Boston, MA -- (SBWIRE) -- 01/11/2013 -- BMI View: Historically, Oman's pharmaceutical market has been dominated by patented drugs set at low prices imposed by the government's strict pricing regime. However, BMI believes that due to the current and ongoing patent cliff and Indian generic drugmakers pursuing the local market, focus will shift from patented drugs to generic over the long term. While this will boost overall local production, the market will remain heavily reliant on imports. Despite a top-class healthcare system, ageing population and rise in incidence of non-communicable diseases, the Omanian market will remain a difficult one for drugmakers to penetrate and see as lucrative, given the strict pricing system and regulatory framework.

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Headline Expenditure Projections

- Pharmaceuticals: OMR125mn (US$326mn) in 2011 to OMR137mn (US$361mn) in 2012; +9.3% in local currency terms and +10.8% in US dollar terms. Forecast broadly in line with Q312 projections.
- Healthcare: OMR685mn (US$1.78bn) in 2011 to OMR746mn (US$1.96bn) in 2012; +8.9% in local currency terms and +10.3% in US dollar terms. Forecast broadly in line with Q312 projections.
- Medical devices: OMR38mn (US$98mn) in 2011 to OMR41mn (US$108mn) in 2012; +9.3% in local currency terms and +10.8% in US dollar terms. Forecast broadly in line with Q312 projections.

Risk/Reward Rating: Oman's RRR score, which provides an indication of the relative attractiveness of the pharmaceutical market, has been unchanged from Q312 to Q412 at 50.2 out of 100. As a result of Jordan's score drop, Oman shifted up one position from 10th to ninth in the matrix.

Key Trends And Developments

- Indian pharmaceutical company Aurobindo Pharma announced Oman as the base for its operations in the GCC medical market by signing a formal agreement with Khimji Pharmacy in Muscat. The Indian ambassador to Oman said the partnership is well placed to help maintain the recent growth in Oman's healthcare sector and highlights the potential for other Indian companies to follow suit. BMI believes future market growth in generic drugs in Oman will be largely driven by Indian set-ups as they can produce and sell their drugs at significantly lower prices than local manufacturers.
- Local pharmaceutical player National Pharmaceutical Industries which specialises in over-the-counter (OTC) and generic drug medicines, announced its financial results for Q112. Total revenues were up 23% from OMR1.38mn in Q111 to OMR1.70mn in Q112, whereas profits increased more than double from OMR70,721 to OMR160,336 over the period. The company attributes its overall growth to increased sales in the private market supported by tender sales.

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