Just Released: "Morocco Pharmaceuticals & Healthcare Report Q1 2014"

BMI View: We expect the contraction in pharmaceutical spending in Morocco to continue in the short term as the government seeks to reduce the country's large fiscal deficit and multiple strains on household incomes weaken domestic demand. This is combined with access to finance remaining difficult for local drugmakers. However, we hold a broadly positive outlook for the sector over the long-term as 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.

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