A delegation from DuBiotech, a free zone dedicated to facilitating and fostering the growth of the life sciences industry in the UAE, will attend this week’s BIO International Convention in Chicago, Illinois, to educate and inform American investors about Dubai’s thriving biotech sector.
Marwan Abdulaziz, Executive Director of DuBiotech will attend the Convention, the world’s largest biotechnology event, with the aim of drawing American attention to the vast potential of the emerging pharmaceutical, biotech and healthcare sectors in Dubai and the wider Gulf region.
At the Convention, DuBiotech’s team will meet with a number of leading and fast-growing US firms to showcase opportunities for investment. Mr Abdulaziz will also share first-hand information on the practicalities and ease of establishing a business or regional office within the Emirate.
According to GCC Pharmaceutical Industry Report 2013 issued by Alpen Capital, a leading Investment Bank in the region, the pharmaceutical market in the GCC was estimated to be worth US$ 8.5 billion in 2012. Additionally, healthcare expenditure among GCC countries is expected to swell to $79 billion by 2015, with public health expenditure amounting to 64 per cent of the total.
Commenting, Marwan Abdulaziz said: “The GCC’s life sciences industry has substantial growth potential and the UAE is set to become the pharmaceutical investment and innovation destination for major market players. The UAE has an open door policy to attract foreign investment, and together with the UAE Government, DuBiotech is working towards facilitating synergies that favour innovation, growth and development.
“Many US life sciences companies are already contributing to the development of the industry in the UAE, and they are well-placed to unlock the growth potential in the region. My aim on this visit is to try and develop even closer ties with US firms and attract more of them to establish a presence within the Emirate of Dubai.
“With world-class, industry specific infrastructure and cutting-edge R&D facilities, DuBiotech is the one stop shop for investors looking to tap into the emerging market economies of the Gulf.”
The UAE has the highest annual sales per capita of medicines in the GCC. It imports around 80% of its medicine, with domestic production representing approximately 15% of the drugs sold locally. In light of this, there is an ambition to increase the amount of medicine manufactured locally, which will help reduce the impact of currency fluctuations on imports and make medicine more accessible to more of the population.
On the regulatory side, the UAE’s Federal Cabinet has recently approved a new pricing system that will make over 6,000 medicines more affordable to the general public. Mr Abdul Aziz suggests that this may be a major opportunity for private businesses.
He said: “Regulation around pricing is part of the solution to the UAE’s current over-reliance on imported medicine, and it will help make medicine more affordable in the country. This will defiantly increase the total market size for companies meaning there is a real growth opportunity.”
According to the report, the regional market is characterised by a strong healthcare infrastructure, increased insurance penetration, projected economic growth and growing population that practices a relatively sedentary lifestyle. Newer opportunities are likely to emerge for regional drug makers as patents on products with worldwide sales of US$ 223 billion expire in the next six years.
DuBiotech strives to offer a platform and environment which helps both regional and international businesses to expand their operations in the region. Apart from the many benefits it provides from being a free zone, the business park works in close partnership with Government to address the needs of the industry as a whole.
In 2012, DuBiotech witnessed exceptional growth, as 40 commercial licences were issued compared to 21 in 2011, a year-on-year increase of 50 per cent, taking the total number of companies based in the free zone to 126. The business centre is also now 100 per cent occupied with a mix of both multinational and small and medium sized firms.
The free zone is already home to a number of US-based companies that include: Pfizer International Corporation, Bristol-Myers Squibb Middle East & Africa, International Flavors & Fragrances, Amgen and National Reference Laboratory L.L.C (a Mubadala Healthcare company created in partnership with and operated by Laboratory Corporation of America).
ENDS
About DuBiotech
Dubai Biotechnology and Research Park (DuBiotech), a member of TECOM Investments, is a free zone business park dedicated to fostering the growth of the life sciences industry in the region. DuBiotech was established to support the Government of Dubai’s vision to transform the UAE into a knowledge-based economy and develop the region’s talent pool.
DuBiotech offers world-class infrastructure and cutting edge research and development facilities, specifically designed and built for the field of biotechnology, pharmaceutical, medical and scientific device, food and agricultural industries. The free zone can support both start-ups and international firms looking for a regional base for their Middle East or global operations. The park is central to a community that is committed to the industry’s success by bringing together business, regulators and Government in partnership.
Since its launch in 2005, DuBiotech has rapidly grown into a community of 126 life sciences companies such as Pfizer, Genzyme, Merck-Serono, Amgen, Bristol-Myers Squibb, Maquet, National Reference Lab, Firmenich and IFF.
For further information on DuBiotech, please visit our website: www.dubiotech.ae.
Contacts
MEDIA –
Layla Haroon,
Bell Pottinger Middle East
+971 55 636 0425
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