Healthcare Industry Update Q3, 2014

Healthcare Industry Update Q3, 2014

The healthcare industry is a booming business. Life expectancy has increased from 68.2 years in 1950 to 76.6 years and is expected to soar to 83.9 years by 2050. But the healthcare industry has changed dramatically over the past five years. People are requiring more healthcare services than ever. 25% of the world’s population will be over 60 years of age by 2025. Of that population, approximately 70% will suffer from at least one chronic disease.

doctor, patient, healthcare

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There is an expanding range of new treatment options and new technology available for healthcare. There is substantial demand for skilled and experienced healthcare workers, but not enough candidates to fill these positions. The UAE’s healthcare sector will be worth 4 billion (US $1.09 billion) by 2018, according to a report. The Saudi Ministry of Health has started a huge recruitment drive. The majority of staff, including doctors and nurses, will be recruited from India, Pakistan and Egypt.

U.S. workforce expected to grow significantly over the next several years. 10,000 Baby Boomers turn 65 every day gives the nation’s largest private industry sector, healthcare to boom. These are exciting times for healthcare in Asia Pacific region.  Expenditure on healthcare in countries such as China and India will continue to rise in line with their economic growth, and they will become big markets for healthcare companies.


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doctors, nurses, healthcare

If we take a highly holistic approach to the health industries sector in the Middle East, health issues impact on a wide range of economic and functional aspects of any economy which go way beyond the traditional view that health means hospitals.

The key players in this view of the world are:

• Governments which set policy, and national health planning frameworks, often fund, usually regulate and frequently provide at least some health services;
• Payers whether they be national funds or private insurers;
• Providers including the full range of direct providers such as hospitals, primary and community based clinicians as well as the new generation of health delivery support business in industries ranging from telcos to food manufacturers;
• Suppliers those essential stakeholders in the health industries continuum which support health goals through the development of products ranging from pharmaceuticals to imaging equipment; and
• Users often forgotten as the most important component part of a sustainable health system engagement with, education of and incentivisation for the users of any health system is key to the success of all the above mentioned stakeholders.

 

Healthcare and Pharmaceuticals – UAE

The UAE is one of the more developed markets in the Middle East and has a strong existing healthcare infrastructure. As the UAE is aiming to introduce comprehensive health insurance throughout the country, allowing businesses to shoulder much of the cost of this expanded coverage, the government will gradually contribute less to the country’s healthcare spending.

Headline Expenditure Projections:

  • Pharmaceuticals: AED7.02bn (USD1.91bn) in 2013 to AED7.44bn (USD2.03bn) in 2014; +6.0% in local currency and +6.1% in US dollar terms. Forecast in line with previous quarter.
  • Healthcare: AED42.60bn (USD11.60bn) in 2013 to AED45.82bn (USD12.48bn) in 2014; +7.6% in local currency terms and US dollar terms. Forecast revised down from previous quarter due to recently released WHO data.

 

Healthcare and Pharmaceuticals – Qatar

Medicine prices are expected to decline shortly in Qatar amid the ‘imminent’ unification of medicine importation channels and the adoption of a new medicine pricing mechanism by the member countries of the Gulf Co-operation Council (GCC). The unified regional pharmaceutical pricing policy among GCC member states will reduce medicine prices in Qatar and improve its national drug accessibility, if implemented properly.

Headline Expenditure Projections:

  • Pharmaceuticals: QAR1.63bn (USD449mn) in 2013 to QAR1.82bn (USD499mn) in 2014; +11.3% in local currency and 11.3% in US dollar terms. Forecast in line with Q214.

 

Healthcare and Pharmaceuticals – Bahrain

Bahrain’s National Health Regulatory Authority has begun implementing its multi-phased plan to significantly reduce medicine prices in the country. The price cuts are the result of a Gulf Cooperation Council decision to unify the cost of medication in the region and will eventually give rise to cheaper hospital treatments across the country.

Headline Expenditure Projections:

  • Pharmaceuticals: BHD106mn (USD281mn) in 2013 to BHD114mn (USD302mn) in 2014; +7.4% in both local currency and US dollar terms. Forecast adjusted to better reflect current market conditions.

 


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Healthcare and Pharmaceuticals – Saudi Arabia

Increasing investment from both the public and private sectors in the Saudi Arabian healthcare industry will improve standards of care and increase access to medicines, as well as make the country a more attractive destination for medical tourisms.

Headline Expenditure Projections:

  • Pharmaceuticals: SAR22.70bn (USD6.06bn) in 2013 to SAR24.79bn (USD6.62bn) in 2014; +9.2% in both local currency and US dollar terms. Forecast revised downwards due to macroeconomic forecast changes.
  • Healthcare: SAR94.20bn (USD25.15bn) in 2013 to SAR102.58bn (USD27.39bn) in 2014; +8.9% in both local currency and US dollar terms. Forecast revised downwards due to revisions to historical figures.

 

Healthcare and Pharmaceuticals – Kuwait

Despite upcoming by-elections, Kuwait’s economy is forecast to post moderate growth in 2014, and the prospects for consumption remain bright. While price harmonisation across the GCC is likely to have a significant impact on margins in the sector, implementation remains slow.

Headline Expenditure Projections:

  • Pharmaceuticals: KWD290mn (USD1.02bn) in 2013 to KWD306mn (USD1.10bn) in 2014; +5.6% in local currency terms and +7.6% in US dollar terms. Forecast upwardly revised raised in USD terms for 2014.
  • Healthcare: KWD1.43bn (USD5.03bn) in 2013 to KWD1.56bn (USD5.58bn) in 2014; +8.8% in local currency terms and +10.8% in US dollar terms. Forecast lowered in USD terms for 2014.

 

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