Business Council Connects U.S., Saudi Medical Companies at Saudi Health 2015
On May 18-20, 2015, the U.S.-Saudi Arabian Business Council (USSABC) participated in the Saudi Health Exhibition and Conference in Riyadh. The USSABC joined more than 15 American firms in the U.S. Pavilion of the show and met with several dozen Saudi businessmen looking to connect with U.S. manufacturers, distributors, and stakeholders. Additionally, as a value-added benefit of membership, the Business Council served as a direct representative for a number of Council members and organized offsite meetings with several organizations, including the Saudi Ministry of Health.
As largest platform in the Kingdom for regional and international healthcare firms, Saudi Health 2015 attracted more than 350 exhibitors from 38 countries along with 13 Continuing Medical Education-accredited conferences running concurrently over a 3-day period. The high-level event comes amid the Ministry of Health’s substantial budget allocations over the past years for the sector’s improvement and development. The Saudi Government increased health and social affairs spending in the 2015 budget by 48 percent from 2014 for a total of $42.7 billion, representing 18.6 percent of the total budget and the second highest spending sector for 2015.
According to industry sources, Saudi Arabia will be the GCC’s fastest growing healthcare market over the course of the next six years, and the regional growth rate will hit 12 percent by 2018. Large demand and government prioritization make the healthcare sector ripe for economic opportunity for companies in the medical field. According to industry reports, the Saudi healthcare market is estimated to be worth over $29 billion.