Abu Dhabi University has launched a campaign to make cochlear implants cheaper for those with hearing loss in the UAE.
The UAE Hears the World Initiative is a new project in tandem with Swiss company Neubio, which produces electronic-free earpieces.
It will include donating 50 implants to various groups across the UAE and around the world to support people in need ahead of Ramadan this month.
The earpieces will be donated to organisations participating in the campaign.
The price of cochlear implants range from $27,000 to $68,000 in the UAE, which includes the cost of surgery and the device itself, which, depending on the model, come with a $20,000 to $30,000 price tag.
Under the new initiative, where they will be produced domestically, they are expected to cost $10,000 to $12,000.
These are made-in-UAE cochlear implants, based on Swiss technology or European technology, which is new
Dr Montasir Qasymeh,
Abu Dhabi University
Dr Montasir Qasymeh, associate provost for research, innovation and academic development at the Abu Dhabi University, said the partners were still being sought to help with mass production of the devices.
"These are made-in-UAE cochlear implants, based on Swiss technology or European technology, which is new. So this is going to be made available. We are now in the process of communicating with authorities," he told The National.
"It's a new trend that we are starting. The university is hosting a high-tech company and collaborating with governmental entities to bring in new technology.
"Having a high-tech company in a university collaborating with a hospital and supported by the Ministry of Economy has never happened before."
The UAE Hears the World Initiative launched in February.
The company's affordable hearing aids are electronic-free, which reduces the risks associated with electronic failure and the need for revision surgery.
It is also designed to be compact, offering surgeons greater flexibility during procedures and reducing surgery time under anaesthesia with less drilling.
Its technology uses a digital-to-analogue electric simulation, which provides users with a full-spectrum hearing experience that closely mimics natural hearing.
Dr Qasymeh said the implants would first be made available to Emiratis and then to residents at a later date.
He said their plan is to eventually ensure that the cochlear implants are included within medical insurance plans.
About 2.5 billion people are projected to have some degree of hearing loss by 2050, while at least 700 million will require hearing rehabilitation, the World Health Organisation says.
More than 5 per cent of the world's population – or 430 million people – require rehabilitation to address some loss of hearing. These include 34 million children.
It is estimated that by 2050 more than 700 million people – or one in 10 – will have disabling hearing loss.
The WHO says annual additional investment of less than $1.40 per person is needed to scale up ear and hearing care services globally.
Over a 10-year period, this promises a return of nearly $16 for every dollar invested.
Joshua Chang, director of global impact at Neubio, said the company hopes their devices can reach underserved communities.
Through the initiative, Neubio aims to make hearing solutions accessible to people regardless of their economic status and is committed to providing the implant device at a significantly reduced cost.
"The initiative promotes both medical device innovation and humanitarian efforts," said Mr Chang.
Mr Chang said the aim was to break free from the constraints of high-cost devices and enable production of advanced technology within local communities, thus serving those who could not previously afford or have access to these implants.
"We aim to enhance the accessibility of cochlear implants by offering them at a price range of $10,000 to $12,000," said Mr Chang.
"Generally, the cost of implants range from $20,000 to $30,000.
"The realisation of this goal depends on the terms of our partnerships, the support to expand the patient base and our capacity to manufacture locally here in the UAE."
Mr Chang said the cost of cochlear implants in the UAE can vary based on factors such as the type of implant, the hospital or clinic providing the implantation surgery and additional services included in the treatment package.
"Beyond offering a more affordable cochlear implant solution, we're showcasing the UAE's capability to contribute to global healthcare solutions by locally producing an assistive device in high demand worldwide," he said.
Mr Chang said by manufacturing in the UAE, Neubio can eliminate the need for importing devices and can cater to the GCC region and Mena countries where individuals face barriers accessing inexpensive implant options.
The implants have already been approved by the Department of Health in Abu Dhabi, Mr Chang added, and a pilot programme is now being lined up.
He said the company was in the process of teaming up with government agencies, healthcare and corporate social responsibility (CSR) partners in the UAE.
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The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
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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.”
