Boston, MA -- (SBWIRE) -- 06/04/2014 -- Oman's strong demand for patented innovative drugs, driven by its traditional wealth, especially among the sizeable expatriate community, will continue to attract multinational company investment. Although a relatively small market in comparison with the rest of the Gulf Cooperation Council, high growth rate estimates over the next decade, the country's growing and ageing population and a rapid increase in non-communicable diseases provide opportunities for high returns on investment.

Headline Expenditure Projections

- Pharmaceuticals: OMR175mn (USD455mn) in 2013 to OMR192mn (USD505mn) in 2014; 9.5% in local currency terms and 11.0% in US dollar terms. Forecast broadly in line with Q214.
- Healthcare: OMR781mn (USD2.03bn) in 2013 to OMR860mn (USD2.26bn) in 2014; +10.1% in local currency terms and +11.5 in US dollar terms. Forecast revised slightly upwards due to macroeconomic changes.

Risk/Reward Rating

Oman has limited longer-term commercial potential due to its small population and the fact that the government is responsible for the bulk of healthcare costs, which will increase the need for cost containment in the coming years. In Q314, Oman's Pharmaceutical Risk/Reward Rating (RRR) scores 49.3 out of 100, which has seen the country move up two positions to 9th in the Middle East and Africa matrix. This is on account of receiving a higher score for its pharmaceutical market size (an industry rewards component) and economic diligence (a country rewards component).

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Key Trends And Developments

In April 2014, the undersecretary of the Ministry of Health for Planning Affairs, Al Talib Al Hinai, said construction of the government-funded medical city in Batnah, near Muscat, was expected to begin in the near future and will be completed in 2020. According to Al Hinai the project is in the first stage of choosing a project manager and the tendering process for construction will start soon. The medical city will consist of five hospitals, namely a general hospital, a paediatrics hospital, an organ transplant hospital, a neuroscience hospital and a trauma hospital. Additionally, a rehabilitation centre, an imaging centre, a laboratory centre and a research centre is planned to be built in the medical city. The construction of other components, including hotel and shopping centre, will be handed over to private companies.

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