Innovation driven by health sector in Saudi Arabia

07/06/22

Saudi Arabia is actively encouraging innovation in the health sector to promote healthier lifestyles with better mental health.

It is expected to result in superior healthcare with benefits including lower costs and improved patient experiences providing a higher quality of life. This goal can be accelerated by integrating modern technology into communication, diagnosis and treatment of ailments by using analytical data to detect and monitor diseases.

In addition, the health sector will benefit from newly designed smart healthcare applications as well as new medical devices and pharmaceutical developments. However, it needs to attract specialists, creators and investors to improve even more and faster. Similarly, it must develop its business models and optimize design, production and distribution.

The country is already making giant steps in its entrepreneurial drive and has risen significantly in the Global Innovation Output Index since 2010 when the Council of Ministers established the Research, Development and Innovation Authority. One of the main goals of the Vision 2030 is to be among the top ten countries in the Global Competitiveness Index by 2030.

Entrepreneurism is adopted at a rapid speed in the Kingdom of Saudi Arabia due to the increase of business incubators and accelerators and the development of a support structure for start-ups and scale-ups. They offer a practical way to equip small businesses (SMBs) as well as small and medium-sized enterprises (SMEs) with skills and knowledge to realise ideas and turn them into marketable products and services.

It is accepted that SMBs and SMEs are important contributors to mature economies. As a result, Saudi Arabia`s Vision 2030 seeks to increase the development of start-ups, scale-ups, SMBs and SMEs by facilitating their access to talent, access to market, access to finance and favourable regulations.

Business Start Up Saudi Arabia has a network of subject matter experts and specialists to assist with activities throughout the lifecycle of a business in the Kingdom of Saudi Arabia. The activities include Market Research & Assessment Saudi Arabia, Saudi Arabia Business Case, Saudi Arabia Business Model Development, Feasibility Study / Business Plan Saudi Arabia, Organizational & Operational Structuring Saudi Arabia, Saudi Arabia Sponsorship & Partnership, Company Formation Saudi Arabia and many others.

Please click on the link to learn more about the latest developments in the region and the opportunities and possibilities in the Kingdom of Saudi Arabia as well as the initiatives of Business Start Up Saudi Arabia.