10 Sunrise Sectors Post COVID-19 Series | Rise of Healthcare Industry in the UAE
2nd Sunrise Sector: Healthcare Business
When COVID-19 extended its deadly claws across the world, all the advanced countries and the so-called superpower countries were struggling for the short of enough ventilators and PPE kits. The COVID-19 crisis has made the world leaders realize how important it is to invest in the healthcare sector than on other hard infrastructures such as brick and mortar. In the COVID-19 scenario, the healthcare industry is being touted as the most important among the Sunrise Sectors because it is the only sector that the world can use as a weapon to combat the virus. The Healthcare Sector is the second one in our regular series of top 10 Sunrise Sectors in the POST COVI-19 period.
The UAE government has stressed that only a digital-driven economy can lead to the recovery from the current downturn and the healthcare industry is predicted to undergo a digital makeover to embrace the new normal in the Post COVID-19 business world. The investors who wish to set up a business in the UAE healthcare industry must explore the possibilities of digital transformation before making a move in the Post COVID -19 world. Since the UAE has introduced a new set of regulations in recent times, the entrepreneurs need to consult reputed businesses to set up consultants to initiate the company formation process.
New Business Formation Opportunities in the UAE Healthcare Sector
As mentioned earlier, the healthcare sector in the UAE is likely to have sustained growth in the Post COVID-19 era, if robust digital transformation is implemented. Since social distancing and lockdowns are the new norms traditional ways of functioning won’t suit the healthcare businesses any longer. We have seen how the e-commerce business emerged stronger in the lockdown period. The patients will reduce personal visits to hospitals and regular consultations with the doctors will take place online. The two new business setup opportunities that have come out of the crisis situations are:
1. Medicine Delivery Service
Social distancing and the lockdowns have almost become an accepted way of life in the COVID-19 time. Since the WHO has stated that the world has to live with the threat of COVID-19 for a long time, the movement of people won’t be as free as before. This means we all have to lock ourselves inside homes for a longer time to combat the virus spread. In such a scenario, patients who regularly need essential medicines will be having a tough time. However, Dubai has successfully experimented with the medicine delivery services during the Great Lockdown. On the back of a robust logistics and digital infrastructure, setting up a medicine delivery business in Dubai, UAE will be profitable for the entrepreneurs in the coming days.
2. Telemedicine (Online Healthcare Consultation)
Telemedicine is a term that assumed increased significance during the COVID-19 period in the UAE. Due to the fear of infections, the patients consider it is safer to stay at home than to visit crowded hospitals. However, on the other hand, the patients can’t stop consulting with the doctors as it would affect their health. Telemedicine saves the patients from this dilemma by offering various healthcare-related services online. All the consultations will be conducted in a virtual way with the help of robust digital applications. The virtual healthcare consultations will be especially good for the elderly who are more vulnerable to COVID-19. Investors who wish to put their money into digitally-driven healthcare businesses need to consult reputed company formation service providers in Dubai, UAE to turn the crisis into an opportunity in the trying times.
Why Setting up Healthcare-related Business in Dubai Looks Promising?
The healthcare sector in Dubai and the UAE have shown a strong capability to face the challenges posed by the virus outbreak. The way the UAE is handling the COVID-19 situation shows that the government was right on taking the decision to focus on attracting big investments in healthcare infrastructure and research and development.
It is noteworthy that Dubai has shown immense progress in attracting foreign direct investments in healthcare, which is a promising factor for the development of the sector in the challenging times ahead. The Dubai FDI Monitor data states that Dubai has attracted 55 FDI projects worth AED 3.82 billion in the last 5 years in healthcare, pharmaceutical, and medical equipment sectors.
THE UAE government has recently cleared the FDI law which allows 100% ownership in 122 business activities. Healthcare is among the core sectors that got a green signal for 100% ownership for foreign investors. This will allow paving the way for more investments in the healthcare sector in the UAE. The Dubai Expo 2020, which has been postponed to 2021, is also likely to bring in solid investments in the healthcare sector.
Why Would You Need Business Setup Consultants In Starting A healthcare Business in Dubai
The COVID-19 has pushed the world into a World War-like situation where the health of the people and the businesses is under crisis. However, every crisis presents us with a new opportunity, and those who identify this earlier could script success even amidst chaos. The Healthcare sector is such a promising industry in Dubai, which is expected to attract more investments in Dubai, UAE in the Post COVID-19 era. The UAE’s healthcare sector has shown resilience in flattening the COVID-19 curve, which is a promising factor as far as future investments are concerned. By successfully adopting the digital way the UAE healthcare sector has proven that it is capable of sustained growth in times of crisis. However, the investors need to understand the regulatory requirements and the business setup procedures in Dubai, UAE before starting a healthcare business here.
The mainland and the free zones offer company formation opportunities for the investors and it is a strategic decision to choose the right jurisdiction. It is here that the services of an experienced business setup consultant like Jitendra Business Consultants (JBC) come handy for the entrepreneurs. JBC’s highly qualified company formation experts are well-versed in all the local laws and regulations. JBC has assisted thousands of clients in incorporating their businesses in Dubai, UAE. By entrusting all the company formation requirements with the JBC, the clients can focus on achieving their business goals in the peace of mind.