The GCC region`s pharmaceutical and health sector has recorded one of the strongest growth rates in the world in recent years, with average annual growth well above that of other regions. 17. In the event of termination of this Agreement, whether by time or by any other means, the Company is not required to pay the Merchant a commission on orders received after the expiration of the Agency`s deadline. As in other jurisdictions, it is not possible to place a pharmaceutical product on the market without first registering that product with the competent authorities (subject to limited exemptions that we do not discuss further in this article). Following the example of the United Arab Emirates, the United Arab Emirates Commercial Agencies Act only applies if the agency contract between the agent and the client is registered in the Commercial Register of the Ministry of the Economy. Since the distributor acting as a local representative may be required to hold the authorisations on his behalf, manufacturers must examine how those marketing authorisations are granted: (i) are transferred to a new distributor; or (ii) has been disconnected and re-registered on behalf of the new distributor upon expiration or termination of the underlying agreement. Rapid economic development in the region has also led to related diseases such as obesity, diabetes and cardiovascular disease. The region has a high prevalence for rare and genetic diseases. While this has a negative impact on the countries and populations concerned, these two factors give new growth prospects to the pharmaceutical industry. Despite this exceptional growth, low oil prices have inevitably and will inevitably continue to impact public health budgets and private health programs, so sharp price declines can be expected in several therapeutic areas. . . .
