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Oman Pharmaceuticals and Healthcare Report Q1 2011
Business Monitor International, Dec 2010, Pages: 74
The 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.
In BMI’s Business Environment Rating (BER) matrix for Q111, Oman is ranked 13th in the Middle East and Africa (MEA) region, having dropped a few places over the past two quarters due to relative improvements in other markets. Key drawbacks include Oman’s strict price controls and small population, which will continue to keep the overall pharmaceutical values at relatively low levels in global terms. However, the country does offer some draws, including its preference for branded products, a low-cost manufacturing base and an improved intellectual property (IP) environment. In addition, the country’s healthcare system is advanced and highly regarded around the world. In fact, the limited liability company Oman LNG recently signed four landmark deals with the country’s Ministry of Health (MoH) to provide funds of up to OMR667,000 (US$1.73mn). The amount will be used to purchase equipment to improve healthcare delivery and provide valuable training to nurses, in line with the authorities’ focus on healthcare modernisation. Imported medical equipment has a significant role to play, given the country’s reliance on foreign-made devices.
However, while pharmaceutical sale values in Oman have risen strongly over the past years, due to strong economic performance driven by oil revenues, the market was still only valued at OMR127mn (US$331mn) in 2009 – a negligible figure in global terms. Nevertheless, by 2014, the value of the Omani drug market is forecast to reach OMR230mn (US$597mn), equating to a compound annual growth rate (CAGR) of 12.5%, which is considerably above the rates expected in most of the world’s developed markets. Key drivers include the private sector and population ageing and expansion. By the end of the extended 2009-2019 forecast period, Oman’s pharmaceutical spending will reach a value of OMR314mn (US$816mn).
Nevertheless, risks to our healthcare and pharmaceutical forecasts exist, mostly in the shape of oil production and prices, given the country’s reliance on oil revenues and the fact that public funding covers over 70% of total healthcare expenditure.
Moreover, while the worst of the downturn is now likely to have passed, it must be stressed that a return to pre-crisis levels of asset growth and profitability will be unlikely in the short term
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