Azerbaijan demonstrates investment potential to the healthcare industry
Azerbaijan is fast becoming recognised as a major player in the healthcare industry, according to a report by analyst and consulting firm, Frost & Sullivan.
The report states that the growth of Azerbaijan’s healthcare industry is a result of the Azerbaijani Government’s continued healthcare reform and targeted investment in the sector. Azerbaijan’s healthcare budget has been increased 10 times in the past decade and the country's healthcare infrastructure widely developed, with over 500 healthcare facilities being constructed or redeveloped during that period.
Development is being further stimulated by the deficit of medical expertise, equipment and personnel in the country. The Azerbaijani Government has recognised the need to establish a robust public health initiative in order to cater for the country’s growing population – currently over 9m with an average age of 30-years-old. The report highlights that in 2010, $225m was allocated to nine state-operated healthcare programmes out of a total healthcare budget of $612m – a figure that is expected to reach $760m in 2013.
Discussing Azerbaijan’s healthcare initiatives, Frost & Sullivan Healthcare Research Analyst, Uldouz Berenjforoush commented: “Azerbaijan’s long-term plans focus on further developing its primary care and making coverage universal. The ongoing process provides a great opportunity for private investments. Further, most of the modern technology and equipment used in the new and renovated hospitals are imported, which positions Azerbaijan as an attractive destination for healthcare vendors. The flourishing economy and growing healthcare system provide lucrative opportunities for the pharmaceutical sector, medical facilities and equipment, as well as personnel investments.”
The Government is currently promoting medical careers to the country’s youth and graduates, sponsoring continued education for students to study in countries with established healthcare teaching institutions, including Turkey, Europe and the US.
Considering the future of Azerbaijan’s healthcare industry, Turkey-based Healthcare Analyst, Hilal Cura said: “A resource-rich country, Azerbaijan is seen as a potential hub for the region to not only provide the latest medical facilities with the best expertise to its population but also to attract interests from the neighbouring countries, with investments in medical equipment, pharma, healthcare and training facilities. Azerbaijan’s market outlook is very positive, with its high growth capacity, the economy’s upward trend, and the government’s focus on development. Any investment in the country’s healthcare industry, therefore, promises to be rewarding.”
Healthcare investors have the opportunity to learn more about the country’s healthcare and medical sector at the 19th Azerbaijan International Healthcare Exhibition, which will take place between 31 October and 2 November 2013 at the Baku Expo Centre. The exhibition, the largest of its kind in the Caucasus, will highlight the latest achievements in the medical industry in Azerbaijan, give a platform for medical equipment and services companies to showcase their products and provide networking opportunities for healthcare professionals, manufacturers and distributors. For more information, please visit the event website: www.bihe.az/2013.