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Oman Pharmaceuticals and Healthcare Report Q4 2009
Business Monitor International, Aug 2009, Pages: 67
This Oman Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Oman pharmaceuticals and healthcare industry
In the Q409 Business Environment Ranking (BER) matrix for Middle East and Africa (MEA), Oman is placed seventh, having improved its position by three places in relation to the previous quarter. However, as its score is unchanged, the shift can be explained as a result of the worsening of the scores awarded to other markets surveyed by BMI. Globally, Oman ranks 44th out of the total of 71 markets profiled, with its small population and strict price controls continuing to represent major barriers to investment in the market.
Nevertheless, Oman does offer certain advantages over larger – but less developed – markets in the MEA region. Its preference for branded products, combined with a low-cost manufacturing base and an improving intellectual property (IP) environment will conspire to increase the value of its market at retail prices from OMR44mn (US$117mn) in 2008 to OMR60mn (US$157mn) by 2013. The compound annual growth rate (CAGR) of the pharmaceutical expenditure is penned in at a steady yet unspectacular 6.07% in both US dollar and local currency terms, although the need for costcontainment, especially given current economic turbulence, will result in the falling market share of patented products.
In fact, buoyed by rising oil production, the government will continue to attempt to spend its way out of recession, seeking to boost non-oil sectors over the long term as well as reducing public sector expenditure. Revenues from crude oil have been falling in recent months, with the slowdown incentivising the government to devise a long-term strategy for non-hydrocarbons growth. While most of the development will happen in the metals and the petrochemicals sectors, pharmaceutical production for domestic use may also receive a boost, in a bid to reduce the overreliance on imports. Prescription medicines will, however, continue to benefit from the fact that Oman boasts one of the most efficient healthcare systems in the region as well as from the rising prominence of the private sector – stimulated by the exclusion of expatriate workers from public healthcare schemes and the increased demand for medical tourism. On the other hand, the demand for over-the-counter (OTC) products will remain limited, given the generous extent of the public healthcare system, although they are expected to increase their share of the total from 11% in 2008 to 13% in 2013.
In the meantime, continuing its modernisation plans, the Ministry of Health recently awarded the contract for the building of the OMR15mn (US$39mn) cardiac care centre at the Sultan Qaboos hospital in Salalah to Galfar Engineering & Contracting. Authorities remain committed to public healthcare provision improvements, the latest announcement following reports that five new health centres will be built across Oman at a cost of OMR4mn.
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