UAE pharmaceutical market to grow from AED9.61 billion in 2016 to AED14.11 billion by 2020….reports Asian Lite News
The pharmaceutical market in the United Arab Emirates is expected to grow from AED9.61 billion in 2016 to AED14.11 billion by 2020, driven by increased healthcare expenditure, mandatory health insurance, and growing medical tourism.
This was stated by the participants in the Pharmaceutical Research & Manufacturers Association Gulf Forum, PhRMAG 2017, which is being held in Dubai under the patronage of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, and President of the Dubai Health Authority.
In its maiden edition, the Forum is running under the theme “Enhancing Knowledge-Based Economy to Advance Human Health,” bringing together private and public sector stakeholders to examine the most pressing issues concerning patients, healthcare providers and the biopharmaceutical sector while also exploring the role of innovative medicines in terms of saving lives, reducing mortality rates and mitigating expensive hospitalisations for patients.
Delivering the event’s inaugural speech, Humaid Al Qutami, Chairman of the Board and Director-General of the Dubai Health Authority, said that great strides have been made in the pharmaceutical industry across the GCC region over the past decades, with Gulf pharmaceutical companies managing to keep pace with the rapid and multi-faceted changes occurring worldwide in the healthcare scene by forming robust partnerships with key players in the market.
Dr. Amin Hussein Al Amiri, Assistant Under-Secretary for Public Health Policy and Licensing Sector, UAE Ministry of Health and Prevention, MOHAP, offered his insights on a topic titled, “The innovative biopharmaceutical industry invests in research and development and capital improvements, what are the opportunities for the Gulf countries in this strategic, dynamic sector?”
“In keeping with the directives of the country’s wise leadership and the National Strategy for Innovation, the Ministry of Health and Prevention is sparing no efforts to provide healthcare services that prioritise safety of patients in the first place,” he said, affirming the ministry’s unshakable commitment to providing best healthcare services to the people of the UAE in line with best international practices and standards PhRMAG Forum 2017 is witnessing the participation of nearly 200 delegates with 10 expert speakers and specialists coming from the UAE and abroad to primarily focus on the “Value of partnership between PhRMAG and various other key stakeholders” in delivering the best quality healthcare systems for patients in the UAE.