For the first time in human history, we are fortunate to live at a time where life extension is actually a possibility. Even though we still cannot escape death, science has dramatically increased life expectancy, first with vaccines and subsequently with new medications to treat chronic illnesses.
The Hevolution Foundation in Saudi Arabia announced plans to invest up to $1 billion annually in basic research on the biology of aging and potential pharmacological inhibitors in 2021.
The UAE, a neighboring country, has begun a national initiative to map each Emirati’s DNA in order to provide individualized medical care for each resident. This initiative paves the way for local production, design, and manufacture of cutting-edge medicines for diseases like cancer and diabetes in the future.
For more than 10 years, the area has been interested in biotech as a potential growth sector.
While governments in the area have prioritized research into diseases, extending life expectancy, and producing treatments, investors and regulatory agencies have been investing to establish public-private partnerships with big pharma and upstart biotechs during the past few years. Players in the biopharma industry are developing inventive manufacturing capabilities.
In addition to signing partnerships with top-tier global pharma partners, local drug makers are expanding their local production capacity with new creative therapies for diseases with high frequency due to lifestyle factors, rare genetic abnormalities, and malignancies.
The strategy worked well. As an ecosystem is developed, the biotech and life sciences sector in the area is expanding to new heights.
Proactive healthcare prevention
“Pharma and life sciences developed to the forefront in the Middle East over the pandemic when the supply chain got disrupted, and life-saving medication was not accessible, putting millions of lives at risk,” says Abbas Berdi, a partner at PwC Middle East who specializes in the healthcare sector with a focus on pharmaceutical and life sciences. The inclusion of supply chain resilience and medication supply security in national agendas was sparked by this, according to regional governments.
Instead of combating disease, Berdi contends that proactive preventative healthcare is the main goal. And this quality is especially useful in areas where diabetes and heart disease place a heavy strain on healthcare providers and lead to high rates of hospital admission.
Due to its extensive talent and investor pools, Abu Dhabi, the largest biotech hub in the UAE, attracts both major pharmaceutical corporations and the most promising biotech startups.
According to Kareem Shahin, Chief Business Officer of G42 Healthcare, a major health tech business with offices in Abu Dhabi, “The UAE government made investments in infrastructure, research facilities, and universities to promote innovation in the sector.” Public and private institutions collaborate in the “life science ecosystem” to advance innovation, R&D, and medicines production.
Spending on healthcare
According to recent data, the biotechnology industry is growing rapidly in the area. The biotechnology market in the area is anticipated to reach $2.6 million by 2028, with the UAE and Saudi Arabia holding the highest part of the industry, according to a report by the Dubai Chamber of Commerce. The UAE included $1.3 billion on healthcare and community protection in the federal budget for 2023. According to Marwan Abdulaziz Janahi, Senior Vice President of Dubai Science Park, “the country is currently a regional leader in attracting FDI in the biotechnology sector.”
“With strategic clients like Pfizer, Insulet, and Bayer, our community supports Dubai as an international hub for medical tourism, healthcare excellence, and innovation,” continues Janahi. The neighborhood has purpose-built centers for R&D by himalaya wellness ,Firmenich.
AstraZeneca has revealed intentions to construct headquarters at Dubai Science Park, joining a neighborhood of business titans that already includes GE Healthcare, Sobi, and Bio-Rad. There is also an innovation hub for Zimmer Biomet Holdings. The rise in chronic diseases, in the opinion of experts, is one of the major factors influencing investment in biotechnology in the region.
According to Shahin, the MENA region’s chronic illnesses and pressing demand for better healthcare have produced a large opportunity for biotechnology investment.
Due to a number of causes, such as an aging population, urbanization, and shifts in lifestyle and food, the prevalence of chronic diseases has been continuously rising, placing a considerable load on healthcare systems.
A study found that although the amount spent on healthcare in the area has been expanding quickly, the standard of care has not improved due to poor access to basic services and a lack of qualified healthcare workers. According to Shahin, this has increased demand for fresh and cutting-edge medical treatments, including biotechnology.
Several nations in the region have started population health programs to better healthcare outcomes and lessen the burden of chronic diseases in response to this demand.
The King Abdullah International Medical Research Center, which carries out cutting-edge research in genetics, immunology, and cancer, is located in Saudi Arabia, which is also investing heavily in biotech infrastructure, R&D, and talent acquisition.