Saudi Arabia takes wise steps to promote better healthcare systems in the kingdom; thereby, it signed a memorandum of understanding for five years with the US-based Janssen Company and affiliation with the dominant pharmaceutical brand Johnson & Johnson Group. The plan is to improve the standards of healthcare and life sciences in the country.
The Ministry of Investment agreed on the terms of MOU to strategically make initiatives that channelize the steps to attain Vision 2030. Al-Falih, Minister of Investment, Dr. Tawfiq Al-Rabiah, Minister of Health, Dr. Tawfiq Al-Rabiah, Minister of Industry, Mineral Resources Bandar Al-Khoraye, and other authorities are working to create a shared vision of healthcare and socio-economic growth.
Because the biotech and healthcare sectors are crucial contributors to the economy, the kingdom has been taking developmental steps to become a global contender.
Due to the unprecedented times of the Covid-19, the healthcare sector has faced many challenges and lead to adopting new technologies to extend health support. The healthcare segment transformed through digital applications, telehealth consultations, remote monitoring of patients, and more. These technological changes relied on artificial intelligence (AI), cloud computing, patient engagement solutions, and home monitoring. Due to the advanced technology, the increase in medical devices, investment in infrastructure, and innovative technology in the GCC hospitals’ the sales are expected to grow by 5.8 % in 2021.
As the Saudi Arabian kingdom represents more than 40 percent of the pharmaceutical industry market in the Middle East and North Africa, it aims to be a global hub for investments in the healthcare sector and its supply chains. The deal will bring together the research and development, health sciences, pharma, and clinical studies.
The authorities also focus on localizing the pharma industry, thereby expand the research activities. The employment opportunities are also increasing with 52%, 35%, 33%, and 19% in Nurse Practitioners, Occupational Therapy Assistants (OTA), Physical Therapist Assistants (PTA), and Medical Assistants roles.
GCC’s Pharmaceutical production probably will grow in the next few years to $8 to $10 billion. MENA offers a $7-$10 billion market for research and development in the life sciences sector for the next two years.
To promote the industrial sector, the UAE launched a US$300 billion initiative in 2021, driving a majority of the economy and expects to fuel 300 billion dirhams to the GDP by 2031.