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Oman Pharmaceuticals and Healthcare Report Q1 2009
Business Monitor International, Feb 2009, Pages: 72
BMI's Oman Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Oman's pharmaceuticals and healthcare industry.
Oman’s drug market is small, although it is growing rapidly. Between 2008-2013, pharmaceutical expenditure should grow at an annual average rate of 8.4%, in nominal terms. However, due to high levels of inflation, the real growth rate will be closer to 4%. Nevertheless, the level of growth remains encouraging and is being driven by rapid demographic change in Oman, which should see the population swell from 2.7mn in 2008, to 3.2mn in 2013,. Additionally, Oman’s per-capita expenditure remains low, at just US$42.5 in 2007, meaning that the market has been expanding from a low base. In recent news, the decision by Oman’s Ministry of Health to tighten controls on the approval of herbal medicines - as reported last quarter - seems to have had a regional impact. Demonstrating the trend for regulatory harmonisation across the Gulf, the Khaleej Times has reported that the Gulf Cooperation Council (GCC) is now ready to draft a regional law to regulate alternative and traditional medicines. The law is expected to include requirements for the registration of traditional medicine practitioners and the approval of herbal medicines.
Meanwhile, despite the sharp downturn in oil prices, Oman is planning to increase its budgetary expenditure in 2009 by almost 20%. With public resources making up the majority of health spending in the sultanate, this spells good news for the health sector. Strong oil prices in the past five years have turned Oman’s fiscal deficits into surpluses over the past five years,boosting the economy and giving the government some leeway during economic downturn.
In BMI’s Business Environment Raking (BER) for the Middle East Region, Oman is ranked in joint 9th position. The fall in position has been due to the entry of a number of new markets in our rankings, such as Morocco. Oman’s relatively low position is caused by the small overall size of the market, despite the fact that growth should remain rapid. On a positive note, the recent decision to establish a human rights commission for the first time in Oman should help the country’s long-term political stability.
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