Saudi Arabia: Over the next several years, Saudi Arabia is likely to experience a sharp increase in its healthcare needs. It has been observed that increased population growth, a slowly aging society, lifestyle-related illnesses, such as obesity, diabetes, and cardiovascular diseases, as well as cancer, will create a tremendous new demand for healthcare services.
Currently, the Saudi Arabian government funds majority of the demand for healthcare capital and operative expenditures. However, analysts strongly believe that the government alone will be unable to continue to meet this demand. It has been concluded that the only way to ensure that Saudi nationals’ health needs will be met without really affecting economic progress is to increase private sector participation in the health care system.
Only by attracting partners from the private sector who can bring world-class medical knowledge, management skills, and capital to the sector will Saudi Arabia be able to make high-quality healthcare available to everyone in the Kingdom. The government has recognized this situation, and has identified healthcare as one of the most important sectors targeted in its wide-ranging privatization program.
In light of these recent developments, BizWingz Production House is organizing The Saudi Healthcare Privatization Summit later this year, where the best minds in the healthcare industry from across the pan-Saudi region, as well as the rest of the world, will convene to bridge the demand-supply gap on a single platform.
Between now and 2016, the population of Saudi Arabia is expected to grow by more than 20 percent, from 23 million to 30 million. Over the same period, expenditures on healthcare are expected to increase dramatically, even faster than the rate of population growth.
Demand for hospital beds is likely to grow from 51,000 to 70,000, demand for hospitals is likely to rise from 40,000 to 54,000 — and the number of hospitals is likely to rise from 364 to 502.
“Most investments in healthcare provide returns over period of ten years or more. So, given that in ten years, AI and robotics will be cheaper, better, acceptable to the public and more accessible than current health provision, should we be investing in hospitals and doctors, or in these new technologies?” asks Dr Tim Wilson, Partner and Healthcare Services Leader at PwC, and also one of the key speakers at the Summit.
Many Saudi nationals also smoke: roughly 24 percent of all adult males smoke, and 14 percent of school children and adolescents. Such poor personal choices are likely to continue to translate into expensive and chronic conditions.
All of these changes are likely to create many new opportunities for international healthcare companies and other healthcare providers. Over the next few years, myriad opportunities are likely to open up in almost every aspect of the Saudi healthcare sector, such as ambulatory care and testing centers, pharmaceuticals, medical equipment manufacturing, insurance, e-health and education.
Saudi Arabia is in the midst of an exciting transition to a more open, market-driven economy. This transition to a market-driven healthcare system will not only be good news for Saudis and the Saudi economy.
For international healthcare providers and investors, the upcoming liberalization of the sector will mean increased access to the largest healthcare market in the Middle East, and exciting opportunities to help millions of Saudis live longer, healthier lives.
Considering the special potential of growing demand and rising investments in the private healthcare sector, The Saudi Healthcare Privatization Summit aims to encourage participation from the private sector by bringing together buyers and suppliers in order to decrease demand-supply gap in the KSA. The summit will be held at the Al Faisal Hotel, Riyadh on the 27th and the 28th of November, 2017 with Medarabia as our online media partner.
Registration for the Summit is open – Ensure your participation for the ultimate knowledge-sharing summit at the earliest.