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Oman Pharmaceuticals and Healthcare Report Q3 2008
Business Monitor International, Aug 2008, Pages: 66
Our Oman Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Oman's pharmaceuticals and healthcare industry.
Despite being forecast to grow at around 6% per annum in the next five years, Oman’s drug market remains marginal in global, as well as regional terms. Its value is likely to top US$146mn in 2012, up from under US$110mn in 2007. Key factors supporting a steady growth are a rapidly ageing population, a strong healthcare system, and a wealthy population. Additionally, ongoing healthcare modernisation will continue to stimulate the development of the demand for latest pharmaceuticals. Most recently, in April 2008, the government unveiled that five new health centres will be built in various other regions, at a cost of OMR4mn (around US$10.5mn), in keeping with their aim of emphasising the importance of primary care to the general health of the population.
Overall, however, Oman remains firmly placed in the middle of the 13 key Middle East and Africa (MEA) markets. In Q308, Oman is ranked joint seventh (alongside Saudi Arabia), with its position improving by one place as Turkey was moved to another region, rather than due to the improvement of its actual score. Nevertheless, Oman’s main strengths include a highly urbanised population and continuity in policy as well as a forecast steady market growth. On the other hand, the country’s score is negatively impacted by a small size and a somewhat lacking approvals and pricing environment, although the formation of a Gulf Co-operation Council (GCC) common market of the six member states (the United Arab Emirates (UAE), Kuwait, Bahrain, Qatar, Saudi Arabia and Oman) at the beginning of 2008 will serve to gradually standardise various other procedures across the region.
In the meantime, the government has moved to encourage some pharmaceutical research and development (R&D) in the country, which has so far been limited, given the small profile of the local industry. In October 2007, however, the government approved the creation of a referral center for advanced stem cell therapy, which is run by an Indian hospital. More recently, in May 2008, an Omani company signed an agreement for the provision of cord blood stem cell storage with the Dutch Cryo-Save Group, paving the way for the first such facility in the country.
The above is illustrative of the rise of medical tourism in Oman. Owing to the country’s high-class medical facilities, many foreign patients (including those from Western countries) are choosing to receive treatment in the country ahead of destinations such as the US or Europe. Oman has recently emerged as the most likely target for investors looking to capitalise on the Middle East's healthcare infrastructure boom. Majan Development Company (MDC) is planning to invest between OMR300mn (US$779mn) and OMR400mn (US$1,039mn) to build a new healthcare city near Muscat, with works to start by 2009.
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