The continued buoyancy of the Gulf's healthcare sector is providing ample opportunities for international healthcare support industries to capitalise on its growth, says a leading consultant in the healthcare support industry. Dr. Prem Jagyasi, CEO and MD of ExHealth, an agency that provides marketing and communications solutions for healthcare stakeholders, believes that the predictions of a steady growth for the industry bode well for specialist providers catering to healthcare organisations.
"The healthcare sector in the Gulf region has shown considerable resilience in the face of the economic downturn and the forecast is for this to continue," he said, speaking yesterday. "It is estimated that by 2025, the value of the Gulf's healthcare market will increase fivefold and this growth will create opportunities for providers offering specialist services for the industry," he added.
Dr. Jagyasi says that the growth in the healthcare sector is being underpinned bolstered by a maturing of the market, in which major and minor contributors to the industry are outsourcing key features of their operations to specialists in order to gain a competitive advantage. He cites communications as being one area where stakeholders are keen to maintain their edge.
"Spreading the word about your organisation is a fundamental ingredient for success and utilising effective public relations to get ahead in this age of mass communication is vital," revealed Dr. Jagyasi, who is also a chartered marketing and healthcare consultant to both government bodies and the private sector. "International organisations within the Gulf area need to develop strategic marketing plans based on relationship management and focused promotional strategies. Industry growth equates to more competition in the market and companies need to make their product or service stand out from the crowd," he added.
Dr. Jagyasi believes that early penetration is vital to achieve results. "Companies wanting to capitalise on the prevailing good conditions within the Gulf's healthcare market need to make a move earlier rather than later in order to effectively establish themselves," he said. "Organisations involved in healthcare management, hospital design, medical equipment provision, pharmaceuticals, the diagnostic services sector and healthcare information technology are likely to flourish as the Gulf's healthcare sector continues to grow," he added.
Dr. Jagyasi's optimism for the regional healthcare sector is borne out by recent research. Analysts have valued the GCC healthcare market at being between USD 15-18 billion last year, with one report published by Alpen Capital estimating that its expected growth would be approximately nine per cent annually to reach between USD 47-55 billion by 2020. This increase will be necessary to keep up with the GCC's population growth, which currently stands at around five per cent per annum. At this rate, region's 39 million inhabitants will double over the next 20 years, something that will raise the cost of healthcare in the GCC by 240 per cent over the same period, according to US management consultant McKinsey & Company.
Dr. Jagyasi is confident about the opportunities presented to tertiary services through the continued growth of the healthcare sector and the need to step up the provision of healthcare services for an ever expanding community. However, he is also quick to recognise the wider health challenges posed for the region that stem from an ageing population and an increase adopting a westernised lifestyle.
"Chronic ailments such as diabetes, cancer, cardiovascular disease and other obesity-related illnesses continue to place a burden on the GCC health sector," he says. "A sedentary lifestyle and the popularity of a fast food diet are just two of the bad habits adopted from the west that are causing health issues in the GCC population. When you add these factors to the global shortage of healthcare professionals to provide the necessary services, you can see that there are considerable challenges to be faced," he adds.
