Dubai healthcare set for major growth

zoom

HEALTHCARE SECTOR: Dubai set for major growth. (Getty Images)

Healthcare in Dubai is expected to grow annually at 14 percent to reach $11.9 billion by 2015, according to an expert in the field.

Quality and innovation are the mainstays that will enable the Middle East's healthcare sector to pull through the current economic cycle, predicted Peggy Farley, co-founder of Ascent Medical Technology Funds.

''There is no doubt that we are all faced with the realities of a severely troubled global economy, however, the good news is that the region's healthcare sector is looking set to grow,'' said Farley - and reported by news agency WAM.

She said the medical technology industry invests heavily in research and development (R+D) and companies, including many start-ups, spend an average of 343 percent of their revenue on R+D.

''Innovation is an essential by-product of the medical manufacturing industry. This, coupled with a very high quality of delivery, have been the growth pillars of the region's buoyant sector.

''I see the growth in healthcare and medical services sectors as continuing, bringing in its wake new job opportunities, good ROI and then even more innovation as R+D funds are nurtured.''

Farley said that this upward cycle will help towards improving the overall health of the population, and the GDP.

''Good health is fast becoming one of the Middle East's greatest assets. The pulse of public health has been correctly recognised as a major contributing factor to good economic health - and thus one of increasing importance.''

She added that the region has all the right ingredients to become a global healthcare provider, with Governments and private sectors in Dubai, Oman and Jordan particularly, showing commitment in backing the sustained growth of the healthcare industry.

Farley cited recent reports that estimate a 16 percent annual growth for the healthcare sector in Middle East.

Major regional projects such as Dubai Healthcare City (DHCC), the International Medical Centre (IMC) in Jeddah and the Philadelphia Biological and Medical Product Development Centre in Jordan reflect Farley's sentiments.

The strong growth prospects are primarily driven by three developments: the strong healthcare industry and patient flow with the UAE expecting 11.2 million healthcare tourists by the year 2010; an abundance of medical and life sciences professionals; a sophisticated pharmaceutical industry which serves as the base for the expanding MedTech sector.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Dubai healthcare set for major growth
Posted by Mahatma Davis, ArabMedicare.com, Research Triangle Park, USA on Friday 13 March 2009 at 06:08 UAE time


The 11.2 million healthcare tourists cited in your article is incorrect. There are only between 75,000-110,000 (inpatients) and 1.4-1.8 million (outpatients) involved in medical tourism (total) worldwide per year. Patient flows develop within disease-specific indications. This projection of 11.2 million is based on highly false assumptions. Moreover, there is a lot of hyping of data related to medical tourism by the industry to attract buy-in'; which is fueling the entire industry to operate under false assumptions. The industry would be better served by citing figures that have been analyzed for accuracy and that the sources were contacted to see if they can validate their claims. The claims must be logical as well. Medical tourism is a very small niche market not a mass market industry.

healthcare set for major growth
Posted by sandi, dubai, uae on Wednesday 11 March 2009 at 07:51 UAE time


R and D, investment in the sector with ‘famous’ names to boot not withstanding what most of us look for is the skill of the doctor, physician, surgeon whoever. That only comes with practice and practice means treating many, many patients. That’s why it’s called a medical practice! In my book this is a numbers game and this area doesn’t have the numbers in patients or in the variety or complexity of illnesses which a even a general physician would treat in a place like India. Skill comes through practice and plenty of it and till now there is not much of that going on here!

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM