AD201010706029969AR
AD201010706029969AR

New software cures old ills



To catch a glimpse of how technology is playing an ever greater role in patient care in the UAE, consider the radiologists at the Dubai-based Gulf Healthcare International. The hardware they use to take X-rays and other scans is cutting-edge but the technology revolutionising health management today plays its role after the machines have done their job.

For example, Gulf Healthcare uses an information system that allows the results of all radiology, ultrasound and MRI tests to be stored digitally. Add what is called the "picture archiving and communication system" and the information can be transferred to doctors and hospitals electronically. "This allows you to compress data to pass it on" to any medical professional who needs to review a patient's files, says Mark Adams, the chief executive of Gulf Healthcare. "It also creates an appropriate database to keep tabs on your patient as circumstances change over time."

Such precise tracking also greatly reduces the risk of errors in diagnoses that can be the result of incomplete information. A paper-based system is much more likely to be problematic because data can be mislaid or inadvertently wrongly collated. While advances in technology have long helped researchers and scientists develop new treatments and medicines, until recently the day-to-day operations of healthcare providers remained largely the same: handwritten patient records kept in manila folders stored in filing cabinets.

But as societies grapple with spiralling healthcare costs, technology experts have created a new market offering healthcare providers ways to make their operations more efficient. The GCC, in particular, is an attractive market for technology businesses: the healthcare industry was estimated to have been worth between US$15 billion (Dh55.09bn) and $18bn last year and is expected to grow fivefold by 2025. Efficiency encourages quality, says Ameera Youssef, the business director at Acorn Research Group in Dubai. "[A digital system] makes the data more convenient. It's confidential and readily available."

Digitising the results of diagnostic procedures and the medical histories of patients is a priority at Gulf Healthcare, which is owned by the Kuwaiti private equity company Global Capital Management. Gulf Healthcare has invested about $100 million in 30 medical businesses throughout the region. As it has expanded, the company has integrated existing IT systems to create more efficient ones that helps cut costs.

Investment in health care is a top priority for governments throughout the GCC. Most are working with private companies to build clinics and hospitals that can care for thousands ? and installing the latest technology from the beginning, Ms Youssef says. Acorn Research predicts spending in the GCC by 2025 will top $57.3bn. Abu Dhabi, in particular, has placed a high priority on making technology part of its overall upgrade in the health care it provides for residents. The emirate is increasing its investment in healthcare infrastructure with plans to add 2,000 hospital beds to the existing 3,642 over the next 10 years. Mubadala Healthcare, a division of Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, has partnerships with international medical organisations.

One of Mubadala's key projects is the Cleveland Clinic Abu Dhabi, which is due to open in 2012. It is an offshoot of the Cleveland Clinic in the US, one of America's top medical centres. Even before the foundations are laid for the facility in the capital, technology is being tailored to suit the specific requirements of hospital staff, says Dr Andrew Fishleder, the chief executive of Cleveland Clinic.

"In this day and age of medicine, the model for practice has the clinical work flows and operating models intertwined with IT. "We will keep track of that information electronically and share it between doctors and patients." Technology is also an important part of operations at the Imperial College London Diabetes Centre, which Mubadala opened in Abu Dhabi in 2006. Two years ago, Sheikh Khalifa Medical City in the capital installed a "health information system", which replaces paper records with digital ones that are available throughout the clinic and hospital system.

By using such systems, administrators can prevent double-billing, misdiagnoses and ensure faster reimbursements. A more efficient practice helps to determine the quality of care, Ms Youssef says. But while administrators have embraced technology in healthcare practices, she adds that it is sometimes a slow process to get healthcare providers to embrace it. That is exacerbated by the fact that - tech-savvy or not - there are not enough doctors, nurses, technicians and other healthcare specialists. The World Health Organisation estimates that globally there is a shortfall of 4.3 billion healthcare personnel.

And there are limits to what technology can do, says Mr Adams. Automation will never be able to form the judgement of a trained doctor, he adds. @Email:ashah@thenational.ae

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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