GCC pharma, healthcare markets to cross $133 billion in 5 years
The value of the Gulf Cooperative Council countries’ pharmaceutical and healthcare market is expected to triple in the next five years, rising from USD 46 billion in early 2012 to an estimated $133 billion (Dh488 billion) in 2018, according to a recent Frost & Sullivan report.
The healthcare spending in the region is expected to grow at a 5-year compound annual growth rate (CAGR) of 10.3 per cent during the period. The growth is driven by a number of factors including increasing population, growing affluence, higher incidence of lifestyle ailments and deeper insurance penetration in the region.
Jafza is participating in the Arab Health Exhibition being held at the Dubai International Convention & Exhibition Centre from 27-30 January 2014, to highlight growth opportunities for multinationals in the region and attract them to the Free Zone, which is the gateway and trade and logistics hub for not only the GCC but the entire West Asia, Africa and the CIS markets.
Ibrahim Mohamed Al Janahi, Deputy CEO and Chief Commercial Officer of Jafza, commenting on Jafza participation in Arab Health said: “Massive investment in building economic and social infrastructure especially in the healthcare sector in the GCC and the broader Middle East region provides further push to already buoyant pharmaceuticals and healthcare market in the region. The growth in the sector is driven by fast growing population, increasing disposable income and per capita spending, as well as, the people’s changing consumption pattern, the growth momentum is, therefore, expected to stay for a longer time. Since the region largely relies on imports the changing market dynamics offers huge opportunities to multi-nationals in the sector, which needs to be utilized. Jafza’s strong credentials as the Middle East’s trade and logistics hub, offer all that an investor requires to reach and serve the region. Jafza’s participation in the Arab Health is quite meaningful and relevant.”
Jafza will be highlighting its extremely efficient logistics capabilities which allows companies based in the Free Zone the fastest and the most efficient connectivity to all major markets in the wider Middle East in order to attract multinationals in the sector interested in the region to the Free Zone.
Jafza is currently home to 272 multinationals in the healthcare sector including several Global fortune 500 companies such as Roche Group, Johnson & Johnson, Sanofi, GlaxoSmithKline, Bayer and Sodexo among others who serve the region from their base in the Free Zone. The sector at the Free Zone has generated trade worth $3.6 billion in 2012.
With more than 3,900 exhibiting companies from 63 countries and 19 healthcare conferences with an estimated 9000 delegates, Arab Health Exhibition & Congress is the largest healthcare event in the Middle East. Arab Health provides a platform for the world’s leading manufacturers, wholesalers and distributors to meet the medical and scientific community in the Middle East and subcontinent.
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