Aakash Jha

 Topic: Project Name of the student Name of the University Table of Contents Introduction3 Brief about the firm: Julphar profile:3 Product and services of Julphar3 Challenges that face the pharmaceutical industries in UAE:4 Brief about the industry5 Main players:5 The products:5 The consumers:6 Analysis of demand drivers7 Price7 Product quality8 Evaluation of substitutes8 Habit8 Products and Market Segmentation9 Trends in demand that affect revenues10 Opportunities and threats12 Opportunities12 Threats13 Industry Attractiveness14 Price competition14 New entry threats14 Key elements of cost and demand that ultimately affect the performance of Julphar16 Macroeconomic factors and government policies that affect the that affect the performance of Julphar16 Inflation16 Unemployment rate17 Technological advancement18 Gross Domestic Product18 Government policies that have impact on Julphar’s performance20 Conclusion21 Limitation in the research22 Reference23 Introduction Brief about the firm: Julphar profile: Julphar is one of the largest manufacturers of pharmaceutical companies in the Middle East and Africa and is one of the largest manufacturers of insulin in the world. Julphar was established in 1980 under the guidance of royal Sheikh Saqr Bin Mohammed Al Qasimi, the late ruler of Ras Al Khaimah. Since 1980 Julphar has been delivering high-quality healthcare solutions with innovation and with affordability to families across the globe. In Julphar nearly 5000 employees are contributing to achieving the goal, vision, and mission of the company with the distribution of the products in more than 50 countries on 5 continents. It also generates $82.10 million in sales in USD. There are 60 international authorized facilities in Africa, in the Middle East, and in Asia that produce and manufacture more than a million boxes of medicines in a day. According to [CITATION Jul \l 1033 ], Julphar became one of the largest key producers of insulin which has been facilitated by the state of the art of UAE-based biotechnology facilities. Product and services of Julphar Julphar produces a wide range of medicines and consumer healthcare products and injections. Julphar medicines are used by a large number of patients with the conditions from the headache to heart diseases. It facilitates the UAE citizens with three key products which are suitable for the citizens of UAE. 1. Julphar general medicines 2. Julphar life 3. Julphar Diabetes solutions These three products are served based on consumer needs and are related to the Julphar pharmaceutical industry which is available in the Middle East and African region. Challenges that face the pharmaceutical industries in UAE: Based on [ CITATION PRS17 \l 1033 ], the pharmaceutical regulation summit a pivotal industry event has been attended by the regulators, pharma company directors, and heads of the regulatory affairs with the compliance managers across the Middle East and African region. The agenda was designed to provide a better regulatory framework for faster designing of the product registration approval and access to the market products. In the opinion of [ CITATION Olo20 \l 1033 ], in UAE, the challenges that are faced by the pharmaceutical industries are: 1. Keeping up with the emerging changes: The demands in the Middle East and African region skyrocketed. Due to this, regulators have to change and introduce a variety of regulations and policies in terms of protecting the public and security in a long-term perspective. 2. Isolated approach to regulatory compliance: Regulatory compliances of the pharma industries have to change the legal implications subjected to data which leads to missed details with deadlines in the process. 3. The disconnection between regulators and the international approach to pharma companies. The developments in the pharma companies' regulation often occur in the international market without the consent of developing connections with regulators of their targeted audience in their market. Brief about the industry Main players: According to [ CITATION AlM20 \l 1033 ], within UAE, several pharmaceutical companies serve well in the industries with compliance rules and regulations. Based on the research there are top ten pharma companies in the UAE which are at the heart of the pharma industries. Julphar pharmaceuticals along with Medpharma, Pharmax, Neopharma, Globalpharma, Al Hayat Pharmaceuticals, MEDA Pharmaceuticals, NewBridge Pharmaceuticals FZ, PHAAX, Synergy Pharma are the companies fully determined to produce the larger amount of medicines and services. These companies are regulated by the ministry of health and prevention is the primary body of the pharmaceutical industry in UAE. The products: Julphar pharma companies deal with three types of products which are based on the manufacturing unit of Julphar and are also serving these products in the Middle East and African region. These three products are: 1. General medicines: Julphar manufactures the full-stack products in demand that meets the demanding standards of the original branded medicines. The medicine has the same effects on the patient by the use of the products of Julphar. Generic medicines are vitally important to the Middle East and Africa health care market. 2. Julphar life: Julphar has products in generic medicines, diabetes-related products through Julphar Diabetic Solutions and Julphar Life. The products of Julphar life have their applications in respiratory, gynecology, ointments, dermatology, antiseptics, etc.[ CITATION Olo20 \l 1033 ]. 3. Julphar diabetes solutions: Julphar diabetes solutions serving to those who are living in the Middle East and African region. Julphar diabetes solutions offer solutions to people suffering from Diabetes type 1, type 2, and gestational diabetes. Julphar diabetes solution manufactures different insulin formations which are genetic materials formed by the recombination of human insulin and it also offers a continuous glucose monitoring system to diabetic patients. The products of Julphar have been delivered to the citizen of the UAE through retail stores of Julphar diabetes solutions and general medicines. Julphar life is a product that can be served by the insurance companies as it belongs to insurances like health insurance and life insurances etc. The consumers: The division of consumer in Julphar pharmaceutical is typically based on Julphar life. The therapeutic segmentation of the products which are manufactured in the Julphar Pharma industry including the gastrointestinal tract (GIT), respiratory, pain management, wounds and scars, anti-infective, anemia, gynecology, dermatology, erectile dysfunction, and cardiology are the main pillars that are the basic consuming products. The mission of Julphar is to provide the customers a better quality of life for an entire family with the delivery of best-in-class solutions and the real value to the customer. The values of Julphar are to underpin everything they do for the customers. Safety should be ensured to the customers of Julphar with safety standards in the development of the product and manufacturing of new medicines taken into consideration to interact ethically with the healthcare professionals, health groups, and political stakeholders. Based on the designed values and ethical code of conduct Julphar put their patients and consumers first after that they take care of the procedure. By modernization of behavior, Julphar has a greater way to interact with the consumers in the same platform where the procedure performance happening and also with the health care professionals with stronger confidence in the commitment to put the consumer and patient first. Despite doing progress in improving the access of healthcare for the patient. Analysis of demand drivers Consumers Purchasing decisions are based on many factors. Purchase decisions refer to the criteria based on which consumers decide whether to buy or not to buy[ CITATION Mer19 \l 1033 ]. Identifying consumer behavior in the pharmaceutical industry can be a tough thing to measure as the target consumers are sometimes not the end-users These factors include price, Price Price is the factor that is always considered before buying a product. It refers to the amount of money that the consumer has to pay to buy the product. The law of demand and supply applies to any product in the market and also applies to the products of Julphar. Since Julphar deals in pharmaceutical products, the pharmaceutical pricing policies play an important role. Demand Forecasting plays an important role in the supply chain management of the pharmaceutical industry. It refers to the estimation of the demand for the product in the future. Acquiring demand forecasting with accuracy can pose a challenge to this industry. This estimation helps to avoid the situation of a product becoming out of stock that can be a major problem for consumers in the pharmaceutical industry. Drug pricing in Julphar is influenced by a variety of factors and therefore this process can be very challenging. The outcome of pharmaceutical pricing and the factors affecting it have resulted in huge out-of-pocket spending by the consumers. Product quality Product quality refers to the characteristics of a product and its ability to satisfy the customers. For example, in the case of generic drugs, if the perception of the consumer about the quality of the generic drug is good then that consumer will buy that drug again. Julphar has products in general medicines thus the quality of its generic drugs greatly affects the purchasing decisions of consumers. Evaluation of substitutes Consumers tend to do a lot of evaluation about a product with respect to its substitutes available in the market. During the process of evaluation, the consumer associates with the features of a particular product with another product option. This process can be very extensive in the pharmaceutical industry[ CITATION Puj16 \l 1033 ]. Habit According to [ CITATION Puj16 \l 1033 ], consumers are becoming extremely important in every industry. Thus manufacturers play to make strategies to understand the thinking process and habits of consumers. Sometimes buying a product can be out of habit rather than having to make a calculated buying decision. This is particularly in the case of some generic drugs and not prescribed medicines. Products and Market Segmentation Julphar has products in generic medicines, diabetes-related products through Julphar Diabetic Solutions and Julphar Life. The products of Julphar life have their applications in respiratory, gynecology, ointments, dermatology, antiseptics, etc.[ CITATION Olo20 \l 1033 ]. Market segmentation is important in the pharmaceutical industry as it helps in the sorting of the market for its products and services. It is done to identify the potential customers in each segment and targeting to meet their specific needs. Market-driven solutions are best for the issues faced by Julphar. The productivity of Julphar can be increased through redefined market segmentation[ CITATION ASS18 \l 1033 ]. Pharmaceutical companies have a variety of consumers from different regions. Figure 1: Pharmaceutical spending of the MENA region in the Middle East (Source-[ CITATION Aln20 \l 1033 ]) The above figure shows the pharmaceutical market of the MENA region in the Middle East. Julphar also operates in this region. The pharmaceutical market of MENA was valued at $36 billion which also represented 2% share of the global pharmaceutical market in 2016. Thus this is a very viable market for Julphar if it caters to the specific needs of this region[ CITATION Aln20 \l 1033 ]. According to,[ CITATION Puj16 \l 1033 ], Julphar operates in five continents around the world. It has more than 100 products in the pipeline and the majority of the products are exported to other countries. Its target market segment is the therapeutic segment of medicines. The MEA region is the most rapidly growing pharmaceutical region and it is an area of Julphar's operations. The demographics in this region design several factors that make this region ideal for the pharmaceutical sector. This segment of the market fuels the demand for cost-effective pharmaceutical solutions. The surge in cardiovascular diseases and diabetes makes this segment viable for Julphar. According to[ CITATION Aln20 \l 1033 ], this particular market segment has demographic trends of people above 65 years which is a key driver for Julphar to operate here. Julphar is extremely positioned well in the market to take advantage of its opportunities. Trends in demand that affect revenues Trends in demand and supply reflect on a company's revenues. The following are a few trends that can affect Julphar's revenues: Julphar's automated processes are made to make products affordable to the consumers. This can create a high-level increase in demand and that can reflect in the revenues[ CITATION Mer19 \l 1033 ]. According to[ CITATION Olo20 \l 1033 ], changes in pharmaceutical spending results from a range of factors like the volume consumed and price changes of existing products. These price changes in the existing products may thus change the demand for certain products which can reflect on the revenue. According to [ CITATION ASS18 \l 1033 ], change in the mix of medicines that are prescribed can affect the demand of certain products which may result in increased manufacture of that particular product. Since consumers now have to buy this product with the primary product to be consumed, it will increase the revenues of the pharmaceutical industry Changes in treatment practices and the growing increase in major diseases have increased the demand for pharmaceutical products resulting in an increase in healthcare spending and thus affecting the revenue. The performance of a pharmaceutical company can be identified from its revenue. Disturbances in the supply chain can result in an increase in the cost structure. This change in cost structure can affect the revenue. According to[ CITATION Olo20 \l 1033 ], return on capital also affects the revenue of the firm. In 2015 the return on investment of Julphar showed a negative value of -138.3% and thus the investment activities due to changes in demand negatively impacted the revenue. Investments in healthcare can be affected due to a decrease in the price of oil in the Gulf countries. This can have a negative impact on the annual report of Julphar Company. Opportunities and threats For Julphar the supply chain management is an important area where opportunities and threats can be identified: The opportunities and threat that affect the pharmaceutical industry are as follows: Opportunities Julphar is among the largest manufacturer of pharmaceutical products in the Middle East and Africa. The market growth of pharmaceutical companies in Africa is forecasted to be huge. Indian, Chinese, and other pharmaceutical manufacturers have developing interests in the pharmaceutical industry. This creates a huge opportunity for Julphar to grow its business in Africa and also in UAE as these factors are creating a rise in demand for its products[ CITATION ASS18 \l 1033 ]. The potential of the pharmaceutical industry is long-term and thus it offers the manufacturers a huge return on their investment[ CITATION ASS18 \l 1033 ]. By 2025, the forecasted market for pharmaceuticals will be 0.85% of the total GDP of the UAE which is quite higher than 2015 when it was just 0.70%. Thus it has a potential for high returns on investment. Due to the advancement of information technology, the supply chain providers in the pharmaceutical industry can simplify their businesses by integrating with these technologies[ CITATION Mer19 \l 1033 ]. Since governments are highlighting the focus on taking assistance from the private sector for developing global healthcare systems, Julphar has a huge opportunity in this scenario. Another opportunity in the pharmaceutical industry is that the disposable income of individuals is increasing as well as the rate of the senior population which increases the demand for pharmaceutical products[ CITATION ASS18 \l 1033 ]. Threats The supply chain providers in the pharmaceutical industry lack motivation among its staff which can prove to be a threat as the new rising competitive companies have highly motivated staff[ CITATION ASS18 \l 1033 ]. Competition with other companies that have simpler trading operations is a threat because the simplicity in their trading options are not available to Julphar. The absence of proper sales forecasting structure can be a threat to the performance of its revenue will be difficult to measure in the long run. According to [ CITATION Aln20 \l 1033 ], decisions from the UAE government's increased safety concerns leading to the withdrawal of Julphar's products is another threat faced by Julphar. Threats regarding the ban of its products on countries may arise due to change in political scenarios with UAE and the respective country. According to[ CITATION Olo20 \l 1033 ], Governments are encouraging various local manufacturers across the MEA region and that is why it can become a threat for Julphar. Due to the increase in the costs of pharmaceutical products, consumers are beginning to have a say and choose cheap options. Industry Attractiveness The pharmaceutical industry of UAE has gained a lot of popularity and is expected to meet the growing demands of people[ CITATION AlM20 \l 16393 ]. Although Julphar had invented many diabetic medicines which are non-generic and market-driven, it had not proved to be an efficient source of revenue. It has huge growth prospects and a long-term impact on the economy. These prospects are also likely to invite new entrants in the industry. Industry attractiveness is affected by both micro and macro-level factors. Micro-level factors refer to the variables that can be controlled by the management of a company within itself whereas macro-level factors are not in the hands of a company. Price competition In the opinion of[ CITATION Mer19 \l 16393 ], competition makes an industry produce high-quality products. In pharmaceutical industry as well new improved medicines are available as a result of competition. The factors that affect the price and competition are the profitability factor as the manufacturers are focused on increasing their profit and the consumers also want to negotiate the price. Since the pharmaceutical industry has a complex structure, the treating physician has a role to play as the pharmaceutical companies cannot substitute the medicines given by the physicians[ CITATION Olo20 \l 16393 ]. The low price of the competitor's product is a challenge for Julphar in the market. Since the relationship between finance and healthcare cannot go wrong, Julphar is likely to be highly profitable in the future. New entry threats According to[ CITATION Aln20 \l 16393 ], Julphar needs to actively improve its performance to compete in the global market. This gives the potential new entrants a scope to break the barriers to entry and compete with Julphar in the same market. This will further result in an increase in overall supply in the pharmaceutical market of UAE and might result in the prices of to go further down. According to[ CITATION Jul \l 16393 ], if Julphar increases the rate of asset optimization, the costs of production will go down and in turn, provide Julphar with the opportunity to have attractive prices for the consumer market and thus make it easier to compete with the new entrants in the market. Entry into the pharmaceutical sector requires a a huge amount of capital investment which is a great barrier to entry as every potential entrant might not have the ability to invest so much capital. This is also a major risk for the entrants. In the opinion of[ CITATION ASS18 \l 16393 ], there are different challenges as well that affect the entry of the new entrants related into the pharmaceutical market of UAE and compete with Julphar. Some of the challenges include: Julphar already has a strong global base in the pharmaceutical sector and thus making it not so easy for the new entrants to compete with global players such as Julphar. According to[ CITATION Jul \l 16393 ], Julphar has huge budgets dedicated to R&D and this amount of spending is challenging for a new entrant to allocate. Distribution and supply chain management is also quite strong in Julphar. This is an important challenge for the new entrants in the market because, a significant amount of time goes into the enhancement and effective functioning of the supply chain in the pharmaceutical sector[ CITATION ASS18 \l 16393 ]. However, UAE is increasingly focusing on bringing pharmaceutical companies which are international to develop their identity in the market[ CITATION ASS18 \l 16393 ]. Thus the threat to new entrants is high for Julphar. Key elements of cost and demand that ultimately affect the performance of Julphar Julphar is the largest generic manufacturers in the Middle East. UAE also has a strategic location which is a major factor that affects its performance. One of the key factors of demand for Julphar is the aging population[ CITATION Olo20 \l 16393 ]. Diseases that are non-communicable has increased over time leading to an increase in the demand for healthcare. This is leading to create a pressure to investigate the affordability factor of medicines. In 2017, Julphar recorded sales of AED 1273 million which reflects a very good performance. Demographic shifts are one of the key factors that resulted in this change. Growing disposable income and lifestyle changes are increasing the demand of healthcare products. The increasing population of the MEA region along with the growth in GDP is the underlying reason that is driving the demand for cost-effective medicinal products. Cost is one of the major challenges of Julphar[ CITATION Olo20 \l 16393 ]. This is due to the reason that it links the supply of a product to its demand. As per the annual reports of Julphar for the year 2016, the financial cost went down by 4 million which was a major boost to the performance of Julphar. However, there was a small increase in the cost of sales. Moreover, the addition of the generic products in the portfolio of Julphar's existing list of products is helping the company to add innovative products in the market with the better expectation of profitability. Macroeconomic factors and government policies that affect the that affect the performance of Julphar Inflation Inflation in the pharmaceutical industry refers to rising prices of healthcare products and services in a given economy. Julphar has operations outside of the Middle East such as in Africa and the Asia Pacific but its economy is strongest in UAE. According to[ CITATION Olo20 \l 16393 ], Julphar needs to have an effective plan of action in place in the event of hyperinflation because otherwise, consumers will not be able to purchase the drugs. The economy of the UAE is slowly but steadily recovering from the slowdown which was beyond the control of Julphar. Since Julphar is a mature brand in the pharmaceutical market, the prices of its existing products are more likely to increase fast whereas the prices of its new products are likely to grow slowly. Unemployment rate The unemployment rate refers to the refers to the rate of not utilizing the labor supply efficiently. If the unemployment rate of an economy is high, it shows that the economy has failed in providing jobs to individuals who are ready to work. Figure 1:Unemployment rate of UAE(Source-[ CITATION Olo20 \l 16393 ]) The above figure shows the unemployment rate of UAE from the year 1999 to 2020. It can be seen that the rate of unemployment is not linear in the economy of the UAE. Pharmaceutical and biotech companies are increasingly becoming popular in hiring a wide range of workforce and thus generating a lot of employment in the economy[ CITATION Mer19 \l 16393 ]. Julphar also plays its role in reducing the unemployment rate in the economy of the UAE. Growth in the rate of employment in the pharmaceutical area indicates that there is a reasonable amount of opportunities in this industry. Technological advancement In the opinion of[ CITATION Olo20 \l 16393 ], technological advancement is another macroeconomic factor that affects the performance of Julphar. Julphar's reduction in net profit is due to the increased spending in R&D for the development of drugs regarding the discovery of new diseases. Countries like the US and Europe are very efficiently funded with respect to R&D and the advancement of new and powerful technology. Thus, it is a challenge for Julphar to compete in the pharmaceutical market and perform well. Although through technological advancement Julphar is bringing a positive change in the lives of people, it is incurring costs[ CITATION Olo20 \l 16393 ]. It is a difficult situation for Julphar to manage these costs and bring affordable options for people as maintain its profitability performance[ CITATION Jul \l 16393 ]. This is due to the reason that consumers are choosing options that are available at a cheaper rate and making the decision to choose the drugs they consume. Increase in the level of technology will facilitate the innovation capacity of the company[ CITATION Olo20 \l 16393 ]. Pharmaceutical companies is a major area where technological investment is a prime area. Julphar invests in its technological advancements and this helps its R&D department to develop new products for its consumers. It will be advantageous for Julphar to concentrate on the MEA and GCC regions and understand what is required in these markets. Julphar can benefit by improving its cost reduction effectiveness and other local pharmaceuticals will be competing in the same market with Julphar. Gross Domestic Product GDP refers to the market value of the final goods and services that is produced in an economy in a given period of time. It helps to understand whether an economy is growing or not growing when the results are compared with previous years. It is calculated by taking into account the consumption, investments, and the exports, and imports of a country. An increase in GDP is an indication that a company is doing well. Figure 2: GDP of UAE (Source-[ CITATION Mer19 \l 16393 ]) The above figure shows the GDP of the UAE from the year 2014 to 2019. It is seen from the above figure that the GDP of the year 2017 is much lower than other years. The GDP in the year 2015 is the highest and it is seen increasing after 2017[ CITATION Olo20 \l 16393 ]. Although the GDP of UAE is significantly low in the year 2017, Julphar’s annual reports show that it had performed well even in the 2017. Despite of the challenging market conditions, it recorded a profit of 1273 million. In the opinion of[ CITATION Olo20 \l 16393 ] this is due to the fact that the country maintained its growth through diversification into other sectors such as pharmaceutical, entertainment, real estate, etc. other than its oil sector. Government policies that have an impact on Julphar's performance In the opinion of[ CITATION Olo20 \l 16393 ], the political scenario across the globe is changing continuously and impacting the operations in every country. The political war that continues between united states and China poses a lot of problems in the trade policies in different countries. The trade policies of US and China is very protectionist and affects the multinational organizations around the world. Therefore, Julphar is not the only company that gets affected by this ongoing war[ CITATION Olo20 \l 16393 ]. If Julphar considers having partnerships with other pharmaceutical companies that it can benefit due to economies of scale. In the opinion of[ CITATION AlM20 \l 16393 ], the present economy is very complex and had resulted in a lot of policies which are unfavorable for trade. It also provides a favourable market for medical tourism in the economy of the UAE thus even a little bit of wrong information can greatly affect the economy of UAE[ CITATION Olo20 \l 16393 ]. SJulphar provides marginal revenue to the government of UAE. Governments are increasingly shifting its priority towards healthcare and thus healthcare has also become quite a highly regulated industry. This shows that consumers are increasingly becoming conscious regarding the quality and safety of healthcare products. The trade policies all over the world affect the operations of multinational companies and as a result, also affect Julphur. Industrial innovation in the pharmaceutical industry is challenged by a number of issues related to policies. Innovation and new products have a crucial role in the pharmaceutical industry. Regulatory policies in the pharmaceutical industries have become very rigid in the recent times; This had proved to be a great disadvantage on the capabilities of the pharmaceutical sector[ CITATION AlM20 \l 16393 ]. These regulations are a major cause of the increase in the cost structure of these companies and the R&D expenditure has also increased due to this reason. Julphar should reduce the expenditure in products that are not much market-driven. Since the global economy is not in a healthy state Julphar should reduce its debt financing and increase viable investment[ CITATION Olo20 \l 16393 ]. The global macroeconomic variables have slowed down as has resulted in an increase in the interest rates. Thus, Julphar should focus on the efficient running of its operations and thus increasing the productivity to earn more revenues. Creating a niche market can help Julphar in reducing some of the challenges faced by the company. In the opinion of[ CITATION Olo20 \l 16393 ], the fall in the oil prices affects the economy of UAE to a great extent thus Julphar is crucial to the government of UAE as an alternative source of revenue. Stringent government regulations also pose a challenge to Julphar related to the issue of patenting. The development of drugs is patented to a particular company and this creates an issue for the R&D department of a company. Julphar should strategically improve its position to enter into the advanced market and compete with global competitors like GlaxoSmithKline (GFK). Julphar plays an important role in the economy of the UAE and in the pharmaceutical sector in the countries in which it operates[ CITATION Olo20 \l 16393 ]. If Julphar is able to reduce its debt financing and increase the efficient allocation of its resources, then it can increase its productivity. Annual reports of Julphar also state that the return on equity of Julphar was quite low. Projects that are market-driven can help Julphar to a great extent in solving its present issues. Conclusion Julphar is a leading manufacturer of pharmaceutical products in the Middle East. It is the only insulin manufacturing company in the UAE. From the above study, it can be concluded that demographic shifts such as an increase in life expectancy and the number of the aging population is creating demand in the healthcare sector. It has been further identified that despite the changes in the political scenario of the Middle East and in other countries, Julphar has continued to be successful in the field of the financial sector. The effects of various micro and macro-level variables on Julphar have been identified in the study. The increased range of communicable and non-communicable diseases and the increased level of government spending in the healthcare industry is making UAE a very suitable market for the pharmaceutical industry. However, Julphar needs to sustain its operations by expanding in various markets as the competition in pharmaceutical markets is increasing on daily basis. Limitation in the research Although this is an extensive study still there is a lot of scope for future research as this research has certain limitations. The limitations in this research are given below: All the micro and macro-level variables are not included in the study due to the non-availability of data. The annual reports of only 2016 and 2017 are used in this study as the annual reports of the other years were not available. The key elements of all the cost and demand factors are not identified due to lack of time and data. Future research is required for a deeper understanding in the area of this study. Reference Al-Majali, H. (2020). Strategy and Models for Partnership for Pharmaceuticals with Health Insurance Companies-UAE. Innovation Arabia, 12, 43. 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