The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Iran is the world’s 18th largest country by land size and holds huge potential in certain areas which was largely untapped due to the economic sanctions which were imposed on it. But with the Historic Iran-USA deal about to happen all that will change. Due to uncertain social and political climate there companies will be unwilling to make investments immediately but as time goes by Iran will get more and more foreign investment inflows. The key will be government support to foreign companies in the initial stages. Some Big investment proposals have already been floated.
Healthcare Industry in Iran is estimated at close to $33,401 million in 2015 with massive growth potential going into the future. The healthcare industry of Iran can be compared a little to its Automobile and Defense Industry. When seen as standalone it is very well developed considering the sanctions imposed on transfers on technology on Iran for many years but when compared to the best it lags considerably behind. Iran has a very young population which means that the population is expected to show massive increase in the coming years and the considerable investments will be required in the sector. Currently healthcare spending in Iran is 6.7% of the GDP which when compared to markets like India is quite good but it has fallen from a high of 7.3% seen in 2010. The Healthcare Market in Iran is expected to grow at a CAGR of 5% till 2021.
Iran produces 90% of the medicines itself and has set a target of self sufficiency which is a good achievement considering the limitations, but here also the problem of quality of the medicines available raises a question mark. Most of the local market focuses on producing generic medicine, hence there is massive undersupply of specialized medicine and the demand for specialized western medicine in immense in Iran, which presents a tremendous opportunity for pharmaceutical companies all over the world. In contrast in case of medical devices almost 9/10ths of the medical equipment is imported and in case of specialized equipment situation is even worse.
With Iran embarking on Healthcare Modernization plan their will arise considerable number of opportunities in the healthcare sector of Iran in the coming future as statistics have proven that Iran gives major priority to the Health Care industry and constant improvements and modernization plans will keep on taking place.
With a population of 78.19 million, Iran is the 18th largest economy of the world. Even though Iran has faced economic difficulties due to the sanctions imposed upon it; the country has maintained a per capita income of USD 16,463 which puts Iran into the category of an Upper Middle Income Nation. The country also has a favorable demographic structure needed for its fast scaled growth of healthcare sector.