DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/046dcf/morocco_pharmaceut) has announced the addition of the "Morocco Pharmaceuticals and Healthcare Report Q1 2011" report to their offering.
The Morocco Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Morocco's pharmaceuticals and healthcare industry.
Moroccos pharmaceutical business environment remains ranked 14th BMIs Q111 Business Environment Ratings (BER) for the Middle East and Africa (MEA), which assesses 19 countries in the region. Globally, Morocco ranks 64th out of 83 markets. The country's market is mid-sized by regional standards, but its high growth potential offsets the country's low per-capita drug consumption, especially prevalent in rural areas. Other positives include a relatively low level of country and pharmaceutical industry-specific risk in a comparatively volatile geographical region, with this view also illustrated by the direct manufacturing presence of a number of major multinational companies.
According to our new and more sensitive calculations and methodology, drug spending in Morocco reached a value of MAD5.15bn (US$662mn) in 2009. In 2010, we project that spending will reach MAD5.91bn (US$713mn), which equates to a 14.8% growth in local currency terms. By 2014, we calculate that drug spending will have reached MAD7.10bn (US$809mn), experiencing a 2009-2014 compound annual growth rate (CAGR) of 6.65% in local currency terms 4.08% in US dollars. Over the extended 2009-2019 forecast period, we forecast that drug spending will reach MAD8.81bn (US$1.00bn),equating to a CAGR of 5.52% in local currency terms, and 4.22% in US dollar terms, with generics drugs as the most dynamic sector.
The Moroccan Ministry of Health plans to raise the market share of generic drugs from 25% to 70% over the 'mid-term,' and this has prompted us to upgrade the country's generics market forecast for the quarter. The smaller public healthcare system, which includes hospitals, already generally uses generic drugs, but the private sectors generic penetration represents only around a quarter of the total. In order to change the proportion of generic drug use, the government is putting pressure on the private sector and hopes that savings could be passed on to the population in order to improve public health. The plans are good news for domestic drug makers and will also alter the policies of multinational pharmaceutical companies.
In terms of the wider business environment for foreign companies, according to the 2011 Finance Bill, the government is turning its focus towards the private sector, budgeting tax cuts for small and medium sized enterprises (SME). Furthermore, Finance Minister Salaheddine Mezouar announced that the income tax rate levied on income from moveable capital from foreign sources will be halved, falling to 15%. Total expenditure is forecast to come in at MAD220bn in 2011, with the education sector receiving a budget of MAD48bn, the healthcare sector MAD11bn. Therefore, we see Morocco's fiscal position consolidating and economic growth picking up over the coming years, boding well for the performance of its pharmaceutical market. We forecast the budget surplus to expand in 2011, coming in at 1.8% of GDP, while real GDP growth will average 4.0% throughout 2011-2014. Furthermore, the EU has agreed to grant Morocco financial support of EUR580mn over the 2011-2013 period.
Key Topics Covered:
- Executive Summary
- SWOT Analysis
- Pharmaceutical Business Environment Ratings
- Market Summary Morocco
- Regulatory Regime
- Industry Developments
- Industry Forecast Scenario
- Competitive Landscape
- Company Profiles
- Country Snapshot: Morocco Demographic Data
- Section 1: Population
- Section 2: Education And Healthcare
- Section 3: Labour Market And Spending Power
- BMI Methodology
Companies Mentioned:
- Sothema
- Laprophan
- Promopharm
- Sanofi-Aventis
- Pfizer
- GlaxoSmithKline
For more information visit http://www.researchandmarkets.com/research/046dcf/morocco_pharmaceut.