Opinion: Growing pharma sector key to building resilience in Oman’s health services
Published: 03:06 PM,Jun 05,2024 | EDITED : 01:06 PM,Jun 06,2024
The Menagen Pharmaceutical Industries Plant
MUSCAT: Pharmaceutical industries represent one of the most important sectors in the global economy. They enhance the quality of life and provide protection against diseases that people face periodically.
Despite the interest of Omani and Gulf individuals and institutions in establishing more pharmaceutical projects and health supply facilities in the region, obtaining production licenses from Western companies is challenging. This difficulty is due to the numerous approvals required, resulting from the monopoly of developed countries on the patents and technologies essential for this crucial industry.
The Omani government is continuously working to localize and encourage national investments in the medical industries to achieve pharmaceutical security, which is as vital as secure food and water systems. The number of pharmaceutical factories in Oman and the wider region is significantly below par compared to the financial capabilities and population of this area. In Oman, the pharmaceutical sector accounts for only 10% of the total requirements, with 90% being procured from abroad.
To bolster these national efforts, the Menagen Pharmaceutical Industries factory was recently opened in the Rusayl Industrial Area. This factory, built to international standards and complying with the European Medicines Agency requirements, is the first in the Middle East to manufacture specialized medicines for rare diseases. In January 2023, the Phelix factory was opened in the Salalah Free Zone. This project, established with Qatari-Omani investment, is one of the latest in the pharmaceutical industry within the Gulf Cooperation Council countries. Several more factories are planned to produce intravenous solutions, pharmaceutical preparations, gloves, medical masks, and other medical equipment and products that are currently imported annually.
These industries will undoubtedly support the national trends and goals of the “Oman 2040” vision in the fields of industry and health security. Achieving these goals requires establishing more Omani joint-stock companies in this sector, with contributions from national funds, Omani banking institutions, and other entities. Additionally, attracting foreign regional and global investments will position Oman as a leading industrial and production center in this field.
The goal of establishing such factories is to increase the percentage of locally produced medicines and medical supplies from the current 7% to 20% by 2025. This initiative includes strengthening development contracts for pharmaceutical research with similar institutions in Arab and foreign countries that have more experience in this field.
The number of patients in the country and the region is increasing due to the spread of diabetes, heart disease, high cholesterol, and other chronic conditions, which require significant financial resources for medication. Additionally, there is a constant need for various types of medicines, vaccines, capsules, pain relievers, and treatments for cancer, tumors, and other diseases. Therefore, it is crucial to support Omani and Gulf nationals in establishing these factories financially and morally to ensure the success of their endeavors.
Despite the interest of Omani and Gulf individuals and institutions in establishing more pharmaceutical projects and health supply facilities in the region, obtaining production licenses from Western companies is challenging. This difficulty is due to the numerous approvals required, resulting from the monopoly of developed countries on the patents and technologies essential for this crucial industry.
The Omani government is continuously working to localize and encourage national investments in the medical industries to achieve pharmaceutical security, which is as vital as secure food and water systems. The number of pharmaceutical factories in Oman and the wider region is significantly below par compared to the financial capabilities and population of this area. In Oman, the pharmaceutical sector accounts for only 10% of the total requirements, with 90% being procured from abroad.
To bolster these national efforts, the Menagen Pharmaceutical Industries factory was recently opened in the Rusayl Industrial Area. This factory, built to international standards and complying with the European Medicines Agency requirements, is the first in the Middle East to manufacture specialized medicines for rare diseases. In January 2023, the Phelix factory was opened in the Salalah Free Zone. This project, established with Qatari-Omani investment, is one of the latest in the pharmaceutical industry within the Gulf Cooperation Council countries. Several more factories are planned to produce intravenous solutions, pharmaceutical preparations, gloves, medical masks, and other medical equipment and products that are currently imported annually.
These industries will undoubtedly support the national trends and goals of the “Oman 2040” vision in the fields of industry and health security. Achieving these goals requires establishing more Omani joint-stock companies in this sector, with contributions from national funds, Omani banking institutions, and other entities. Additionally, attracting foreign regional and global investments will position Oman as a leading industrial and production center in this field.
The goal of establishing such factories is to increase the percentage of locally produced medicines and medical supplies from the current 7% to 20% by 2025. This initiative includes strengthening development contracts for pharmaceutical research with similar institutions in Arab and foreign countries that have more experience in this field.
The number of patients in the country and the region is increasing due to the spread of diabetes, heart disease, high cholesterol, and other chronic conditions, which require significant financial resources for medication. Additionally, there is a constant need for various types of medicines, vaccines, capsules, pain relievers, and treatments for cancer, tumors, and other diseases. Therefore, it is crucial to support Omani and Gulf nationals in establishing these factories financially and morally to ensure the success of their endeavors.