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New Market Report Now Available: Morocco Pharmaceuticals & Healthcare Report Q1 2013

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2013-02-03 16:30:14 - Fast Market Research recommends "Morocco Pharmaceuticals & Healthcare Report Q1 2013" from Business Monitor International, now available

BMI View: Morocco's subsidised health insurance scheme, Regime d'Assistance Medicale (RAMED), launched in March 2012, is experiencing early-stage difficulties with its target to increase healthcare accessibility to those on low incomes. This is to be expected, given the evidence of bribery and corruption, and the shortage of doctors in the sector. BMI believes the commitment to improve governance and implement controls in the sector will be fulfilled in the medium-to-long term. As such, we maintain that government healthcare spending will outpace private healthcare spending over the forecast 2011-2016 period.

Headline Expenditure Projections

* Pharmaceuticals: MAD10.10bn (US$1.25bn) in 2011 to MAD11.24bn (US$1.30bn) in 2012; +11.3% in local currency terms and +4.5% in US dollar terms. Forecast broadly unchanged from Q412.
* Healthcare:

MAD41.99bn (US$5.19bn) in 2011 to MAD47.09bn (US$5.46bn) in 2012; +12.2% in local currency terms and +5.4% in US dollar terms. Forecast slightly higher from Q412, on account of slightly lower historical figures.
* Medical devices: MAD2.19bn (US$270mn) in 2011 to MAD2.47bn (US$287mn) in 2012; +13.1% in local currency terms and +6.2% in US dollar terms. Forecast broadly unchanged from Q412.

Full Report Details at
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Risk/Reward Rating: In Q113, Morocco remains 12th out of the 30 markets included in the MEA region. Its composite score remains unchanged, at 46.8 out of the maximum 100. The country's rewards ratings are less promising than its risks profile, which weighs down its overall score. The market is medium-sized by regional standards and small on a global scale, but its high growth potential offsets relatively low per capita drug consumption, especially in rural areas. In the risks category, Morocco scores above the regional average, indicating a relatively low level of country and pharmaceutical industry-specific risk in a somewhat volatile region.

Key Trends And Developments

* Emergency and psychiatric care will hold a top priority in the country's health reform, said Morocco's Health Minister Houcine El Ouardi to local press in November 2012. The minister will address the acute shortage of psychiatrists and specialist nurses in Morocco. El Ouardi assured that the ministry is working towards the development of a community-based policy on hospital and pre-hospital emergency care. The health ministry will establish four university departments specialising in child and adolescent psychiatry, where ten psychiatrists can be trained every year.
* In October 2012, United Arab Emirates (UAE)-based developer Tasweek Real Estate Development and Marketing was reported to be planning to build a healthcare city in Marrakesh, Morocco, according to CEO Masood al-Awar. Tasweek has already gained approvals for Marrakesh Healthcare City and all the components required for its construction have arrived, Awar told Arabian Business. The US$40mn healthcare city will cover an area of nearly 21,000m2 and will feature a 40-room boutique hotel, a 160-bed private hospital and 56 residential apartments. Tasweek will start construction work in 3-6 months, with the work expected to be complete by 2014.

BMI Economic View: Despite not possessing hydrocarbon wealth, the economy will remain a relative outperformer in North Africa over the medium term. Though we expect 2013 to be a challenging year as exposure to the European recession takes its toll, investor interest in the country as an export-oriented manufacturing hub for the European market, coupled with a burgeoning tourism industry, should bode well for Morocco's underlying growth momentum through to 2015. Our forecasts for both economic activity and fiscal policy assume that Morocco will benefit from significant inflows of foreign aid from the Gulf Co-operation Council (GCC) and other organisations in 2012 and 2013. Should this assistance fail to materialise, it would pose serious downside risks to the country's outlook.

BMI Political View: Given the deteriorating state of the Moroccan economy and stagnating political liberalisation, popular support for the Benkirane administration is likely to evaporate further in the coming quarters. With the monarchy continuing to assert its control over the government, a return of the protest movement that started in 2011 cannot be ruled out. A ministerial reshuffling is also looking likely, potentially introducing instability at the top of the policy ladder.

About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at

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