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With its world-class infrastructure, growing population, and commitment to medical tourism, the UAE sure knows how to stay on top of the medical business game.
With the predicted growth in the hospitals sector expected to grow by 3.75% between 2024-2028, and an expected market volume of US $10.60 billion, this might be your sign to begin that business in the medical sector that you’ve always wanted to.
If you’re a doctor, dentist, therapist, medical devices expert, or a healthcare visionary, the Emirates has enough space to accommodate all kinds of businesses.
And if you’re still confused and don’t know what it might entail, below are a few things you absolutely should know before beginning that entrepreneurship journey.
The overall UAE healthcare sector boasts a unique blend of public and private healthcare providers. The government also heavily invests in public healthcare- to ensure basic medical services are accessible to all citizens.
When we talk about the medical sector, it can encompass a lot of things- from pharmaceutical, medical devices, Outpatient Care, and more. The medical devices sector alone has a projected market volume of $2.45 billion in 2024 itself.
Currently, the Emirates’ private healthcare sector is witnessing significant growth, driven by rising demand for specialized care, advanced technologies, and a focus on overall patient experience.
And here’s what you need to know about the same-
UAE’s population is diverse and growing; with a still growing influx of people from diverse backgrounds or needs, it sure is creating a strong demand for a wide range of medical services.
There’s a growing need for specialists in areas like cardiology, oncology, orthopaedics, and paediatrics- this doesn’t mean that the UAE’s medical system is overwhelmed, but there’s definitely space to do more about it.
The high-quality patient care, medical facilities, and multilingual healthcare professionals make it an attractive destination for medical tourists from neighbouring countries and beyond.
As an entrepreneur starting out in this field, it is imperative that you study this in detail- because how better to make your business survive other than to cater high quality value-based service to people seeking diverse medical attention?
The type of medical business you establish will depend on your area of interest or focus, expertise, budget, and target market. So, you could venture into either pharmaceuticals or medical devices initially, you need to know a lot about the same.
If you’ve been in the field for a longer amount of time- it may even be your passion project, either way, it might fall into one of the following categories:
If you are an expert in the field or feel like there’s one or a few medical fields that need more attention, this can be your solution.
You can either focus on a specific medical discipline, such as dentistry, or paediatrics or offer a broader range of medical services- from medical consultancy to diagnostics to genetic profiling. Either way, you get people who would appreciate your valued services!
Providing only diagnostic services like X-rays, MRIs, and laboratory testing is a great way to widen up your customer base in the UAE. You might even collaborate with different clinics for certain kinds of tests or choose not to.
In-home medical care to patients with mobility limitations or requiring specialized care at home is one arena that isn’t talked about enough and that can be given more thought.
If there’s one thing that can take your business from the ground up- it is catering to patients that aren’t usually found in hospital corridors, but need medical care and attention in an equal or more amount.
This arena might be one of the best futuristic healthcare techs as of now. Devices that cater to monitoring blood pressure, heart monitors, etc can be a huge untapped market space as of now.
And since we are living in the future, dependency on devices for real-time health monitoring is only going to grow further. So, say what you might- but this may be one of the most promising businesses in the long run.
Setting up a medical business in the UAE requires adherence to specific regulations and procedures. Don’t know how to proceed?
Here’s a breakdown of the key steps:
The first thing to decide when setting up any kind of shop in the UAE is to decide whether to operate in the mainland (you get direct licensing from the Department of Health) or the Free-Zone (where you can operate under a streamlined process with specific limitations).
When you’ve chosen your jurisdiction and the specific location of your business, that’s where much of your legal work starts!
For any business, deciding on a legal structure is a must, because the entire legal proceedings of your business thereafter depend on that.
Selecting a legal structure – for example, Limited Liability Company (LLC) is how you get started with the initial paper works of your new medical business!
What’s the most important things you need to get done with in the initial days of your business?
Obtaining all the necessary licenses and permits.
Obtaining the necessary licenses from the relevant authorities may involve approvals from the Department of Health, local health authorities, and professional licensing bodies to get started. Once you get those, you are ready to go!
Clear any pending visa works for yourself or your employees too, if required; and definitely make sure that everyone’s qualifications meet the UAE’s standard requirements for the business.
What remains after you’ve taken care of the jurisdiction and the legalities of the matter, and assembled the best team in the world for your business? The actual business. And we might have a thing or two to help you:
Try to equip your business with the best technology out there- both for modern healthcare as well as for data management. This way, you automate a lot of manual tasks, and still have space left to grow your business.
Get down to building a name around the latest healthcare developments- such as precision medicine and genetic profiling for a better understanding for inherited diseases. This way, you get one step ahead of the game others are only playing at surface level.
Develop a marketing strategy to reach your target audience. Every successful business today has a noticeable online presence; help your customers understand your goals in business too!
Consider online advertising, social media presence, and building relationships with local insurance companies to get the ball rolling at the grassroots level.
1. Company’s profile in detail
2. Duly filled out application form along with the signature and stamp of the authorised person of the company
3. A list of the products that are to be manufactured or supplied
4. Valid manufacturing licence
5. Valid ISO certificate as required
The above points highlight the general requirements and documents that must be met while planning to start a medical equipment manufacturing or trading business in the UAE.
Conclusion:
The UAE’s rise to a great business place is no surprise to anyone. Medical tourism, on the other hand, is still in its toddler years.
By understanding the market dynamics, adhering to regulations, and continuously adapting your practice, you can establish a successful medical business in the dynamic UAE healthcare landscape.
So, you’re thinking of venturing into the Emirates’ medical devices sector, but don’t know where to begin? We’ve got you.
Suppose the medical device you’ve been working on for real-time monitoring and notification of any sudden drop in pulse for blood pressure patients has passed every kind of procedure and initial trials, and is ready for customer use now. But how do you inform or market to people about it?
Here’s what CDA can do for you, since we are one of the best business setup consultants in Dubai. Medical devices entail the patients’ critical data as well as informed consent, this may require acquiring licenses and many permissions- from hospitals, care providers, and patients’ families. This also may entail extra fees or permissions to any presiding medical committee for obtaining the data.
How would you feel delegating all such tasks to CDA and working on a safe and sound marketing campaign that lets people understand the benefits of your product? That’s the kind of brainstorming space and ease of business CDA can give you.
