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Oman Pharmaceuticals and Healthcare Report Q3 2011
Business Monitor International, June 2011, Pages: 80
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's pharmaceuticals and healthcare industry.
Regionally speaking, Oman represents a moderately attractive market. While its positives include well-developed healthcare and an improved intellectual property (IP) environment, Oman is a small market, limited by a modest population of under 3mn. Nevertheless, the traditionally dominant patented drugs segment will continue to attract multinational interest.
Headline Expenditure Projections
- Pharmaceuticals: OMR133mn (US$345mn) in 2010 to OMR144mn (US$373mn) in 2011; +8.1% in local currency terms and +8.1% in US dollar terms. Forecast unchanged from Q211.
- Healthcare: OMR576mn (US$1.50bn) in 2010 to OMR632mn (US$1.64bn) in 2011; +9.7% in local currency terms and +9.7% in US dollar terms. Forecast down from Q211 due to macroeconomic factors.
- Medical devices: OMR38mn (US$100mn) in 2010 to OMR41mn (US$108mn) in 2011; +8.0% in local currency terms and +8.0% in US dollar terms. Forecast unchanged from Q211.
Business Environment Rating: Oman again ranks in ninth place within the 19 key markets surveyed by our proprietary Business Environment Rating (BER) matrix for the Middle East and Africa (MEA) region. However, its composite score is somewhat lower (-3.1%) than in the previous quarter, on the back of the lower score awarded for Oman’s industry rewards variable. Over the coming years, we expect the more populous regional markets to overtake Oman in the matrix, despite the fact that Oman has a relatively low risk profile in regional terms.
Key Trends & Developments
- Healthcare services providers in Malaysia are looking to benefit from the potential of medical tourism in Oman. Faith Tang, assistant manager of international marketing at Malaysia-based Sime Darby Healthcare, noticed the scope for offering treatments for blood diseases, paediatric oncology and obesity in Oman. Tang added that Malaysian companies would benefit if they offer treatments not available in Oman and provide speciality services such as bone marrow and liver transplants.
- The Ministry of Health (MoH) of Oman is also seeking to eliminate tuberculosis (TB) through anti-TB efforts such as a training workshop organised for healthcare personnel for the disease on March 30 2011, reported Oman Daily Observer. The spread of the disease in the country has decreased by more than 75% to 213 cases in 2010.
Economic View: Strong government consumption, coupled with its investment drive, will contribute to a steady recovery in asset growth in Oman in 2011, especially as the government looks to expand the non-hydrocarbons sector. The impact of 2010's higher oil prices is feeding through in Oman and, buoyed by higher revenues, the government has set out plans for a bumper budget in 2011. Spending will be channelled into the development of downstream projects that can take advantage of Oman's existing industrial base, as well as research and development and higher spending on public services. However, since the start of 2011, protesters have taken to the streets of Oman, demanding better wages, jobs and the sacking of corrupt ministers. While this has significantly raised risk premiums, it also has the potential to further improve investment in healthcare system and facilities. With the political situation far from stable, we expect households and businesses to be cautious about taking on new debt in the coming months, while banks will likely remain hesitant to lend, which could negatively affect the performance of industrial sectors, including pharmaceuticals.
Political View: As Sultan Qaboos recently celebrated his 40th anniversary as Oman's ruler, the country has been reflecting on its development during his reign. Massive strides have certainly been made in all areas of economic and social development, not least in health and education. Women's rights have also improved and government efforts continue to support changes in areas where inequalities still exist, such as property ownership. However, many foreign workers remain excluded from this prosperity and we see little impetus for change on this front, given the twin emphasis on stopping illegal immigration and promoting the employment of local workers over expats.
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