Biomedical sector seeing growth spurt

Dubai: The biomedical sector in Dubai is thriving, despite the global economic downturn, said the director of Dubai's bio-technology park, largely due to the public's growing sophistication.

Dubiotech confirmed its first tenant in its Nucleotide Complex yesterday, with plans to recruit 15 more this year. German company Maquet, makers of operating room systems and intensive care units, inked the deal to have its Middle East headquarters in the park.

Marwan Abdul Aziz, director of Dubiotech, told Gulf News after the press conference announcing the partnership that the sector was protected.

"Many companies here provide crucial services, such as pharmaceuticals and medical devices. People will not stop needing them because they have less money," he said.

"We've talked to our business partners; we were concerned. So far, we haven't seen any slowdown. They are not shutting down," he added.

Better awareness and acceptance of new bio-medical technology, such as cord blood banking, among the public have also helped insulate the sector.

Cord blood banking initially received a lukewarm response when it was first introduced in the UAE in 2007, but has grown in popularity after health authorities conducted public awareness campaigns.