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Oman Pharmaceuticals and Healthcare Report Q2 2009
Business Monitor International, March 2009, Pages: 72
BMI's Oman Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Oman's pharmaceuticals and healthcare industry.
In the BMI‘s Business Environment Ranking matrix for Q209, Oman is once again ranked in 9th place (which is this time not shared with Morocco) out of the 17 regional markets surveyed in the Middle East and Africa (MEA) region. The country’s strengths as a destination for investment by foreign drugmakers include its wealthy and rapidly ageing population, preference for branded products, and an improved intellectual property (IT) environment. Additionally, the country has emerged as an important provider of medical tourism services, with Majan Development Company (MDC) scheduled to start the construction of US$1bn healthcare city near the country’s capital of Muscat. However, Oman’s strict price controls and small population continue to keep the overall pharmaceutical values at levels virtually negligible in global terms.
In fact, despite boasting one of the most efficient healthcare systems in the region, Oman’s pharmaceutical market was only worth US$117mn in 2008 at consumer prices. By 2013, we expect the market to grow at a compound annual growth rate (CAGR) of some 7.43%, which is higher than that of the larger market, such as Kuwait. However, at US$167mn in 2013, Oman’s pharmaceutical market will not command major attention of multinational companies, especially as the need for cost-containment in the largely publicly funded system increases in the coming years.
Still, US companies – especially those involved in research and production of novel long-term treatments - should benefit from an improvement in operating conditions, following the recently signed free trade agreement (FTA) between the two countries. In December 2008, an FTA was also signed between the Gulf Cooperation Council (GCC), of which Oman is a member, and Singapore, becoming the first-ever bloc-wide agreement. While the key desire of the two sides is to enhance air services, pharmaceuticals from Singapore are also likely to find a receptive audience across the GCC.
In the meantime, though Oman's financial sector is relatively insulated from global problems, the oil and gas sector's reliance on commercial finance will undermine some of the country's major economic projects. Economic activity will be hit by the tail-wind of the global financial crisis, but the healthcare sector financing seems assured following the news that - despite the sharp downturn in oil prices – Oman was planning to increase its budgetary expenditure in 2009 by almost 20%.. However, economic growth in 2009 will be significantly down on the 2008 figure (which we forecast to come in at 6.4%), and the loss of an annual US$7bn in oil export earnings over the previous year - as oil prices remain under sustained pressure in 2009 - will imperil new project activity, feeding through into a dampened domestic demand outlook.
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