Saudi Arabia’s Healthcare Companies Shine on Arab Fortune 500 List
Saudi Arabia has secured the lion’s share among the largest healthcare companies in the Arab Fortune 500 list. This list includes pharmaceutical, pharmacy, services companies and healthcare facilities.
Unprecedented Growth in Healthcare Investment
The World Economic Forum in April forecast a continued rise in global healthcare spending. Between 2018 and 2022, the spending grew by 40%, reaching $12 trillion.
Moreover, investments in healthcare have reached record highs, indicating major shifts over the past five years.
The GCC Healthcare Expenditure Surge
A research study from Dubai Medical City anticipated that in 2023, the GCC’s healthcare spending would grow annually by 4.9%. This growth would result in an expenditure of $99.6 billion, up from $86.2 billion in 2020. Saudi Arabia and the UAE are expected to account for nearly 80% of this total spend.
Saudi Arabia’s Minister of Health Fahad bin Abdurrahman Al-Jalajel highlighted the country’s precise strategy.
During the opening of the Global Health Forum, Al-Jalajel stated Saudi Arabia is now an ideal place for healthcare investment. By 2030, the private healthcare sector’s contribution to the GDP is expected to rise significantly to SAR 318 mln, up from SAR 199 mln, anticipated the minister.
On the Arab Fortune 500 list, while Saudi Arabia’s healthcare companies dominate, Hikma Pharmaceuticals of Jordan stands out thanks to substantial revenue.
The top 10 healthcare companies in the region on Arab Fortune 500 list are Hikma Pharmaceuticals, Nahdi Medical Company, Al-Dawaa Medical Service Company, Ibnsina Pharma, Burjeel Holdings, Dallah Health, Mouwasat Hospital, Biopharma and Middle East Healthcare.