Fast Market Research recommends "Oman Pharmaceuticals & Healthcare Report Q1 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 12/06/2013 -- Developments this quarter showcase strong relations between Oman and India. As one of the main destinations of medical tourism, India will continue to benefit from Oman's increasingly burdened public healthcare system. Similarly, strong growth prospects in both the pharmaceutical and healthcare industries will provide Indian companies with a healthy return on investment.
Headline Expenditure Projections
- Pharmaceuticals: OMR160mn (US$415mn) in 2012 to OMR175mn (US$461mn) in 2013; 9.7% in local currency terms and +11.1% in US dollar terms. Forecast broadly in line with Q413.
- Healthcare: OMR724mn (US$1.88bn) in 2012 to OMR799mn (US$2.05bn) in 2013; +7.6% in local currency terms and +9.0 in US dollar terms. Forecast broadly in line with Q413.
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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. For Q114, Oman's Pharmaceutical Risk/Reward Rating (RRR) score has dropped by two basis points to 44 out of 100, although maintains its 11th position in the region.
Key Trends And Developments
According to travel media estimates released in September, the number of Omanis seeking medical care in foreign countries is expected to reach 75,000 in 2013. The number of Omanis that visited India in 2012 for medical treatment, approximately 3,400, was more than double than that in 2011. Other countries of interest include Germany, the UK, the UAE and Saudi Arabia Moreover, nearly 60,000 Omanis flew to Thailand in 2012 seeking medical care for various conditions. Omanis seek treatment in foreign countries due to long waiting lists for surgical and other procedures at the kingdom's public hospitals.
A number of Indian companies, which formed part of an 18-member delegation to Oman to participate in the MedHealth and Wellness Exhibition, expressed interest in business opportunities in the country in order to benefit from Oman's growing healthcare sector, stated the Muscat Daily. According to Vinod Pal director of the Federation of Indian Export Organisations (FIEO), a number of companies are looking to enter the Oman market and tap into opportunities in the healthcare sector.
BMI Economic View: Oman's near-term economic outlook remains broadly favourable, with non-oil growth to be fuelled over the coming quarters by expansionary public spending policies and healthy domestic demand. We have made slight revisions to our growth forecasts, and now project real GDP to expand by 4.7% in 2013 in real terms, moderating to 3.5% in 2014 (from 4.4% and 3.8% previously).
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