Middle East has all the right ingredients to become a global healthcare provider, according to an expert.

Dr Karl Groth, director of the General Partner and co-founder of Ascent Medical Technology Funds and a long-time promoter of medical innovation, said healthcare accounts for less than 10 per cent of total GNP (Gross National Product) in the region and would increase to 25pc within the next 10 years.

“Globally nearly 65pc of all medical equipment components are outsourced at some level,” said co-director Peggy Farley.

“There is increasing competition among medical firms in India and China, providing low cost alternatives.

“However the region has the right ingredients to rival any region in quality medical manufacturing, business practices and forward-thinking environmental strategies.”

She said that recent global medical manufacturing research indicates that the percentage of finished goods outsourced is projected to double from 14pc to 27pc between 2008 and 2010 .

Dr Groth further explained that the medical technology manufacturing sector requires a highly-trained and educated work force.

“Enhancing innovation in healthcare will create knock-on effects in jobs, increase wealth and improve the overall health of the population,” he said.

“The wealth of the Middle East is not solely its oil and gas; its more important wealth is the capability of its people, especially in science and technology,” Dr Groth added.

Dr Groth and Farley have launched two medical funds, including a region-centric channel. They are also behind the establishment of a manufacturing unit for medical supplies in Oman and a state-of-the art research unit in Jordan.

The Amman-based research centre is set to be the only healthcare product development hub worldwide that can provide preclinical evaluation, full-service clinical research, core lab facilities, as well as cell engineering and culturing. – TradeArabia News Service