Going East: Midlands healthcare firms head for a global future
Ian Harrison, Head of Exports for the Midlands at the Department for International Trade, writes for Business Live.
I am absolutely delighted to see so many ambitious businesses attending Arab Health 2020 in Dubai next week as part of the Midlands Engine delegation led by the Department for International Trade (DIT).
As the Middle East and North Africa’s (MENA) leading exhibition in the healthcare industry, Arab Health provides an unprecedented opportunity to Midlands businesses looking to tap into this growing healthcare market, projected to be worth $243.6 billion by 2023.
Arab Health is the second largest medical expo in the world, and with over 106,000 international visitors, provides an opportunity for businesses to connect with overseas buyers and receive bespoke market research and advice.
This year, the Midlands delegation consists of 29 outstanding businesses, all of whom are eager to capitalise on their share of the growing MENA healthcare market. Companies such as SP Services from Telford and Nutrivitality Ltd from Derby will be showcasing the Midlands medical expertise to the world.
The expansion of healthcare services in emerging economies is set to see global spending on healthcare double to over $18 trillion by 2040. It’s a trend that presents an enormous opportunity for businesses in the Midlands, where our combined strengths in R&D and advanced manufacturing are contributing to a rise in the region’s healthcare credentials.
The global success of the Midlands healthcare sector is paramount to the ongoing success of the Midlands Engine and its thriving economy, which is worth £284.5 billion. The Midlands Engine has over 1,200 life sciences businesses supporting nearly 34,000 highly skilled jobs.
This year presents exciting opportunities for both the UAE and UK to strengthen their trade relations, as Dubai prepares to welcome 190 nations to Expo 2020 in October. With total UK exports to the UAE amounting to £10.5bn in the 12 months to June 2019, it is great to see that Midlands businesses are in the right place to take advantage of this demand.
DIT predicts that British healthcare companies will seek to secure up to £7 billion worth of export opportunities a year over the next decade and with the right kind of support I believe these exporting ambitions can be made a reality.
With the support of DIT’s network of expert international trade advisers, more and more Midlands healthcare companies are turning potential into profit, creating jobs and prosperity here at home. I therefore encourage all businesses thinking of exporting to get in touch with their local DIT Midlands office to find out how they too can benefit from the international demand for our products and services.