Saudi health care market is set to reach $27bn by 2020
Saudi health care market is set to reach $27bn by 2020
The Kingdom’s health care sector transformation is being guided by the over-arching Saudi Vision 2030 and National Transformation Plan, along with the Ministry of Health’s National Healthcare Project and National e-Health Strategy.
As a result, the Saudi health care market, the largest in the GCC, is set to grow by 69 percent from $16 billion in 2015 to $27 billion by 2020, according to a recent report by Alpen Capital.
Supporting Saudi Vision 2030’s goals for greater private sector health care participation, Dr. Abdul Rahman Al-Mishari Hospital has announced a partnership with global enterprise software company SAP on digital health care solutions.
“Al-Mishari Hospital faced an increasing number of patients and reporting requirements. With the Kingdom’s population and ailments continuing to increase, Al-Mishari Hospital’s partnership with SAP provides data-driven insights to help drive innovation and planning, and support Saudi Vision 2030,” said Mohammed Abdul Rahman Al-Mishari, vice chairman of Dr. Abdul Rahman Al-Mishari Hospital, claimed as the Kingdom’s first and leading private hospital.
The first hospital in the Kingdom running SAP solutions, Al-Mishari Hospital has deployed the in-memory SAP HANA computing platform and SAP Healthcare Information Systems. This real-time digital platform enhances collaboration, operations, and planning and enabling personalized health care solutions such as automated appointments, digital patient records, and telemedicine.
“The Kingdom of Saudi Arabia is at the forefront of health care innovation, with the private sector playing an increasing role in supporting federal health care goals. Al-Mishari Hospital is demonstrating global best practices in using real-time insights to enhance the patient experience and reduce costs,” said Ahmed Al-Faifi, MD, SAP Saudi Arabia.
Khaled Moussa, chairman of Smart Consulting Solutions, the company that will deploy the SAP system, outlined the project’s objectives and scope, saying that the project is of high significance and a top priority, with the aim of installation being prompt and precise.
“We believe that the SAP project is in line with the hospital’s efforts to drive innovation with the latest developments in the global health care sector, and thus achieve its current and future strategic objectives,” said Moussa.
Vice Minister of Health Hamad bin Muhammad Al-Duweila’ recently praised private hospitals, including Al-Mishari Hospital, for supporting the Kingdom’s health care sector.
Demonstrating global best practices, Al-Mishari Hospital has received accreditation from organizations such as Accreditation Canada, American Academy of Continuing Medical Education, American Hospital Association, Joint Commission International, and International Hospital Federation.
Oil prices inch up as US crude stocks drop, Iran sanctions weigh
- US crude inventories fell by 5.2 million barrels in the week to August 17 to 405.6 million barrels
- ‘The Iran issue continues to occupy traders’ minds’
SEOUL: Oil markets rose on Wednesday on a drop in US crude inventories and a weaker dollar, while concerns about a potential shortfall in Iranian supply from November due to US sanctions also buoyed prices.
Brent crude oil futures were at $72.90 per barrel at 0653 GMT, up 27 cents, or 0.37 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were up 27 cents, or 0.41 percent, at $66.11 per barrel.
US crude inventories fell by 5.2 million barrels in the week to Aug. 17 to 405.6 million barrels, ahead of analyst forecasts for a fall of 1.5 million barrels, according to data from industry group the American Petroleum Institute.
Official data from the US Energy Information Administration (EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.
“Investors are also confident that (official) inventories in the United States will decrease this week,” ANZ Bank said in a note.
Signs of slowing US crude output growth and a weaker US dollar also provided some support to oil prices, said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul.
The US dollar index against a basket of six major currencies eased on Wednesday to 95.211 after losing 0.7 percent the previous day, weighed down by US President Trump’s comments on monetary policy.
A weaker US dollar makes oil, which is priced in dollars, less expensive for buyers in other currencies.
The EIA cut its 2018 US crude production growth forecast on Aug. 7 to 10.68 million barrels per day (bpd) from 10.79 million bpd amid lower crude prices.
Concerns also remain over how much oil will be removed from global markets by renewed sanctions on Iran, despite worries that demand-growth could weaken amid a trade dispute between the United States and China, the world’s two biggest economies.
“The Iran issue continues to occupy traders’ minds,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC) and OPEC’s third-largest oil producer, said earlier this week no other OPEC member should be allowed to take over its share of oil exports.
Meanwhile, a Chinese trade delegation is in Washington to discuss the trade dispute with the US side. But signs of a thaw were unlikely as US President Donald Trump told Reuters in an interview on Monday that he did not expect much progress.