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Doha, Qatar: The growing healthcare market of Qatar welcomes foreign investment. The social and economic changes in the country has received foreign investors’ attention and resulted in positioning Qatar as an attractive investment destination.
Qatar provides a conducive business environment for healthcare businesses looking to access the rapidly growing local and GCC healthcare market, Investment Promotion Agency Qatar (IPA Qatar) stated on its social media handle, yesterday.
Qatar has state-of-the-art medical facilities and ranked first in the GCC (Global Health Security Index 2021), it added.
The healthcare sector in Qatar ranks 4th best in the world, with the sector expected to gain prominence as medical tourism is set to be one of the major drivers of the country’s economic diversification strategy. Consequently, the healthcare industry has experienced unprecedent levels of growth and is estimated to reach $12bn by 2024.
Furthermore, the growth of investment in the sector aligns with the human development pillar of Qatar National Vision (QNV) 2030, expressing Qatar’s ambition to develop a healthy population, physically and mentally. This was accompanied by developing and upgrading the existing healthcare services with investments in state-of-the-art healthcare infrastructures, facilities and technologies.
The country has availability of skilled talent and world-class medical research and education institutions. There is extensive research and development (R&D) infrastructure. The government-funded research programmes and partnership opportunities with public and private entities. There are also growing public-private partnerships that are increasing government efforts to expand the private sector healthcare market.
For years, Qatar has invested in its people, and its innovation and research infrastructure to build a knowledge-based economy. These advances can be witnessed across Qatar’s leading academic institutions, hospitals and government organisations. Private businesses have also made strides in cultivating a research and innovation culture, investing in their own spaces and premises.
In a recent report IPA Qatar noted that the pharmaceutical industry is poised for remarkable growth in the coming years, driven by an expanding middle class and ageing global population. With the pharma market set to increase by 165.2 percent between 2020 and 2030, the sector presents lucrative opportunities for investors and stakeholders worldwide.
Globally, the pharma market is on an upward trajectory. Biopharma deals soared to new heights in 2020, with a remarkable increase of 107 percent compared to 2018. R&D spending equally saw substantial growth, reaching $189bn in 2020.
This projected growth is indicative of the industry’s steady expansion in the aftermath of the pandemic and substantial investments in global healthcare systems. By 2025, the market is estimated to reach $2,051bn, a 70 percent increase from 2020. Similarly, drug sales are expected to rise by 32 percent from 2020 to reach $1,181bn by 2024.
The Middle East is quickly becoming a key driver of this anticipated growth. The region benefits from improved medicine accessibility and a robust economic development outlook, making it an attractive market for pharmaceutical investments.
With nations actively focusing on boosting healthcare and easy access to personalised digital services, the GCC countries are experiencing a surge in their $9bn consumer health market.
