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Oman Pharmaceuticals and Healthcare Report Q1 2010 (Business Monitor International)
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Pharmaceutical market in Oman is forecast to increase from US$124mn by the end of 2009 to US$171mn by 2014 |
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- Market: Healthcare and Medical
- Published Date: 18 Jan 2010
- Report Title: Oman Pharmaceuticals and Healthcare Report Q1 2010
- Table of Contents: View Table of Contents
- Report Type: Market Report
- Country: Oman
- Number of Pages: 63
We expect the total pharmaceutical market in Oman to increase from US$124mn by the end of 2009 to US$171mn by 2014, representing a compound annual growth rate (CAGR) of 6.6%. This will slow down to around 3.6% between 2014 and 2019 to give as final market value of US$204mn. This is one of the smallest Middle Eastern drug markets, with limited interests from multinational firms. Its domestic pharmaceutical industry cannot produce enough to meet local demand, shown by the wide medicine trade balance later in the report.
The Minister of Health in Oman has stated that the Gulf Co-operation Council (GCC) common drug policy is benefiting member states through favourable procurement deals. Certain medicines are purchased through joint tenders for the region which present a significant cost advantage to the smaller states like Oman.
The common drug policy extends beyond rational pharmaceutical spending. The strategic body for ensuring that all public health sector drugs are the same is comprised of shared pharmacovigilance policies through the ‘surveillance reporting system’ and the formulary committee. Moreover, the registration process for essential medicines for public healthcare is centralised. This ensures that bioequivalence testing can be conducted where laboratories appropriate for the analysis are based. While a centralised registration process benefits smaller countries with limited resources, it offers little or no incentive for them to develop rigorous drug testing bodies of their own. The medicine lists for the GCC shared drug policy are likely to be limited to essential drugs only, which leaves more specialised pharmaceuticals to the individual registration procedures of GCC members. Oman has one of the smallest drug markets by value in the GCC. A small population with a rising number of non-communicable diseases will be the main drivers for growth, while local production remains limited. According the health minister of Oman, the Ministry of Health spent around 7.6% of its total budget on public sector medicines in 2008. It is highly likely that membership of the GCC common drug policy means that access to public healthcare medicines has increased in Oman.
The Minister of Health in Oman has stated that the Gulf Co-operation Council (GCC) common drug policy is benefiting member states through favourable procurement deals. Certain medicines are purchased through joint tenders for the region which present a significant cost advantage to the smaller states like Oman.
The common drug policy extends beyond rational pharmaceutical spending. The strategic body for ensuring that all public health sector drugs are the same is comprised of shared pharmacovigilance policies through the ‘surveillance reporting system’ and the formulary committee. Moreover, the registration process for essential medicines for public healthcare is centralised. This ensures that bioequivalence testing can be conducted where laboratories appropriate for the analysis are based. While a centralised registration process benefits smaller countries with limited resources, it offers little or no incentive for them to develop rigorous drug testing bodies of their own. The medicine lists for the GCC shared drug policy are likely to be limited to essential drugs only, which leaves more specialised pharmaceuticals to the individual registration procedures of GCC members. Oman has one of the smallest drug markets by value in the GCC. A small population with a rising number of non-communicable diseases will be the main drivers for growth, while local production remains limited. According the health minister of Oman, the Ministry of Health spent around 7.6% of its total budget on public sector medicines in 2008. It is highly likely that membership of the GCC common drug policy means that access to public healthcare medicines has increased in Oman.
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