Saudi Arabia is undergoing a self-driven transition into a market focused on productivity across all sectors in addition to its thriving oil industry. With initiatives National Transformation Program 2020 and Vision 2030 in place to improve various economic sectors according to specific guidelines, the nation has established a framework for projected stimulation and productivity.
As part of its plan for improvement, Saudi Arabia is bolstering and diversifying its economy by kickstarting growth across various sectors, including education, transportation, information technology and communications, energy, healthcare, and more. In the face of changing industries and possible growth, foreign companies involved in Saudi Arabia may wish to expand or improve their competitive positioning in this market.
If you're a U.S. company that provides products or services in the healthcare sector and wish to expand in Saudi Arabia, you should know that advancing in this industry and market requires more than just an attractive proposal. You need a thorough understanding of the Saudi Arabian business sphere, the intricacies of the growing industry itself and the way you can align your business objectives with the nation's Vision 2030 goals to create a competitive, mutually beneficial relationship that strengthens your company's standing in the nation.
Business Prospects in the Private Healthcare Sector
The Saudi Arabian healthcare sector is a fundamental aspect of the nation's budget and makes up a crucial part of its Vision 2030 expansion goals. With a $20.8 billion contribution to Saudi Arabia's GDP in 2015 and a $22.4 billion spending budget in 2016, the industry makes up over a third of the nation's annual budget allocation and provides ample returns to the economy.
With urban expansion and advanced technological capabilities, the sector is expected to grow another 13.7 percent by the year 2025. Saudi Arabia's goals to improve conditions and stimulate further economic growth in the healthcare industry include plans for building 38 new hospitals and two complete medical cities. The Kingdom also intends to renovate most of its existing healthcare facilities.
As a foreign company or investor, your focus for advancing your business in the Saudi Arabian healthcare industry should primarily involve providing medical devices and equipment. You'll also find some possible prospects in health insurance services, education training and information technology for the medical sphere.
Why Choose The Quincy Group for Business Assistance in Medical Industry
When it comes to investing and advancing in the medical sector, selling medical manufacturing equipment or marketing medical devices in Saudi Arabia's period of healthcare reform, The Quincy Group is here to provide you with the connections, assets, expertise and strategy you need to succeed.
With our 50 years of advising experience and fully-staffed office in Riyadh, we are intimately acquainted with the complexities of the Saudi Arabian market and uniquely positioned to provide you with the tools you need to advance. Contact us online or at 202.461.2245 to talk about your company's involvement in the private healthcare sector of Saudi Arabia.