The Pharmaceutical Market: Morocco


Morocco's subsidised health insurance scheme,Régime d'Assistance Médicale (RAMED),launched in March 2012,is experiencing early-stage difficulties with its target to increasehealthcare accessibilityto those on low incomes. This is to be expected, given the evidence of bribery and corruption, and the shortage of doctors in the sector.BMIbelievesthe commitment to improvegovernance and implement controls in the sector will be fulfilled in the medium-to-longterm. As such, we maintainthat 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. Forecastbroadly unchangedfrom 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. Forecastslightly higherfromQ412, 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 Q 4 12 .

Risk/RewardRating: 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.

Competitive Landscape

The competitive landscape section provides comparative company analyses and rankings by US$ sales and % share of total sales - for the total pharmaceutical sector, as well as the OTC, generics, and distribution sub-sectors.