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Oman Pharmaceuticals & Healthcare Report Q1 2008
Business Monitor International, Feb 2008, Pages: 65
The Oman Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Omans pharmaceuticals and healthcare industry.
Oman is regarded as having one of the most efficient healthcare systems in the Middle East & Africa (MEA) region as well as globally, with a recent study by the World Health Organization (WHO) placing the country best in terms of outcome. Consequently, the growth of the pharmaceutical market is ensured in the short to medium term, supported by excellent healthcare facilities, which are continuing to receive attention from foreign investors. The exclusion of expatriate workers from public healthcare schemes and the increased demand for medical tourism,- supporting further development of the private healthcare market in the country - will further stimulate the sector.
However, despite the recent improvements in Oman’s intellectual property (IP) environment, as a result of the signing of the Oman-US free trade agreement (FTA), some issues remain in regards to approval of medicines. The registration of products on the Omani market is only possible after they have been on sale for at least two years on the source market, resulting in unwelcome delays. Nevertheless, the rising demand for novel and hi-tech treatments will act as a counterweight to this obstacle, with a number of multinationals likely to launch their products locally after the end of the period specified by the registration legislation. In regional terms, the author’s revised Q108 Business Environment Rankings for the Middle East & Africa region places Oman in joint eighth place, alongside Jordan.
Overall, prescription and patented drugs are expected to remain the dominant products within the overall market, at 97% and 92% of the total value, respectively. Their position will be retained by an affluent population, modernisation of healthcare facilities and the development of the private sector. On the other hand, cost-containment policies promoted by the government will encourage the development of the over-the-counter (OTC) and generics sectors.. The government is presently considering the introduction of a faster generics approval process for Indian-made products, which are increasingly present in the Gulf Cooperation Council (GCC) states.
Some investment in local manufacturing facilities can also be expected, as companies recognise the rising regional demand for generics. Oman Pharmaceutical Products Company (OPPC) is attempting to exploit this avenue by offering contract manufacturing to multinationals. In addition, the US-based Ascent Medical Technology Fund II is creating a joint venture with Salalah Medical Supplies Manufacturing Company (SMSMCo), with the aim of opening a medical manufacturing centre to supply exports.
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