Market Report, "Morocco Pharmaceuticals & Healthcare Report Q2 2013", published

From: Fast Market Research, Inc.
Published: Thu May 23 2013

While Morocco’s pharmaceutical market is small in absolute terms, its forward growth trajectory is encouraging. Positive drivers include population growth and changing epidemiological profile, as well as the authorities’ efforts to improve healthcare coverage and services. However, factors such as the lack of qualified healthcare staff and large sections of low-income population will continue to hamper a more effective uptake of pharmaceuticals, although imports will continue to dominate.

Headline Expenditure Projections

* Pharmaceuticals: MAD10.19bn (US$1.30bn) in 2012 to MAD12.27bn (US$1.46bn) in 2013; +9.7% in local currency terms and +12.8% in US dollar terms. Forecast broadly unchanged from Q113.
* Healthcare: MAD46.24bn (US$5.35bn) in 2012 to MAD49.99bn (US$5.95bn) in 2013; +8.1% in local currency terms and +11.2% in US dollar terms. Forecast broadly unchanged from Q113.

Full Report Details at

Risk/Reward Rating: Morocco’s Pharmaceutical Risk/Reward Rating (RRR) score for Q213 is unchanged from the previous quarter. This is also the case for all other countries in BMI’s proprietary system that ranks pharmaceutical markets according to attractiveness to multinational drugmakers. A minor re-weighting of one of the RRR components is being implemented to improve the tool, and the adjusted scores for all markets will be published in the Q313 updates of the Pharmaceuticals & Healthcare reports. Morocco has an RRR score of 46.8 out of 100, making it the 12th most attractive pharmaceutical market in the Middle East and Africa (MEA) region, which covers 30 countries.

Key Trends And Developments

* In January 2013, Morocco-based Saham Finances signed an agreement with French software company Cegedim to develop health management solutions in African, Maghrebian and Middle Eastern markets. Starting with the launch of its first project in Angola at the beginning of 2013, the synergy will provide turnkey solutions to insurers, mutual healthcare companies and social security funds to better manage health expenses. While the partnership will equip one of Saham's sister companies engaged in third-party health management with health management software, Cegedim perceives the collaboration as an opportunity to grow and diversify internationally. The companies also agreed to form a joint venture to deploy information technology solutions for Saham's health companies in more than 50 countries.

BMI Economic View: We expect the Moroccan economy to experience a moderate recovery this year, and forecast real GDP growth of 3.5% for 2013, compared to an estimated 2.5% in 2012. Although the outlook for private consumption is weak, we see gross fixed capital formation growth acting as the main engine of economic activity over the coming quarters, underpinned by a promising outlook for the infrastructure sector and a rebound in foreign direct investment.

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