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The Medical Device Market: Saudi Arabia
Espicom Business Intelligence Ltd, Sep 2009, Pages: 104
This in-depth medical device market report is ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Executive Summary
Although the price of oil, which contributes significantly to the country’s GDP, has been low, the Saudi government is continuing to invest heavily in health infrastructure development, which in 2009, was second only to education & manpower in terms of budget allocation for capital expenditure.
Government capital health spending for 2009 will be on establishing new health centres, 86 new hospitals with a capacity of 11,750 beds and further development of the Saudi Red Crescent.
New healthcare facilities, coupled with the government’s plan to recruit more healthcare personnel from overseas to work in these new centres, will inevitably see a spike in procurement of medical equipment and supplies and other capital goods needed for these new centres.
In 2007, the Saudi government established the National Company for Unified Purchase of Medicines and Medical Appliances, to act as the sole supplier of medicines and medical appliances to government health institutions. The company was set up to bring down the prices of medical devices and pharmaceuticals by preventing overcharging.
The SFDA have been given the task of developing and enforcing a regulatory system for medical devices. This will include establishing licensing procedures for manufacturers and suppliers. In what is a first step in developing a regulatory framework for medical devices, the SFDA in 2007 started the Medical Devices National Registry (MDNR), which is a voluntary web based project involving the registration of manufacturers, agents and suppliers in the country.
The government is working on expanding the health insurance sector, which in 2009, is valued at around SR5 billion (US$1.3 billion). This is expected to increase by a further SR2 billion (US$533 million) in the short term with new regulations introduced in January 2009 that will further expand the insurance scheme to Saudi nationals working in small and medium enterprises in the private sector. The large private sector companies already provide health insurance for their employers.
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