significant margin, creating potential for future economic value added in the industry.
Request Report Sample@ http://www.futuremarketinsights.com/reports/sample/rep-gb-1251
Halal Pharmaceuticals Market: Drivers and Restraints
Drivers of the halal pharmaceuticals market include a growing Muslim population. Given that Muslims have been estimated to account for close to 25% of the global population in 2015—~1.6 billion people (PewResearch) – the annual growth rate of the Muslim population has been estimated to be ~1.6%, which is higher than the growth rate of the world population (1.1% per annum). Increasing awareness among Muslims regarding wellness and medicines is propagating mainly through increased education. This is another prime factor contributing to growth of the halal medicine market. Other socio-economic factors driving the need and uptake of halal medicines include rising purchasing power parity, increasing access to critical medicines in resource-constrained nations supported by public organizations such as World Health Organization, safety of consumption, assurance of product efficacy and hygienic processing among others. Increasing need to get medicines certified from an approved regulatory body is driving regulatory convergence in the halal medicines market among countries such as Malaysia, Indonesia and Brunei, Turkey, France and others.
Key restraints include lack of adequate infrastructure in non-Islamic countries to avoid cross-contamination between halal and non-halal production lines, and lack of sufficient halal advisory and certification agencies to approve medical products. Other restraints include dearth of sufficient R&D for halal medicines globally and omission of critical medicine classes such as vaccines and biologics as they do not comply with Shariah norms. Ban on use of forbidden components such as porcine excipients also limit the number of drugs that can be produced. Industry experts have noted that formation of a proper, well-regulated and harmonized accreditation and halal management system could serve a long way in raising demand for halal medicines.
Request For TOC@ http://www.futuremarketinsights.com/toc/rep-gb-1251
Halal Pharmaceuticals Market: Overview
Uptake of Halal medicines is gaining major traction globally, primarily due to two reasons. Firstly, these medicines are fully compliant with faith and so are readily acceptable under religious laws. Secondly, these medicines are very well assessed for quality and certification before being released into the market and are mostly made using herbal and synthetic materials. The market for halal pharmaceuticals is expected to register a significant CAGR as well as annual growth rates over the forecast period. Regulatory harmonization and regional regulatory convergence is expected to emerge as the key market trends in the near future.
Halal Pharmaceuticals Market: Region-wise Outlook
On the basis of geographic regions, halal drug market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa.
In terms of geography, Asia Pacific region is the main region exhibiting development and uptake of halal medicines, particularly in countries such as Malaysia, Indonesia and Brunei. However, R&D activities related to halal medicines are gaining traction in the European and North American regions. Discussion on formation of halal medicine certification agencies and guidelines are key features found in the traditionally pharmaceutically developed markets. Companies producing halal medicines are expected to enter Saudi Arabia, Malaysia, Turkey, Iran, Qatar, Russia, France, Libya, Algeria and Singapore as well as the UAE to cater to the high demand base for better revenue generation, either through distributor route or via tie-ups with established players.
Halal Pharmaceuticals Market: Key Players
Some key accredited players in the halal medicine market include Chemical Company of Malaysia Berhad (CCM Pharmaceuticals Sdn Bhd), Pharmaniaga Bhd, Simpor Pharma Sdn Bhd, EMBIL Pharmaceutical Co., Ltd, Nutramedica Incorporated, etc. among others.