Halal Pharmaceuticals Market Size, Recent Advancement & Scope Top Trends

 Halal Pharmaceuticals | 2021 Scope Of Current And Future Industry 

The global Halal Pharmaceuticals Market is anticipated to reach USD 34.82 billion by 2026 according to a new study published by Polaris Market Research.

 

The significant growth in the Halal Pharmaceuticals Market is primarily due to the rapid increase in the Muslim population, along with their improving disposable income. Increasing purchasing power and deepening belief in Shariah law together is responsible for creating a surge in demand for halal pharmaceuticals. Shariah law is derived from the Quran and is basically a collection of practices, words, habits, and silent approvals. As per the law, products containing the discharge of human beings or animals, and in direct or indirect contact with non-halal items. Moreover, it must not contain traces of things that are unfit for human consumption such as poison, and toxic elements.

 

The list of key companies that are operating in the Halal Pharmaceuticals Market includes Chemical Company of Malaysia Berhad, Rosemont Pharmaceuticals, Bosch Pharmaceuticals, Noor Vitamins, EMBIL Pharmaceutical Co., Ltd, Nutramedica Incorporated, PharmaniagaBhd, and SimporPharmaSdnBhd, among others.

 

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Halal pharmaceuticals are expected to be prepared under a controlled environment to avoid any cross-contamination with non-halal utilities, materials, and ingredient. Extra care is taken in the manufacturing of these pharmaceuticals as no contamination will be tolerated. Rapid growth in demand has encouraged the Halal Pharmaceuticals Market players to actively indulge in activities that are aimed at or new product development.

 

Growing Muslim population is showcasing a high interest in halal pharmaceuticals and cosmetics. This can be attributed to the increasing consumer awareness about the deepening beliefs and growing knowledge that pharmaceuticals contain alcohol, porcine-by products, and their derivatives, among other non-halal contents or ingredients that are against Islamic beliefs.

 

The Halal Pharmaceuticals Market experience tough challenge in defining proper regulation and standards. Recently, American pharmaceuticals companies expressed their concerns over the guidelines by Malaysia’s Ministry of Health (MOH). These guidelines were focused towards defining the permissible items in pharmaceuticals in accordance with Islam. The concern was highlighted in the annual submission to the United States Trade Representative by the Pharmaceutical Researchers and Manufacturers of America (PhRMA).

 

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