Is there a demand for Halal Pharmaceuticals?
Since the very beginning of Islam, the message of a healthy mind and body has always been encouraged as Muslims believe that a healthy mind and body is a trust placed upon them by God. This is why the world of Medicine has been revolutionized by Muslims such as Muhammad ibn Zakariya al-Razi and Al-Biruni in Medieval times to current times.
With the rise of Halal pharmaceutical products, with the recent ‘State of Global Islamic Economy Report 2017’ estimating that $78 billion was spent by Muslims in 2015, global corporations have begun producing Halal pharmaceuticals in order to meet the growing demand with the existing Muslim market now the 4th largest demographic in the world behind the US, Japan and China.
There is a lot of potential with the landscape, in terms of political and behavioral challenges being lowered, for companies to export to Muslim majority countries. The main example would be the lifting of sanctions against Iran. With a population of over 79 million people, it has the potential to substantially grow the Muslim pharmaceutical market with a potential $2.35 billion market free-for-all.
Now companies n the UK who want to seize on such a large and ever growing market will have to go through the accreditation process to validate their products and thus access these potential markets in the east.
If you are interested more in this report, then there will be a link below with the report where you can see these statistics for yourself.
If you’re looking to access these markets and need a reliable, globally known certifier, then HFA are the company to contact. Your potential consumers will trust you through our renown rigorous measures and this will then influence the consumer buying behavior process.
Contact us below for more information or to start the process: