One of the world's most influential medical technology advisory companies is looking to expand its reach to the Middle East in light of the booming diagnostic and device market, worth an estimated $600 billion and growing fast.
Life Science Intelligence (LSI) brings together investors and entrepreneurs as well as industry leaders in the MedTech sector which is expanding at an estimated 5 per cent a year, according to chief executive Scott Pantel.
“We have a sincere interest in partnering with investors in the Middle East who see the value of health care and MedTech,” Mr Pantel told The National.
The Middle East and the UAE is a very cutting-edge-technology-driven part of the world. There is an increasing amount of interest from the region but I think we are just scratching the surface
Scott Pantel,
Life Science Intelligence
“We are thinking seriously about bringing an event to the Middle East in the next year or so.
“The Middle East and the UAE is a very cutting-edge-technology-driven part of the world and we are finally seeing the convergence of traditional medical devices and diagnostics with data software and tele-health.
"We are very bullish about the space. We think this industry is set up for double-digit growth over the next five years. So, we are very much looking forward to aligning ourselves with groups in the Middle East who would like us to bring this type of innovation to the region.”
Asked where he would like to hold the summit, he replied: “Dubai or Abu Dhabi would be our obvious first thoughts.
“But we have a blank piece of paper at this point and we will move to the location where partners can rally round what we are trying to do.
“Currently there is an increasing amount of interest from the region but I think we are just scratching the surface."
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What's next in MedTech?
Robotics, AI, and machine learning ― for routine surgical procedures, medical machines, and programmes and algorithms able to help diagnostics.
Cardiovascular and cancer-related medical devices ― everything from new and more sophisticated cardiac grafts and ventricular-assisted heart devices to non-invasive cancer treatments.
Remote patient monitoring ― for better patient outcomes, faster response time, and significant cost reductions.
Digital therapeutics ― software programs accessed via a patient’s smartphone or PC that can monitor and help treat a patient. This then frees up human medical care time and can highlight immediate issues rather than the need for an appointment.
New ways to develop drugs ― the greater use of AI and ever-increasing computing power to aggregate more data to reduce the current trial and error approach to creating new drugs.
Nanomedicine ― the medical application of nanotechnology, which operates on the tiniest atomic and molecular level, opening new ways to image, diagnose and deliver health care and combat major killers such as heart disease and cancer.
Mobile diagnostics ― sophisticated devices able to speedily diagnose a whole range of potential illnesses and conditions in one assessment, without the need for centralised laboratory testing, and delivering gold standard and early intervention results.
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Finding investors
After almost 20 years in business, LSI has just run its first summit outside California, which was held near London and attended by 450 delegates.
More than 100 hand-picked early-stage companies attended seeking investment.
Mr Pantel, if only tongue in cheek, likened it to business speed dating, with entrepreneur pitches to prospective investors lasting no more than nine minutes. He estimates investment worth up to $2bn was secured over four days last week.
Figures from world-leading companies in the space such as Medtronics, Johnson & Johnson and Siemens also gave their thoughts on future trends and the rapidly expanding sector.
“We are seeing the digital transformation of health care," Mr Pantel said.
So what are the areas that are creating such excitement and what is driving the growth?
“At a macro level it is an ageing population plus the ripple effect of Covid and what was required of us [to deal with] Covid,” he said.
Mr Pantel points to the expansion of big data software, artificial intelligence, virtual reality, remote patient monitoring and digital health wearables, such as Apple watches.
For example, if you have cardiovascular issues your doctor can place a patch on to the body to monitor what is going on.
Remote consultations
Telehealth is another boom sector. “During Covid you didn’t go in to see your physician, [you would] maybe go on to a Zoom call and have your check-up via your desktop. The need to go into the office or the hospital has changed dramatically," Mr Pantel said.
Surgeons around the world can now remotely take part in procedures to share best practices, with clinicians and healthcare systems collaborating like never before.
There has also been an explosion in virtual reality. Companies are training physicians and prepping them for surgery on the actual physiology of the patient that they will be seeing, prior to the surgery actually happening. With VR and AI a procedure can be simulated before it takes place.
There is also a big shift in thinking and the idea of moving from a survivor mentality to one of the "pre-vivor", where clinicians are able to identify issues well before they would otherwise be able so that people can be treated earlier in the disease cycle. Data shows that early detection is vital in the treatment of cancer and Alzheimer’s.
Urgent need for intelligent tech in health care
For Bernd Montag, the chief executive of Siemens Healthineers, innovation cannot come quickly enough for an organisation such as the NHS in the UK.
He said the NHS needed to inject more “intelligence into the system”.
“When you have more demand than you can fulfil, this is where innovation plays a role. This is when you invest in technology.”
Mr Montag emphasised that the key to health care is early diagnosis, not throwing medical staff and resources at the problem later. And to maximise use of the technology.
He also spoke about the “hidden cancer pandemic” facing the UK and other nations. Cancer currently kills 10 million people globally every year, five times the number of Covid deaths, so why does cancer not command the same fear in governments, health professionals and the public?”
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UAE currency: the story behind the money in your pockets
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'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
The specs
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Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
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Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
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- Individuals must register on UAE Drone app or website using their UAE Pass
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What are the regulations?
- Fly it within visual line of sight
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Zayed Sustainability Prize
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
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Know your camel milk:
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Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
Series result
1st ODI Zimbabwe won by 6 wickets
2nd ODI Sri Lanka won by 7 wickets
3rd ODI Sri Lanka won by 8 wickets
4th ODI Zimbabwe won by 4 wickets
5th ODI Zimbabwe won by 3 wickets
First Person
Richard Flanagan
Chatto & Windus
Iran's dirty tricks to dodge sanctions
There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.
1 Going Dark
A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.
2. Ship-to-Ship Transfers
A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.
3. Fake Destinations
Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.
4. Rebranded Barrels
Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.
* Bloomberg
