RIYADH: Around 80 local and international companies are participating in this year’s Saudi Medicare 2009 exhibition, which was inaugurated by Mohammed bin Ahmed Al-Kanal, executive president of the Saudi Food and Drugs Authority, at the Riyadh Exhibition Center yesterday.
The three-day show, which is being held under the support of Health Minister Dr. Abdullah Al-Rabeeah, will also concurrently conduct the Third Medical Devices Scientific Forum.
The event will showcase state-of-the-art medical services, equipment, supplies and modern technology that are being introduced into the Saudi market.
Mohamed Al-Husseini, deputy director of the Riyadh Exhibition Center, said the show is taking place at a time when the Kingdom is anticipating, over the next 10 years, a 30 percent population growth and speedy privatization of the medical sector.
“Saudi Arabia continues to expand its health care services to meet the growing needs of its people. Increased life expectancy, a growing over-65 population, an expanding expatriate work force and a burgeoning health care industry to meet the growing needs of its people are the principal factors that create demand for health care. In response, the government has adopted a plan to privatize the sector and increase spending,” he said.
Around 80 hospitals are under construction in the Kingdom. The new projects include over 250 primary health centers and eight new hospitals. Al-Husseini said these factors offer endless opportunities to those looking to expand their business in this lucrative market.
To offset the current strain on hospitals, the Ministry of Health is planning to develop primary health centers into mini hospitals with advanced facilities, he said.
The Kingdom currently has 1,850 health centers. It will set up new diabetic centers across the Kingdom at a cost of SR42 million.
Al-Husseini said top medical product manufacturers would be attending Saudi Medicare 2009 and that they would be interacting with prominent health care representatives on the lookout for lucrative deals.
“The exhibition will offer invaluable exposure to the world’s leading medical product companies. Rising affluence, unhealthy diets, a lack of exercise and high rates of obesity in the Kingdom have resulted in a prevalence of associated health problems, including diabetes and heart diseases. As incomes increase, and chronic diseases persist, an increasing amount of money will be spent on health care, especially leading-edge therapies. Yet the specialized services required to meet these demands are in short supply,” he said.
New regulations require employers provide medical insurance to 7 million expatriate workers; this will ultimately be extended to cover all workers in the country. Costs of the insurance initiative could reach over $8 billion. To meet the demand, the government has licensed 13 new insurance companies, but more are needed. Latest available data show that the Kingdom’s expenditure on drugs reached SR4.8 billion, one of the highest in the Middle East. Mandated drug coverage under new insurance laws will push spending even higher.
