In the face of a challenging market environment, the healthcare sector continues to grow and thrive in both the UAE and wider Middle East region. Over the last year we saw positive investments in infrastructure and services, unfortunately however, the region continues to grapple with issues around pricing, access and affordability. While the intention to bring breakthrough medicines to market expeditiously is commendable, regulation continues to remain a challenge. Digitization across the care pathway is helpful at aiding efficiencies while also positively impacting patient care, thereby providing a quality patient experience.
In an effort to provide a greater insight into the current regional business landscape, with a focus on the UAE, Hanover has released its Healthcare Business Barometer 2020, a survey interviewing 102 senior-level decision makers within healthcare businesses across the region. Launched this year during the Arab Health conference in Dubai, the Hanover Barometer explores the industry’s perceptions and attitudes with regards to the healthcare sector in the UAE and GCC, while also examining the key challenges that business leaders are experiencing.
You can read the full report below.
We were pleased to see continued and overarching positivity for a strong business outlook in 2020, driven predominantly by an openness to innovation and technology in the region, alongside continued infrastructural investment. Innovation has revealed itself as a driver over the coming years, and is underpinned by the UAE’s National Innovation Strategy among other regional initiatives. Innovation continues to be a hot topic within the industry and almost every company wants to be seen as “innovative”. Communicating their innovation to stakeholders in a way that is differentiating and authentic is vital for companies that are seeking a competitive edge.
Investment in innovative technologies is expected to continue beyond 2020, and we are seeing increasing use of cutting edge medical technology, such as 3D surgeries in the region. A key challenge in the coming years will be how regulators value the innovation that industry is bringing to the market.
One of the most interesting findings of the Barometer centered around trust, and the fact that business leaders believe patients value recommendations from peers above everything else when it comes to decision-making. Grounded in behavioural psychology, the bandwagon effect is extremely powerful, this presents a huge opportunity for organizations to use this inherent bias to their advantage. Increased expectations around patient (or customer) experience have a significant role to play here. A positive experience that builds advocacy for the brand is sure to have a powerful business impact.
The findings of Hanover’s Healthcare Business Barometer offer a lot of insights for businesses looking to enhance their dialogue with stakeholders.