New Healthcare market report from Business Monitor International: "Oman Pharmaceuticals & Healthcare Report Q4 2013"
Boston, MA -- (SBWIRE) -- 09/24/2013 -- BMI View: Although one of the smallest healthcare markets in the Gulf Cooperation Council, Oman boasts a 10-year compound annual growth rate of 9% in US dollar terms, a figure in line with large regional players Saudi Arabia and the UAE. There are two reasons for this: Public and foreign investment in the planning and construction of two US$1bn large medical cities will see Oman become a regional medical tourism hub in the long term. Meanwhile, government policies will see the healthcare financial burden gradually shift towards the more lucrative private healthcare sector with continuing foreign investment.
Headline Expenditure Projections
- Pharmaceuticals: OMR160mn (US$415mn) in 2012 to OMR173mn (US$455mn) in 2013; 8.2% in local currency terms and +9.7% in US dollar terms. Forecast revised slightly downwards to due modifications to historical data.
- Healthcare: OMR709mn (US$1.84bn) in 2012 to OMR770mn (US$2.03bn) in 2012; +8.6% in local currency terms and +10.0 in US dollar terms. Forecast broadly in line with Q313.
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In Q413, Oman receives a score of 46 out of 100 in BMI's Pharmaceutical Risk/Reward Rating (RRR) matrix for the Middle East and Africa, one basis point lower than its Q313 score of 47. Despite this, the country maintains its position at 11th place in the Middle East and Africa region. This is due to our revised view of a less-favourable outlook of the country's risk profile. Oman has limited longer-term commercial potential on account of 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
Key Trends And Developments
UK-based Star Care Health Systems' affiliate in Oman Star Care Hospital reported it will spend OMR50mn (US$129mn) in Oman's private healthcare sector over the next few years to establish a number of hospitals and clinics, according to the Oman Daily Observer, citing Sadik Kodakat, the chairman of Star Care Group.
The Omani Minister of Health Dr Ahmed bin Mohammed al Saeedi stated that the ministry was developing 32 new health centres and 10 big hospitals in the country, including two 150-bed hospitals, according to Zawya. The ministry also plans to open a National Diabetes and Endocrine Centre and a National Genetics Centre in Muscat in addition to a Heart Centre, Haemodialysis Unit and Magnetic Resonance Imaging (MRI) unit in Dhofar.
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