UAE leads in healthcare system growth
DUBAI: The pharmaceutical sector in the Mena has witnessed tremendous growth over the last few years and is projected to reach around $60 billion by 2025. With governments in the region focusing more and more on the wellbeing of a growing population and enhancing healthcare services, timely and safe delivery of medical supplies and pharmaceuticals, especially temperature controlled products has become a vital for the sector.
Middle East Pharma Cold Chain Congress happening between March 19-21 in Dubai is an important platform for the pharmaceutical industry in Mena discussing ongoing and future challenges and solutions in the industry.
According to studies, the pharma sector growth is largely fueled by high population growth, increased life expectancy coupled with the prevalence of lifestyle-related diseases such as diabetes, and aspiration for excellent healthcare services among countries in the region. The UAE is leading the growth with over $1.2 billion funneled into the healthcare system in the 2019 budget, and topped up with more support with substantial funds alloted in the $540 million innovation fund by Sheikh Mohammed Bin Rashid Al Maktoum Fund. With the recent approval of Dubai Silk Road Strategy and existing outstanding logistics infrastructure, the UAE is fast turning into a source market, which is manufacturing and exporting pharmaceuticals to high-demand markets such as Africa and Asia. Accelerated drug-registration system, investments in R&D, innovation, and technological advancement, has led to a rise in the number of international pharmaceutical companies from 30 in 2013 to 47 in 2016, and is expected to reach 75 in 2020.
Moreover, around 95% of the global pharmaceutical companies have a base in th eU A E, which gives them logistics access to 43 countries worldwide.