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Oman Pharmaceuticals and Healthcare Report Q4 2008
Business Monitor International, Nov 2008, Pages: 70
Oman Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Oman's pharmaceuticals and healthcare industry.
Although Oman’s drug market remains small, even by regional standards, growth is strong, averaging over 6% per annum in nominal terms over the forecast period. However, expected high inflation in the economy in 2008 and 2009 should erode some of these gains in the short-term. Key drivers of growth include an ageing population, an advanced healthcare system and a further drive towards modernisation funded by soaring oil revenues. By 2012, the total market value should reach US$151.7mn, up from US$108.9mn in 2007.
In an important regulatory development, Oman's Ministry of Health will tighten controls on the approval of herbal medicines in response to the growing popularity of alternative therapies. By October 2008, all herbal medicine importers must be licensed by the Directorate General of Pharmaceutical Affairs and Drug Control (DGPA&DC). Furthermore, herbal products will need to be approved by the DGPA&DC. This could impact sales of OTC drugs in the shot-term as unliscenced drugs are pulled form the market, although ultimately a strong regulatory system will be beneficial to market development.
Meanwhile, in July 2008, to reduce public expenditure on health, Oman invited private hospital chains from India to establish large-scale facilities in the southern Dhofar region. It is our view that at least one hospital will be built, given the strong commercial ties that already exist between the two countries. Moreover, we believe that expansionist Indian player Apollo Hospitals will be involved in this pioneering scheme because it already has a facility in the capital Muscat.
In our Business Environment Raking (BER) for the Middle East Region, Oman is ranked in midposition, despite improving its score marginally in the quarter. Areas of improvement include Market Risk, with Oman scoring well for intellectual property and recently tightening its regulations regarding herbal products. Regulations could improve further as the Gulf Co-operation Council (GCC) looks to further integration, with the establishment of a GCC common market at the beginning of 2008.
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