The United Arab Emirates has opened its arms to diverse industries. The region has always been a dominant player in oil industries, but with time, it is seen that non-oil sectors contribute equally to the nation's learning and success. One such segment turns out to be the healthcare industry, allowing various business people and foreign investors to invest and boost their company targeting hospitals, pharmacies, private clinics, etc. You will have a clear understanding and reliable information about setting up a pharmacy business in the UAE by the end of this write-up. Let’s begin.
Healthcare Sector in the UAE
When it comes to business setup in the UAE, the healthcare industry is no longer on the waiting list. The healthcare sector has expanded dramatically and is anticipated to be 73.52 billion AED and 101.94 billion AED. By this, we can forecast that the industry will diversify at a drastic rate, which will strengthen the pharmacy sector. We can forecast incremental growth in the number of pharmacies in the future. So the UAE is the right target audience if you are planning to open up a pharmacy business. However, you need to take care of specific factors before starting a pharmacy business.
As mentioned above, one of the flourishing sectors in the region is the healthcare industry. Let's understand the prevalent roots of this industry in the area. There are currently three medical cities within the UAE, namely:
- Sheikh Khalifa Medical City
- Dubai Healthcare City
- Sharjah Healthcare City
Apart from the cities mentioned above, the government has also taken the initiative to create an online portal called 'Smart Patient,' which will enable patients to monitor their upcoming appointments. The National Vision 2021 aims to decrease diabetes, obesity, smoking, and reduce deaths from serious diseases such as cancer and tumor. Apart from that, the pharmaceutical industry is also boosting the business.
Pharmaceutical Hubs in the UAE
In the present times, various UAE zones are located in the pharmaceutical industry’s central part, including:
Dubai Healthcare City
Dubai Healthcare City is considered a universal alternative for quality healthcare and a hub for healthcare improvement and was inaugurated in 2002 by Mohammed Bin Rashid Al Maktoum, Ruler of Dubai. The corner comprises of diverse pharmaceutical firms like Abbott, Eli Lilly, J&J, Novartis, etc.
Dubai Science Park
Stands as a part of the TECOM Community since 2005, DSP is a technology-focused organization that is dedicated to startups, entrepreneurs, SME’s dealing in the pharmaceutical and medical industries
Jebel Ali Free Zone
Jebel Ali Free Zone is regarded as one of the main contributors to the UAE Economy, and the JAFZA has expanded its organizational scope in the MENA region. JAFZA has taken a step forward in contributing to the pharmaceutical sector and accounts for 30 percent of Dubai's amount of trade. It focuses on establishing a solid foundation for the production base of pharmaceutical products in the UAE region.
Dubai Health Strategy: Vision 2021- A Step Towards Healthy Living
To strengthen the lifestyle of the people of the UAE, Sheikh Mohammed has taken the initiative in the year 2016 to initiate Dubai Health Strategy 2021, which comprises of 4 core approaches, six objectives, 15 programs, and 93 initiatives
The four techniques encompass:
- Lifestyle and Wellbeing
- Excellence in service delivery
- Smart Healthcare
- Governance
The six goals include:
- Ensuring the residents of Dubai a fair and secure ecosystem
- A robust and interconnected high-quality health care framework
- Combining development and creativity with health sciences
- Taking advantage of flexibility in health care provision
- Creation of an Interactive Smart Government Database
- Collaboration with public and private sectors and the development of an integrated ecological healthcare system
Essentials Required to Establish Up a Pharmacy Business in the UAE
Before you start establishing a pharmacy in the UAE, you need to take care of certain essential aspects:
- Destination
- Rivals in the market
- Plan relating to pharmacy layout and function
- Local supporter to use a trade license
- The initial setup cost will range from USD 30 000 to USD 150000
- According to the WHO, a required number of 160 clients will be in the target area
- The procedure of establishing up Pharmacy in the UAE
Documents Required to Set Up a Pharmacy in the UAE
To start the procedure of setting up a pharmacy business, you should have the following documents in-hand.
- Duly filled application form
- Approval of pharmacy premises along with the lease of tenancy
- Template and architectural design authorized
- Copy of the founder's passport
- Location and license have given by Dubai Trade Registry
- Credentials and a list of all the pharmacy personnel involved
The submission of the documents mentioned above will ensure your pharmacy business is established in the region.
The Procedure of Setting Up Pharmacy Business in the UAE
For establishing a pharmacy business in the UAE, specific requisite steps must be taken to complete the company’s registration processes successfully.
- The initial move is to register and receive a Dubai Health Authority (DHA) pharmacy license by applying.
- To qualify for the Department of Health Regulation.
- Hire a Licensed Chief Pharmacist
- Register with the Local and District Health Authorities
Note: To set up a pharmacy business in the UAE, you need two licenses:
- A license granted by the Dubai Economic Development.
- The licenses granted by the Dubai Health Authority.
When you complete the entire registration process, you can open a pharmacy company in the UAE. The next thing you should know about becoming a company owner is the advantages that you'll gain from investing in the pharmacy industry.
Advantages of Setting Up a Pharmacy in the UAE
- UAE offers several options for starting a company, such as Mainland, Free Zone, and Offshore. You can select one that fulfills your needs.
- Healthcare is one of the big industries which is required to enhance in the upcoming years.
- It has robust logistics and distribution facilities that help to move goods.
- A broad framework of networking between neighboring countries
If you're planning to open up any entity related to the medical business, be it a pharmacy, a hospital, or a UAE clinic-great! Due to the increased healthcare facilities, medical device’s necessity has been growing day after day in the UAE. Dubai's world-class expectations and quality-driven health-care system encourage people from around the world.
Now you should be aware of the complex process of establishing a company. From the initial stage, the correct pathway and directions are needed. At this point, you can be best served by technical experts or skilled exports dealing with processes of company incorporation. Are you looking for a helping hand? Just below is your answer.
Commitbiz| Your Business Set-Up Guide
Commitbiz has advised customers worldwide to integrate their companies, and we've been working with customers in various industries. As our consulting firms are well-experienced, we are one of the best business consultants in the UAE and can provide customized solutions according to your business needs. If you like to have a word, do contact us-we’d be glad to assist.