2013-08-20 09:05:56 - New Healthcare research report from Business Monitor International is now available from Fast Market Research
We remain broadly optimistic about the performance of Morocco's pharmaceutical market over the coming years. The roll-out of the country's compulsory healthcare scheme will support volume consumption, with values to increase in line with wider economic improvements and rising per-capita incomes. However, the overall market value will remain modest on account of low per-capita spending.
Headline Expenditure Projections
* Pharmaceuticals: MAD11.62bn (US$1.35bn) in 2012 to MAD12.90bn (US$1.54bn) in 2013; +11.0% in local currency terms and +14.3% in US dollar terms. Forecast slightly higher in relation to Q113 on account of higher historical data and more favourable macroeconomic outlook.
* Healthcare: MAD53.98bn (US$6.25bn) in 2012 to MAD59.02bn (US$7.04bn) in 2013; +9.3% in local currency terms and +12.6% in US dollar terms. Forecast
slightly higher in relation to Q113 on account of higher historical data and more favourable macroeconomic outlook.
Full Report Details at
- www.fastmr.com/prod/670576_morocco_pharmaceuticals_healthcare_re ..
Risk/Reward Rating: Following an adjustment of our proprietary assessment methodology, Morocco remains ranked 12th in our Q313 Pharmaceutical Risk/Reward Rating (RRR) regional table, which covers 30 key markets in the Middle East and Africa (MEA) region. Morocco's Rewards ratings are less favourable than the regional average, which serves to weigh 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 relatively volatile region.
Key Trends And Developments
* In April 2013, French pharmaceutical major Sanofi announced the opening of a new logistics hub, in Casablanca. The EUR20mn centre will be Sanofi's largest distribution centre in Africa, according to the company's CEO, Christopher A. Viehbacher. The new Sanofi distribution centre handles 1,300 products, which are used both in the local market and exported to sub-Saharan Africa.
* In the same month, Sanofi entered three new partnership agreements with the Moroccan government as part of the former's educational initiatives. Two of the collaborations aim to offering training to doctors and develop new treatment facilities for patients with Type 1 diabetes, mental disorders and epilepsy. The third partnership aids the development of the Moroccan pharmaceutical industry by offering training to regulatory technicians and managers. Sanofi will support the Moroccan government in the development of diabetes-care protocols for children and adolescents. A total of 11 treatment facilities will be improved, while two new facilities will be established by the company.
BMI Economic View: We expect Morocco's 2013 economic recovery to be underpinned by an ongoing rebound in the agricultural sector and an improvement in net exports. We forecast real GDP growth of 4.3% this year (revised upward from 3.5% previously), from 2.4% in 2012. That said, domestic demand and nonagricultural growth will remain below potential due to prolonged weaknesses in Morocco's external environment, as well as the government's intention to limit public investment.
BMI Political View: The withdrawal from Morocco's ruling coalition of Istiqlal, the second-largest political party, leaves Prime Minister Abdelilah Benkirane with a minority in parliament. We have long warned about rising tensions within Morocco's government and now identify three potential scenarios. We see a deal between Benkirane and Istiqlal as the most likely outcome, allowing the latter to return to the coalition, but posing a potential downside risk to Morocco's economic outlook.
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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 www.fastmr.com/catalog/publishers.aspx?pubid=1010
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