The country’s healthcare sector is primed for long-term growth and innovation, the Investment Promotion Agency Qatar (IPA Qatar) announced Tuesday.
According to IPA Qatar, the country’s emphasis on integrated care models, health promotion, and disease prevention underpins its commitment to ensuring the well-being of existing and future generations.
“The nation is taking big strides in fostering innovation and research, which is evident in initiatives like the Qatar Genome Programme and Qatar Biobank, as well as collaborations with renowned institutions, such as Weill Cornell Medicine, Mayo Clinic, Imperial College London, Cleveland Clinic, Johns Hopkins Medicine, and University College London,” IPA Qatar stated.
It also stated that sustained high levels of investment for the expansion of Qatar’s healthcare infrastructure and services ensure a positive market outlook across primary, secondary, and tertiary care.
IPA Qatar emphasised that the country already boasts several state-of-the-art healthcare facilities, citing Aspetar, Hamad Medical Corporation (HMC), and Sidra Medicine.
“Aspetar was the first specialised orthopaedic and sports medicine hospital in the GCC. HMC was the first hospital in the Middle East to be accredited by the US-based non-governmental organisation, ACGME International, while Sidra Medicine launched the first paediatric robotic surgery programme in the Middle East,” IPA Qatar stated.
IPA Qatar also stated that the country’s pharmaceutical market is forecast to grow at a compound annual growth rate (CAGR) of “6.1%” between 2021 and 2026, with solid efforts in place to attract foreign investment to expand local production.
This includes a recent agreement between HMC and Qatar Pharma that sets out a three-year roadmap to reach self-sufficiency in pharmaceutical production, IPA Qatar noted.
“Foreign investors will find a valuable and competitive business climate in Qatar, backed by a stable and resilient economy, pro-business regulations and a vibrant knowledge ecosystem. The country’s strategic investments in healthcare institutions, skilled talent, and world-class tech infrastructure pave the way for remarkable growth and innovation in the healthcare sector,” it stressed.
According to IPA Qatar, the country provides a conducive business environment for healthcare businesses to service the rapidly growing GCC market owing to its healthcare sector’s state-of-the-art medical facilities, an extensive Research and Development (R&D) ecosystem, a highly-skilled talent pool, support for private-public partnerships (PPPs), strong digital adoption, and world-class tech infrastructure.
The country’s vibrant start-up ecosystem has been driving the growth of its Medical Technology (MedTech) sector, which is expected to grow at a “6%” CAGR between 2021 and 2026.
“Qatar offers the perfect example of how a collaborative approach brings together innovative ideas, sound investment, and essential support to enable a promising project to flourish.
“Qatar Science & Technology Park (QSTP) offers a dedicated free zone for technology and innovation, where entrepreneurs and startups are empowered to realise their full potential and achieve sustainable growth,” IPA Qatar stated.
Startups like doctor booking platform, Meddy, and Droobi, which provides the world’s first suite of bilingual (Arabic and English) digital therapeutic programmes, are a testament to the success, growth, and development of entrepreneurial ideas that were backed by QSTP’s investment and support.
In the GCC, other growth drivers in the healthcare sector include health infrastructure and services, medical tourism, digital technology, and R&D, according to IPA Qatar.
“The GCC had more than 160 ongoing healthcare projects with a total value of $53.2bn in 2020; strong public sector investments will be sustained to meet the demand. The GCC’s medical tourism revenue is projected to grow to $2.1bn this year, recording a CAGR of 8.9% since 2017.
“Over the next 10 years, digital infrastructure, virtual care, remote patient monitoring, and AI will account for approximately 30% of hospital investments in the region. With a projected market growth of $8.6bn in the Middle East by 2032, the GCC is progressively fostering the advancement of research in areas such as precision medicine,” IPA Qatar stated.
According to IPA Qatar, the country’s emphasis on integrated care models, health promotion, and disease prevention underpins its commitment to ensuring the well-being of existing and future generations.
