Pharmaceutical Research & Manufacturers Association in the Gulf (PHRMAG)
PhRMAG has conducting its first annual conference in the Gulf Cooperation Council (GCC) region where it operates. This first forum has brought together private and public sector stakeholders to examine important opportunities to enhance healthcare provision for patients, healthcare providers and the innovative biopharmaceutical sector. The details about the Speakers and the Agenda of the day, are in this link.
Comprising 22 member companies, PhRMAG is a service association comprised dedicated to the twin missions of advancing human health and strengthening the innovative biopharmaceutical sector in the five GCC countries (Bahrain, Kuwait, Oman, Qatar and the UAE). PhRMAG focuses its efforts on the opportunities for improvements and practices that shape today’s health and pharmaceutical environments. To accomplish this mission, PhRMAG engages in direct policy advocacy, commissions policy research, and organizes workshops, conferences and other fora to promote informed policy choices.
The theme of the first annual conference was “VALUE”. The conference aimed to explore the value of innovative medicines, the value of the innovative biopharmaceutical sector and the value that partnership with PhRMAG can deliver to stakeholders.
The program was designed to tackle these 3 value propositions during a half to full day program.
Theme I: Value of Innovative Medicines
In this session, we explored the impact of innovative medicines and vaccines on patients and the healthcare system. Can new patients save a life, prevent premature death, reduce expensive hospitalization and procedures…and save money in the healthcare system?
Theme II: Value of Innovative Biopharmaceutical Sector
The innovative biopharmaceutical industry invests more than USD 100B per year in R&D and capital improvements (plants, equipment, facilities). The figure may be as high as USD 140-150B per year. 80% of this massive investment goes to R&D, with only about 20% going toward manufacturing. And the globally most competitive countries, known as the P- 20 countries, capture almost 80% of the 100-150B per year invested by private sector companies. What are the opportunities for the GCC in this strategic, dynamic sector?
Theme III: Value of PhRMAG as a Partner to Stakeholders in the Gulf Healthcare Arena
PhRMAG is a service-oriented trade group. The best way to accomplish its mission and support stakeholders in the 5 GCC economies is through partnerships. To date, PhRMAG has engaged in educational activities to help resolve acute problems or shape a longer-term approach to the sector.
PhRMAG offers a range of services to countries. These include conducting monthly, quarterly consultations to address short term challenges and explore longer term opportunities.
PhRMAG is willing to sign MOUs with governments, to define expected contributions from industry such as commissioning policy research, conducting workshops, organising conferences that advance patient health or strengthen this dynamic segment of the national and regional economy.
As a service organization representing 22 globally-leading member companies, PhRMAG is in a unique position to draw on the international experience of how countries are drawing the most value out of innovative medicines and attracting more investment and employment from this innovative, high value-added sector.