US group in Oman medical device JV
Muscat, May 19, 2009
The US-based Ascent Medical Technology Fund II said it has partnered with Salalah Medical Supplies Manufacturing Company to set up the Middle East’s first dedicated medical device manufacturing company in Oman.
The new company, Salalah Medical Device Manufacturing Company (SMDM), to be based in the Sultanate’s Dhofar region, will start operation this summer, said Peggy Farley, co-chairman of the Ascent Group.
Oman offers multiple advantages to global manufacturing companies looking for expansion or set-up, she remarked.
Farley said that the project’s feasibility study highlights an ability to achieve a substantial reduction in the cost of manufacturing versus those now manufactured in the US and Europe.
“The advantage offered by Salalah means improved ability to compete for sales and, in turn, a good return on investment which can then be channelled back into expanding production lines, driving innovation and diversifying manufacturing ability,” she noted.
She pointed out that the availability of well-qualified technical and production staff, excellent international sea and air links and low labour and manufacturing gave Oman an edge.
“In my mind, Oman is an ideal location for international manufacturing firms looking for the right hub or branch unit,” she stated.
'In phase one, SMDM will manufacture basic guide wires for sale to major medical companies in the United States, Europe and Asia.'
'Over time, the company will manufacture more sophisticated guide wires and diversify its manufacturing capabilities to embrace compatible therapeutic medical devices.'
'Ultimately, the company’s engineering and development capabilities will assist inventors with innovative concepts to develop prototypes,' she added.
Farley confirmed that products manufactured at the facility will be labelled ‘manufactured in the GCC’ and will also be sold in the region.
“We truly believe in the potential of the region and feel it is the right time for international organisations to look at the Middle East as an attractive option for investment in manufacturing plants,” Farley added.-TradeArabia News Service