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.
Updated 06 June 2016

Saudi health care market is set to reach $27bn by 2020

RIYADH: Digital health care innovations are key for supporting Saudi Vision 2030, and the rapidly-growing Saudi health care market is set to reach $27 billion by 2020, say industry experts.

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.


Trump advisers urge delisting of US-listed Chinese companies that fail to meet audit standards

Updated 12 min 10 sec ago

Trump advisers urge delisting of US-listed Chinese companies that fail to meet audit standards

  • Growing pressure to crack down on Chinese companies that avail themselves of US capital markets but do not comply with rules
WASHINGTON: Trump administration officials have urged the president to delist Chinese companies that trade on US exchanges and fail to meet US auditing requirements by January 2022, Securities and Exchange Commission and Treasury officials said on Thursday.
The remarks came after President Donald Trump tasked a group of key advisers, including Treasury Secretary Steve Mnuchin and SEC Chairman Jay Clayton, with drafting a report with recommendations to protect US investors from Chinese companies whose audit documents have long been kept from US regulators.
It also comes amid growing pressure from Congress to crack down on Chinese companies that avail themselves of US capital markets but do not comply with US rules faced by American rivals.
“We are simply leveling the playing field, holding Chinese firms listed in the US to the same standards as everyone else,” a Treasury official told reporters in a briefing call about the report.
The US Senate unanimously passed legislation in May that could prevent some Chinese companies from listing their shares on US exchanges unless they follow standards for US audits and regulations.
Democratic Senator Chris Van Hollen, who sponsored the bill described the recommendations as “an important first step,” but said that “without the added teeth of our bill, this report alone does not implement the requirements necessary to protect everyday American investors.”
The administration’s recommendations, if implemented via an SEC rulemaking process, would give Chinese companies already listed in the United States until Jan. 1, 2022, to ensure the US auditing watchdog, known as the PCAOB, has access to their audit documents.
They can also provide a “co-audit,” for example, performed by a US parent company of the China-based affiliate tasked with auditing the Chinese firm. However, companies seeking to list in the United States for the first time will need to comply immediately, the officials said.
A State Department official told Reuters the administration plans soon to scrap a 2013 agreement between US and Chinese auditing authorities to set up a process for the PCAOB to seek documents in enforcement cases against Chinese auditors.
China said on Friday that the two countries have “good cooperation” in monitoring publicly listed firms.
“The current situation is that some US monitoring authorities are failing to comply with their obligations, and what they are doing is political manipulation — they are trying to force Chinese companies to delist from US markets,” foreign ministry spokesman Wang Wenbin told a media briefing.
The PCAOB has long complained of China’s failure to grant requests, giving it scant insight on audits of Chinese firms that trade on US exchanges.
The report also recommends requiring greater disclosure by issuers and registered funds of the risk of investing in China, as well as mandating more due diligence by funds that track indexes and issuing guidance to investment advisers about fiduciary obligations surrounding investments in China.
The moves come amid rising tensions between Washington and Beijing over China’s handling of the coronavirus and its moves to curb freedoms in Hong Kong, among other issues.