UAE Investments in Health Care to Reach AED 118 billion in 2027 at CAGR of 6 per cent

Healthcare

UAE Investments in Health Care to Reach AED 118 billion in 2027 at CAGR of 6 per cent

H.E. Dr. Amin Al Amiri, Assistant Undersecretary for Public Health Policy and Licensing Sector, Ministry of Health and Prevention (MOHAP), inaugurated the Forbes International Health Forum which works as a tactical platform for regulators, senior leaders, experts and financiers to talk about the future of the local healthcare field. In his opening up speech, H.E. regulated the extraordinary experience of the nation which places in leading positions in the global competitiveness index and caused a boost in medical care financial investments and a development of the varieties of manufacturing facilities and clinical offices, supported by a regulatory environment inspired by the vision of the smart leaders of the nation and the UAE Vision 2021, and targeting at attaining finest quality and criteria of care.

The UAE health sector is continually developing

H.E. specified that the country's health market is keen on fulfilling the raised demand for even more health care solutions, specifically as the population and life span boost, which then also raises the presence of non-communicable illness. He added that the healthcare industry continues to be dedicated in the direction of making sure the provision of best health solutions to help execute the vision of the government of supplying the very best health solutions for the community, while additionally helping in the fast development of the UAE's medical tourist market. The UAE health model has been a successful experience of public and economic sector partnerships through joint efforts by the two markets, which complement each other by contributing or sharing standard expertises in the direction of better health.

A recent industry record from Business Monitor International reveals that investments in healthcare in the UAE reached 62.2 Bn. Dirhams, 16.9 Bn. USD in 2017 and will certainly reach 118.1 Bn. Dirhams, 32.2 bn USD 2027 attaining a total growth of 65% and a CAGR of 6% which will increase the health sector's contribution to GDP from 4.7% in 2017 to 5.1% in 2027. H.E. also states that the invested in pharmaceutical products contributes with 16.8% from the overall medical care spent, with a focus on new medication and organic products. The pharmaceutical cost will be boost from AED 11.3 billion in 2018 to AED 20.6 billion in 2027.

H.E. Dr. Al Amiri said, "The market share of the private healthcare field has raised significantly in the current years and is expected to expand better under the solid guidance and assistance of the federal government sector, which provides the needed centers and facilities for the private sector to proceed in its higher trajectory." The investment secretive healthacre industry is anticipated to raise from AED 20.9 Bn in 2018 to AED 30.003 Bn in 2022

Raised pharmaceutical exports and imports accompanied by the increase in pharmaceutical manufacturing facilities and medical-related offices

During his keynote speech, the MOHAP Assistant Undersecretary described that the worth of imported pharmaceutical products in 2017 reached AED 14.81 billion and is anticipated to grow to AED 19.46 billion in 2022. These products are imported from 72 countries, 10 of which give around 80 percent of the imports, like Western European countries, the United States and Australia, Meanwhile, H.E. kept in mind that the value of exported pharmaceutical products in 2017 totaled AED3.62 billion, a number that is anticipated to reach AED 4.74 billion in 2022, including export of in your area produced products and re-export of imported medicines.

In parallel, the UAE is witnessing a steady increase in the number of pharmaceutical factories in the UAE, which is a strong indication of the development of its position in the field of pharmaceutical manufacturing and the government's keenness to sustain financial investments in the pharmaceutical sector with framework, flight terminals, free zones, logistical assistance for re-export to the Middle East and North Africa (MENA) region and the creation of modern regulations and laws that urge investment in this sector.

Lastly, the MOHAP Assistant Undersecretary disclosed the boosting number of clinical workplaces in the UAE - jumping from 30 in 2013 to 47 in 2017, with the number anticipating to reach 75 by 2020 The number of pharmaceutical manufacturing facilities in 2014 was 14 and reached 18 in 2017, which is likewise predicted to enhance to 36 in 2020.