The concept of business has been a lifeline to the economy of the United Arab Emirates that has to uplift the nation to its next level. Be it in the oil or non-oil sector, the nation has opened its arms for all. The UAE serves as a hotbed for entrepreneurs and established business persons in every industry. When it comes to the health-care industry, the opportunities are way-high and reaches the next level. Hospitals, Doctors, pharmacist, have got a vast platform to upgrade their skills and later on establish a business in the UAE. When it comes to the establishment of a pharmacy, it requires the owner to hold a license. If you are into the medical profession and wants to set up a pharmacy business, then the UAE is the ground you should go for.
The UAE pharmaceutical industry is the second-largest market in the GCC region after Saudi Arabia. According to the analysis done by Global Data, the industry is expected to grow by $5.7 billion by 2020 as medical tourism has been rapidly increasing in the past few years, and is on the edge of attracting 1.3 million tourists by 2021.
The UAE Pharmaceutical industry imports its products from 72 countries that make it an established ground for import-export business. The Government has been taking multiple initiatives to ensure long-term growth in this sector. The heart of UAE, Dubai, seeks to attract $2.5 bn to the sector and this strategy is a part of 2030 industrial strategy.
According to the Federal Law No. 4 stated in 1993, any person who is planning to set up a pharmacy business in Dubai needs to obtain a pharmacy license from the Department of Health Authority (DHA) to initiate the business operations, be it selling or manufacturing medicines. So, if you are aspiring to establish a company in Dubai, in the pharmaceutical sector, which holds a potential to become a thriving market in the future, you need to keep in mind that at the initial phase of company establishment, document plays a crucial role. In the next section of the article, you will be getting clarity regarding the documents that need to be presented.
In order to start the process of setting up a pharmacy business, you should have the following essentials in-hand.
The submission of the documents stated above will ensure that your pharmacy business gets incorporated in the region.
To set up a pharmaceutical company in the UAE, a pharmaceutical license is to be obtained. To obtain the same, the following steps need to be initiated.
A well-established plan to conduct an error-free company establishment process is hard to figure out in a foreign land. The complete process of establishing a company in a foreign land involves critical documentation process, along with legal laws that need to be followed. Having a helping hand beside you can ease the process to a great extent if your guide holds industry experience and is entirely aware of the foreign rules and regulations that are to be followed. If you are looking for a helping hand, we are here to help you in every step.
At Business Setup Worldwide, we have been serving clients across the world to incorporate their businesses, and we have been dealing with clients dealing in different industries. We stand as one of the best business consultants in the UAE as our business experts are well experienced and can provide custom solutions according to your business needs. Do contact us for any query- we’d be glad to assist.