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Find out moreThe first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.
Read the full editionOn February 5, Ministerial Resolution No. 58 of 2023 was issued in the Kuwait Gazette regarding pricing of Pharmaceutical Products and Health Supplements (“Resolution 58/2023”).
Resolution 58/2023 stipulates the profit allowed for the sale of medicines, pharmaceutical products and food supplements traded in the State of Kuwait shall not exceed 40% of the import costs to the State of Kuwait whether imported by land, air or sea.
Resolution 58/2023 is effective from 1 April 2023.
Resolution 58/2023 repeals the previous Ministerial Resolution No. 42 for the year 2013 which previously mandated the profit allowed for the sale of medicines, pharmaceutical products and food supplements traded in the State of Kuwait to not exceed 45% of the import costs to the State of Kuwait.
Resolution 58/2023 stipulates that profit ratio shall be distributed equally between the local agent and the pharmacy. This percentage shall include all administrative expenses incurred by each.
We would be delighted to provide more information about this development, or support your entity in adapting to the new regulatory framework. Please let us know if we can assist by contacting healthcare@tamimi.com or by contacting one of the authors of this alert.
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