Despite many countries suffering from an economic crisis due to Covid-19, the UAE remains strong, with an unemployment rate among the lowest in the world
The worldwide Pharma market is expected to grow at around 4.1% over the next five years and will reach $192 billion by 2024
The pandemic has caused significant changes to many sectors, with the healthcare-associated pharmaceutical, medical devices and life sciences industries being among the forefront of those who have been most impacted and in a positive way.
The Covid-19 crisis has caused an unprecedented demand for certain medical products and services, and thus the UAE pharmaceutical and medical device sectors are enjoying tremendous growth.
Today we look at how to capitalise on this success and the importance of revisiting and managing your growth strategy for the post-Covid era.
Taking Advantage of the Market
The growth in this sector can be partly attributed to changes to the regulatory framework, which welcome and encourage new business from local and overseas companies.
For two decades now, the reform to the trading framework has been continually improved, and this coupled with increased research and development into healthcare has increased budgets and continues to drive pharmaceutical and medical devices growth.
In the post-Covid era, there will be more of a focus on research and development of medical products than ever before, as countries rush to produce a Covid-19 vaccine and protect the public’s health from the virus.
The Emirates have recently identified 23 areas of investment which pharmaceutical and medical device companies can take advantage of as part of their Basic Industries Project
The report highlights how demand for medical equipment has skyrocketed since the pandemic, which even caused some local manufacturers in the UAE to convert their production to meet demand. Mudbala Investment Company’s aerospace manufacturing outfit Strata helping during the pandemic to produce facemasks is one example of the critical need for medical equipment.
In light of the pandemic, the UAE is offering crucial industries incentives such as customs exemptions, industrial license and reduced electricity tariffs to aid production. There really has never been a better time to produce pharmaceuticals and medical devices in the UAE.
If your pharma or medical device company is expanding, managing growth and change will need to be a necessity.
Managing growth and achieving success is about more than simply setting out financial goals.
The following are key elements to consider when growing your pharmaceutical or medical device company -
- Your market strategy – are you going to continue in the same niche, or branch out with new products?
- Getting your workflow right – do you have the right number of people in the right roles to meet your targets?
- Acquiring resources – if you are producing on a larger scale, how reliable and secure is your supply chain?
- Sourcing talent – if you need new human resources, do you know which roles and how many employees you will require?
Growing your organisation is an exciting time, but not all businesses manage to make a success of it, even when the market conditions are right.
And this can be down to problems with your team.
Having the right team in place is critical to your success, let’s look further at how to attract and retain key talent to aid your growth strategy.
Having the Right Team in Place
No organisation will make it through a period of rapid expansion successfully without having the right team in place.
As an example, a recent report
on the state of the global pharmaceutical industry post-Covid noted, “The lack of skilled professionals is expected to hinder the global drug discovery informatics market growth.”
Net profits have proven to be higher
in firms that focus on quality as part of their business mission.
Your growth strategy for the following post-Covid period should focus on having the best possible team in place.
You can do this by working with a dedicated recruiter who will help you identify what skills are lacking in your business which will be necessary for growth, then set about finding them for you to interview and onboard.
At the heart of your businesses growth plan should be a focus on attracting the best talent available, which is not always possible to do via traditional recruitment methods.
In the current climate, it is becoming more necessary for in-depth searches of the candidate marketplace by a dedicated recruiter, in order to locate the best talent and navigate the market that is saturated with unsuitable talent. Click here to get in contact with our team
to find out how we can help you achieve your growth plans for the year.
How Kinetic Can Help
Kinetic source professionals locally and internationally for leading multinational, regional and local Pharmaceutical and Medical Devices companies, including Consumer Healthcare organisations.
If you need help sourcing the best candidates for your pharmaceutical or medical device organisation who will help drive your business forward this year, get in contact
with us today.