UAE pharma sector poised to reach AED14.11bn by 2020

DUBAI / WAM

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 & Man-ufacturers Association Gulf Forum (PhRMAG 2017), being held under the patronage of HH 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 wo-rldwide in healthcare scene by forming robust partnerships with key players in the market.
“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,” said Dr Amin Hussein Al Amiri, Assistant Under-Secretary for Public Health Policy and Licensing Sector, UAE Ministry of Health and
Prevention (MOHAP).
He affirmed 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.