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Indian drug exports to Oman are set for a boost as the registration process has now been made flexible.
”As per our information, the Oman authorities agreed to expedite the review of registration of applications of products from India that are approved by USFDA, UKMHFA or EMA in response to a request made by India,’’ R Uday Bhaskar, Director General, Pharmaceutical Export Promotion Council (Pharmexcil), told businessline.
In the 10th India-Oman Joint Commission Meeting held on May 2022, the Indian side had requested Omani authorities to accept Indian pharmaceutical products which have been registered with USFDA, UKMHRA and EMA without the need to go through the lengthy registration process in Oman for each product. Further, India also requested the Omani side for fast-tracking of applications of registration/approval of drugs/companies that are already approved by USFDA.
Market insights
The value of Oman pharmaceutical market is estimated at $875 million with a CAGR of 10.8 per cent. The major market is for branded and prescription drugs, especially in anti-infective segments and the major distribution channels are hospital pharmacies.
Increasing prevalence of chronic diseases and lack of local pharmaceutical production facilities provide opportunities for Indian drug makers.
India and Oman pharmaceutical industry market is estimated to generate collective revenue of $840,127 million between 2021 and 2030. Pharmexcil, in a circular, has also asked its members to reach out to the council in case of any interest in the Oman market
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