Located at the southeast end of the Arabian Peninsula, the land of deserts has been transforming as a one-stop destination for business freaks. The UAE has been expanding itself in all the possible business sectors that the world can think of. Ranging from business consultancies, IT, real estate, gold, it has covered all. According to the report published by U.S-U.A.E Business Council 2018, the healthcare sector in the UAE is expected to boom and meet the challenges that are supposed to be covered in Vision 2021. By the end of 2025, it is expected to be a 101.94 billion AED market. If you hold a dream of setting up a business in the UAE, related to healthcare, then this article is for you.
Healthcare Sector in the UAE
As mentioned above, the healthcare industry is one of the booming sectors in the area. Let’s understand the roots of this industry prevailing in the region. At present, there are three medical cities in the UAE, namely:
- Sheikh Khalifa Medical City
- Dubai Healthcare City
- Sharjah Healthcare City
Apart from the cities mentioned above, the government have also taken the initiative to introduce an online portal named ‘Smart Patient’ which allows the patients to view their upcoming appointments. The National Vision 2021 focuses on reducing the prevalence of diabetes, obesity, smoking and to reduce the number of deaths occurred by severe diseases like cancer, tumour. Apart from this, the sector also boosts the pharmaceutical industry.
Pharmaceutical Hubs in the UAE
In the present times, several zones of the UAE are regarded as the hub of the pharmaceutical industry which includes:
Considered to be the international choice for quality healthcare and a Centre for clinical excellence, DHC was inaugurated in the year 2002 by Mohammed Bin Rashid Al Maktoum, Ruler of Dubai. The Centre consists of various pharmaceutical companies like Abbott, Eli Lilly, J&J, Novartis etc.
Dubai Science Park
Stands as a part of the TECOM Group since 2005, DSP is a science-focused community that is dedicated to startups, entrepreneurs, SME’s dealing in the pharmaceutical and medical industry.
Regarded as one of the key contributors to the UAE Economy, the JAFZA has widened its operational reach in the MENA region. JAFZA has taken a step forward to contribute to the pharmaceutical industry and is accountable for 30% of Dubai’s trade volume. It concentrates in building a strong foundation for pharmaceutical product manufacturing base in the UAE region.
Dubai Health Strategy: Vision 2021- A Step Towards Health Living
To boost the lifestyle of the citizens of the UAE, Sheikh Mohammed has taken the initiative in the year 2016 to launch Dubai Health Strategy 2021, which comprises of 4 core approaches, 6 objectives, 15 programmes and 93 initiatives.
The 4 approaches include:
- Health and Lifestyle
- Excellence in providing service
- Smart Healthcare
The 6 objectives include:
- Ensuring a healthy and safe environment for the people in Dubai
- A high-quality comprehensive and integrated health service system
- Blending technology and innovation with medical science
- Leveraging the efficiency in providing the healthcare
- Creating an integrated database for the Smart Government
- Collaborating with public and private sectors and building an effective ecological system for healthcare
Why Start Healthcare Business in the UAE?
The UAE has been substantially growing in the domain of medical and pharmaceutical industry. It is a well-suited destination for business entrepreneurs as well as for established businesses to initiate or expand their business. Some of the reasons that turn out this region as a desirable option are:
- The UAE provides multiple options like Mainland, Free Zone and Offshore to start a business
- The government of the UAE has taken numerous initiatives to uplift the medical sector
- Presence of dedicated pharmaceutical hubs
- A gateway to enter the neighbouring countries
- Robust transport and network system that eases the business operations
- Each Emirate has taken necessary initiatives
- Opportunity to collaborate with the MNCs dealing in the same segment
- Usage of the latest technologies in the medical field
- Largest centre that deals with diagnostic equipment
- UAE has built a partnership with U.S Medical Equipment companies
In a nutshell, UAE can be regarded as the future medical hub. The initiatives taken by the government over the period will leverage the medical sector to its next level. This presents a grabbing opportunity for foreign investors to invest and start their business. If you want to set up your own healthcare business in the UAE, it is advised to take the help of business advisors who can help you with the establishment process in a smooth way and can also deal with the legal laws. We at Commitbiz are here to help you in every step. Our business experts can cater to your business needs in a hassle-free way. To have a word, do contact us-we’d be glad to assist.