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Interest in medical studies increases with massive investment and growth in the UAE's healthcare sector due to the phased introduction of mandatory health insurance schemes
- 7,000 students applied for enrollment in 2016-17 academic year with the Gulf Medical University, up from 5,000 last year
- Group human resource strength expected to triple from 5,000 to 15,000 in the next four years
- The GCC healthcare market is projected to grow at a 12.1% CAGR from US$40.3 billion in 2015 to US$71.3 billion in 2020.
Dubai - More than 7,000 students have applied for enrollment in the new academic year of 2016-17 with Gulf Medical University in Ajman, reflecting a 40 per cent jump compared to the 5,000 applications received last year.
A strong growth outlook in the GCC healthcare sector is encouraging more and more students to pursue medical studies. "The GCC healthcare market is projected to grow at a 12.1 per cent Compound Annual Growth Rate (CAGR) from an estimated US$40.3 billion in 2015 to US$71.3 billion in 2020. An increase in the population and rising cost of treatment are the primary factors aiding growth," said a latest report by Alpen Capital.
The healthcare market in each GCC country is anticipated to expand by 11 to 13 per cent between 2015 and 2020 in terms of annual average growth rates, it said.
Most healthcare service providers are currently investing heavily in building new hospitals, clinics, pharmacies as the Gulf countries are bringing the region's entire population under a mandatory health insurance scheme that will trigger demand for new facilities.
"The growth and expansion of the healthcare services market will require a steady supply of quality healthcare professionals - doctor, nurses, paramedics and pharmacists," Thumbay Moideen, Founder President of Thumbay Group and Gulf Medical University, said. "The higher enrollment application is an indication of the pent-up demand for healthcare professionals in the region. Gulf Medical University was established to meet the growing demand for healthcare professionals and it has come a long way in playing its pioneering role."
Thumbay Group itself is investing Dh1.2 billion in expanding its network of healthcare institutions - hospitals, medical universities, clinics and pharmacies - to help meet the demand that will see the development of 420 new establishments in the next four years. The group will triple its existing 5,000 human resources on payroll to 15,000 by 2020, Moideen says.
"The newly trained doctors, nurses, paramedics and pharmacists will easily be absorbed by the new facilities that are being developed by healthcare groups. So, there is almost a guaranteed job opportunity for all those get enrollment in medical colleges across the region. That's why we see an increase in the number of serious applications for medical studies."
The GCC population, currently at around 53.3 million, is projected to grow at an annualised average rate of 2.4 per cent between 2015 and 2020, thus increasing the consumer base for healthcare providers. Moreover, the region is set to witness a shift in the age-group distribution due to improved life expectancy.
The resultant increase in the number of the old, who generally need more medical care, is likely to translate into higher healthcare spending. A rise in lifestyle-related diseases is likely to add to healthcare expenses as well as augment the need for specialized care centers and doctors.
As the healthcare costs rise in tandem with the population growth, most of the GCC governments are introducing mandatory health insurance, which is likely to boost the overall healthcare spending.
Each country in the GCC has devised a long-term strategic plan or vision to expand and upgrade its healthcare system. The successful execution of the plans is expected to scale up the healthcare infrastructure and quality standards.
Sensing the demand, the government as well as private players have injected multi-billion dollars into the healthcare sector to construct large and specialised healthcare facilities. The GCC region has nearly 350 hospital projects under various stages of development, which would further enhance the healthcare infrastructure in the region.
"The region also faces a severe shortage of healthcare professionals and is largely dependent on expatriates. The GCC, on an average, had nearly 49 nurses, and 26 physicians and dentists per 10,000 persons in 2013," says Alpen Capital report. "Acknowledging the medical staff shortage, the GCC governments are offering incentives to draw highly qualified professionals, investing in education and expansion of medical colleges, and deploying digital technology at healthcare centers and hospitals."
Research shows the top 20 healthcare projects in the GCC is expected to cost $25 billion (Dh91 billion).
Gulf Medical University (GMU) established in 1998, is one of the most sought-after private medical universities in the region located at Ajman, UAE.
As soon as the announcement for admission was made, the Admissions Department of GMU started receiving a flood of applications for the different medical courses conducted by the University. In a matter of few days, the Admission Officers were sifting through a massive 7000+ applications. The admissions department is currently in the process of shortlisting and interviewing admission-seekers.
Gulf Medical University has gained global recognition and acceptance over the years, as a result of which its student cohort is a confluence of 73 nationalities, and it has faculty members and staff from around 22 nationalities. In the UAE alone, GMU and its network of pioneering teaching hospitals train around 19 per cent of the doctors and 57 per cent of the total healthcare professionals.
Gulf Medical University offers courses like MBBS, BPT, DMD, PharmD and Bachelor of Health Sciences and Masters Programs in various specialisations. GMU degrees are highly regarded not only because the students gain early clinical exposure, but also because they are trained on the most advanced research infrastructure and facilities. GMU's prestigious accreditations and tie-ups give wide recognition to its programs. Its unique Summer Training Program (STP) gives global exposure to GMU students.
GMU has the unique advantage of being associated with one of the leading healthcare providers in the country, the Thumbay network of ultra-modern teaching hospitals and clinics, which treat patients from around 175 nationalities, daily. Thumbay Group's four multispecialty Thumbay Hospitals in Ajman, Dubai, Sharjah and Fujairah, a 25-chair dental hospital in Dubai which is the first private dental hospital in the country, state-of-the-art Thumbay Clinics and Thumbay Labs in Ajman, Dubai, Sharjah, Ras Al Khaimah and Umm Al Quwain, in addition to outlets of Thumbay Pharmacy across the UAE provide training avenues for GMU students.
Other prominent affiliated hospitals include Mafraq Hospital in Abu Dhabi (HAAD) and Sheikh Khalifa Hospital in Ajman. A 300 bed ultra-modern teaching hospital, a 60-chair dental hospital and an advanced rehabilitation center under Thumbay Group, within the GMU campus in Ajman, are upcoming projects expected to be completed shortly.
About
Thumbay Group traces back its origin in 1998 when Thumbay Moideen, a Non-Resident Indian entrepreneur, found a gap in healthcare education and set up the region's first private medical institution - Gulf Medical College - in Ajman. He later added new businesses to support the healthcare education and healthcare services. The multi-billion dollar diversified conglomerate, which currently owns more than 20 companies across various economic verticals, has 5,000 professional on payroll.
Thumbay Group aims to expand internationally, creating a global presence. By 2020, the company aims to develop 420 establishments including three new university campuses in three countries, develop an Ayurveda and Alternative Medicine Hospital and College; as many as 15 new Thumbay Academic Hospitals in UAE and other countries; 100 Thumbay Pharmacy outlets; 25 Thumbay Labs; 100 Blends and Brews Coffee Shops; 25 Body and Soul Health Club outlets; 100 ZO and MO Opticals outlets; 50 Nutri Plus Vita outlets.
By 2020, the group expects to have a workforce of 15,000 employees on payroll. By then, Thumbay Group business is likely to be valued at US$3 billion (Dh11 billion).
Contact:
Mr Vignesh Unadkat
Tel: +9716 7431333
Email: Vignesh@thumbay.com
© Press Release 2016