The Kingdom of Saudi Arabia is encouraging further foreign direct investment from American companies in its healthcare sector as part of its Saudi Vision 2030 transformation plan and will be highlighting opportunities at the high-level conference “New Horizons and Opportunities in the Saudi Healthcare Sector”, on May 3, 2017 in Boston, Massachusetts.
The Kingdom is actively seeking partnerships with foreign firms to raise the competitiveness and productivity across the healthcare industry. Priorities for future investment include medical device and pharmaceuticals manufacturing, medical information technology, and hospital management, amongst others.
Organized by the Saudi Ministry of Health, the U.S.-Saudi Arabian Business Council (USSABC), and the Ministry of Commerce and Investment, and held in collaboration with GE (NYSE: GE), the conference is designed to provide a platform to senior business executives and government representatives, from both countries, to review specific commercial and investment opportunities and network with potential business partners. Specifically, the event will introduce U.S. healthcare manufacturers and service providers to opportunities in Saudi Arabia for sales, technical tie-ups, joint ventures and investments in Saudi Arabia’s expanding healthcare market.
The program will feature panel discussions with U.S. and Saudi company executives who are already successfully engaged in the Saudi market alongside Saudi Government experts from a wide variety of fields, and will present ample networking opportunities.
H.E. Dr. Tawfig AlRabiah, Saudi Minister of Health, said: “Saudi Vision 2030 has given us a driving force to move forward with solid steps regarding the reforms needed to uplift the level of healthcare in the Kingdom. Key to these reforms are public private partnerships and global best practices. We are reaching out to foreign investors in this vital sector, and want to spearhead this initiative by coming into contact with as many key players as possible from the United States.”
H.E. Dr. Majid AlKassabi, Saudi Minister of Commerce & Investment added: “As a part of Vision 2030, the Kingdom is seeking to form and encourage partnerships with firms to raise the competitiveness and productivity across the healthcare industry. The Saudi Horizons Healthcare Conference will bring together the American and Saudi public and private sectors to explore Saudi Arabia’s rapidly expanding and re-structuring healthcare market. These changes are creating lucrative and exciting opportunities for local and foreign investors alike.”
Emphasizing the importance of the event, Edward Burton, USSABC President and CEO said, “This is a unique opportunity to inform the American business community in the healthcare industry about the unprecedented market growth opportunities in this critically important sector within the Kingdom of Saudi Arabia. It will also provide unequaled access to the key government and private sector decision makers who are having high developmental impact on the direction of this industry.”
Confirmed Saudi high-level officials and executives to address the conference include H.E. Dr. Tawfig AlRabiah, Minister of Health; H.E. Dr. Majid AlKassabi, Minister of Commerce and Investment; H.E. Dr. Qasim Al Qasabi, CEO, King Faisal Specialist Hospital and Research Center; Dr. Hisham Al-Jadhey, CEO, Saudi Food and Drug Administration; Dr. Mahmoud Al-Yamany, CEO, King Fahad Medical City; and Fahad Al Rasheed, Managing Director and CEO, King Abdullah Economic City.
Distinguished U.S. senior executives confirmed to speak at the conference include Mr. Jeffrey Immelt, Chairman and CEO, GE; Dr. Omar Ishrak, Chairman and CEO, Medtronic; Dr. Paul Rothman, CEO, Johns Hopkins Medicine; Dr. Marc Boom, President and CEO, Houston Methodist Hospital; and Mr. Dennis Kogod, CEO Emeritus, DaVita International.
Saudi Arabia has allocated $32 billion for healthcare and social spending in its 2017 budget, an increase of nearly $5 billion over 2016 and a significantly larger budget than any other country in the Gulf Cooperation Council (GCC) region. In addition, demand for healthcare services in Saudi Arabia is projected to increase by 25 percent through 2025 with expenditure in the sector growing at an annual rate of 10 percent. Over the next five years, Saudi Arabia is expected to spend $180 billion on healthcare: an additional $100 billion on healthcare service provision, $54 billion on pharmaceuticals, and $14 billion on medical products.