IBEF: November 24, 2020
Amid a GCC-wide rise in demand for pharmaceuticals and medical devices, India and Bahrain are prepared for a boost in health trade.
India Ambassador to The Kingdom of Bahrain Mr. Piyush Srivastava said, "India's position as the 'pharmacy of the world' can be further strengthened through new Gulf partnerships. The position of India as the 'pharmacy of the world' can be further strengthened through new Gulf partnerships.”
Current estimates indicate that the GCC-wide pharmaceutical industry - especially in Bahrain, Saudi Arabia, and the UAE - is worth approximately US$ 20 billion, with demand expected to grow.
Yet as many as 80% of medicines are imported from outside the country, creating a huge opportunity to set up shop for healthcare exporters such as India, the world's largest supplier of generic drugs.
Ambassador Mr. Srivastava said, "India has a great following in the pharmaceutical and homoeopathy sectors in Bahrain and aims to collaborate further by contributing to the developed healthcare infrastructure. There are loads of opportunities and a suitable environment for setting up manufacturing units locally in joint ventures or the public-private partnership model."
Healthcare is a crucial policy focus area for the government of Bahrain, with the increasingly rising population driving demand for modern medical services and innovations.
The Kingdom is focused on becoming a leading centre for modern medicine in line with its 2030 Vision, of providing high-quality and financially sustainable patient care throughout the GCC region.
The population of Bahrain is projected to hit approximately 2.2 million in the next decade, a rise of 55% from 2016, which will drive the demand for healthcare and hospital bed.
Mr. Tala Fakhro, Executive Director, Market & Strategy Intelligence at Bahrain EDB said, “Healthcare has long been a significant focus domain for the government of Bahrain, which aims to make Bahrain a leading centre for modern medicine. The population of the country, which has a strong social needs in many areas of health, is growing rapidly, and Bahrain provides global manufacturing of pharmaceutical and medical devices.”
He added, "Now in view of the catalytic impact of the global pandemic, the Bahrain-India partnership is once again on the verge of exciting change. We share Ambassador Srivastava's optimism regarding pharmaceuticals and medical devices and look forward to discussing in more detail how the 'pharmacy of the world' can best establish business ties in these exciting fields with the Gateway to the Gulf".
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.