Bahrain and India are expecting a major boost to the health trade between the two countries in the wake of a GCC-wide surge in demand for medicines and medical equipment. In a recently held webinar, India’s ambassador to the Kingdom, Piyush Srivastava, stated that India’s position as the ‘pharmacy of the world’ will further strengthen due to the increased cooperation with Bahrain and the broader region.
According to various estimates, the market size of the pharmaceutical industry in Bahrain, UAE, and Saudi Arabia alone amounts to $20 billion. However, with the COVID-19 pandemic still lingering around, the demand for various types of medical supplies is expected to continue rising through the foreseeable future.
The GCC region, as a whole, imports nearly 80% of all of its healthcare demand. This provides a unique opportunity for countries like India which is the world’s largest provider of generic drugs.
“India has a good presence in the pharmaceutical and homeopathy sectors in Bahrain and aspires to further collaborate by contributing to the already strong healthcare infrastructure,” Ambassador Srivastava said while talking about Bahrain’s potential to emerge as a strategic healthcare investment hub.
It is worth noting here that in accordance with its Vision 2030 plans, Bahrain is focused on establishing itself as a leading center for modern medicine while providing affordable, high-quality healthcare services to patients throughout the GCC.