Sharjah’s Healthcare Sector Expected To Grow By 9.3 Percent To AED 6.55 Billion In 2016
Sharjah’s healthcare sector is expected to grow by 9.3 percent over the next four years, according to a recent study released by the Sharjah Investment and Development Authority (Shurooq), said H.E Marwan bin Jassim Al Sarkal CEO of Shurooq.
Highlighting the potential of Sharjah’s healthcare sector, Al Sarkal, said: "Healthcare is yet another promising sector in the emirate where the increased demand for specialized services is set to drive growth. The industry is expected to grow by 9.3%, from AED 4.59bn this year to AED 6.55bn in 2016."
"This sector is expected to grow significantly, powered by several giant projects and state-of-the art medical facilities currently being set up in the emirate, most notably the Sharjah Healthcare City (SHCC), which was recently announced by His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah," Al Sarkal added.
"With various new projects in the stage of planning and execution, while many others are in the pipeline, Sharjah’s healthcare sector is set to witness a major boom in the months and years ahead," Shurooq’s CEO said.
The study divided the healthcare sector into two-sub sectors, including healthcare services and pharmaceuticals; with the market size of healthcare services reaching AED 2.3bn in 2010 and the market size of pharmaceuticals estimated at AED 0.56bn in 2011. Both sub-sectors are expected to grow by 9.3 percent in 2016.
Al Sarkal said, "Despite growing demand for healthcare services and pharmaceuticals, only a few players operate across the sector’s value chain, thus indicating that opportunities still exist for foreign players to undertake strategic partnerships with local and regional institutions to tap the potential of the undeveloped healthcare market."
According to the study, the upcoming demand for healthcare services is estimated at AED2.7bn in 2012, as there are only 15 hospitals accommodating 898 beds in Sharjah. With the Emirate’s growing population, it is estimated that Sharjah will require additional 633 beds over the next five years.
It also shows that there are only eight pharmaceutical manufacturers in the UAE, including one in Sharjah and 275 pharmacies in the emirate, indicating the need to increase number of establishments currently available to cope with the growing demand. Meanwhile the upcoming demand for pharmaceuticals is estimated at AED 0.71bn in this current year.
Al Sarkal expressed confidence in Sharjah’s promising future in all sectors especially the healthcare sector, supported by HH Sheikh Sultan’s initiatives and directives to transform the emirate into a regional healthcare hub, as well as the emirate’s reputation and profile on the global stage. He said that the emirate has world class healthcare facilities such as the University Hospital Sharjah (UHS), which is considered as one of the best university hospitals in the region, in addition to many medicine and pharmacy colleges which annually graduate a good number of doctors and technicians in medicine, pharmacy and other healthcare support professions which help meet the need of human resources in the future.
He referred to the selection of Sharjah as the Capital of Arab Tourism for Year 2015 in addition to its titles as the Capital of Arab Culture for 1998 and the Capital of Islamic Culture for 2014, which would add a new feather to the emirate’s cap of landmark achievements and draw further international attention and investors to Sharjah.
With many untapped market opportunities, there are many opportunities that can be explored in Sharjah, particularly in specialized care, powered by the Emirate’s unique characteristics and competitive advantages that make it an ideal business destination for investors from the UAE and abroad, Shurooq’s CEO clarified.
Expressing his profound gratitude and thanks to HH Sheikh Sultan, Al Sarkal said, "All these landmark achievements would not have been possible without the vision and leadership of His Highness Dr Sheikh Sultan.
In a bid to further improve the well being of its people, Sharjah is also set to join the global WHO (World Health Organization) Healthy Cities programme. Aimed at improving health and the environment in cities by giving priority to the upgrading of environmental health services and improving the physical conditions in which people live and work, the programme’s ultimate goal is achieving health for all. Sharjah has already met 35 of the 80 criteria indicated by WHO to be declared a healthy city, with plans in place to meet the remaining criteria within three years. Sharjah was among the first countries in the WHO Regional Office for the Eastern Mediterranean, to apply to be part of the programme earlier this year.
Emirate: Sharjah
Date: Dec 17, 2012
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