The business of the global Halal Industry
The Halal Industry is big money. From food production, travel, clothing, pharmaceuticals experts estimate the global halal industry at $2.1 trillion.
October 31, 2010 9:13 by Eva Fernandes
Like other sectors, the halal pharmaceuticals industry concerns itself with creating halal medication that is free from non-halal products like alcohol and derivatives of pork. Yet the lack of regulations for the industry is one of the hugest obstacles for pharmaceutical companies that are hoping to dip into the halal sector, but things are changing and some estimate the halal pharmaceutical market to be 25 percent of the entire halal market—estimated to be worth $500 billion. Selma Djukic, president of White Owl Global Services Ltd, a Canadian consultancy specializing in advising pharmaceutical companies, says “halal is a concept in pharmaceuticals that is a fairly new idea, in terms of its gaining traction, but it’s not as ingrained as, for example, food. It is not the number one response in people (to think of pharmaceuticals when they think of what’s halal), but that’s changing over time.’