Despite a slowdown in the Algerian economy due to low oil prices, the country ' s pharmaceutical and healthcare markets are expected to sustain their positive growth trajectory over a multi-quarter horizon. The health sector expansion will be supported by long-term drivers such as growing demand for healthcare and treatment, healthcare system modernisation and sustained foreign investment in domestic drug manufacturing. Although we expect foreign investors to continue benefitting from government incentives aimed at boosting domestic pharmaceutical production and technology transfer, operating challenges will continue weigh on the market 's full potential .
Headline Expenditure Projections
Pharmaceuticals: DZD411.62bn (USD4.12bn) in 2015 to DZD451.90bn (USD4.13bn) in 2016; +9.8% in local currency and +0.3% in US dollar terms. Forecast in line with last quarter .
Healthcare: DZD1,113.59bn (USD11.13bn) in 2015 to DZD1,204.64bn (USD11.00bn) in 2016; +8.2% in local currency and -1.2% in US dollar terms. Forecast revised upwards in local currency terms and downwards in US dollar terms from last quarter .
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In Q216, we have revised Algeria's Pharmaceutical Risk/Reward Index (RRI) score upwards to 50.4 (out of 100) from 48.1 previously. This is above the regional average of 41.3. The score revision was driven by improved industry rewards indices and country rewards indices. Algeria is now in eighth place (up two positions from last quarter) out of 31 countries in the Middle East and Africa region. Algeria's score is boosted by a large pharmaceutical market and a favourable long-term market development, but dragged down by the country's poor regulatory environment.
Algeria's Minister of Health Abdelmalek Boudiaf and South Korean Ambassador to Algeria Park Sang-Jin are reportedly advancing towards signing a memorandum of understanding (MoU) in H116 with the aim of strengthening bilateral relations in the health sector, confirming the interest by South Korean companies to further invest in the Algerian healthcare sector and pharmaceutical industry.
Import of pharmaceutical products in Algeria declined 23.5% y-o-y to USD1.75bn in 11M15, according to data from Algeria's National Statistics Office, which suggests that import restrictions, international price benchmarking and the Algerian government's push to attract foreign investment and expand local production in the pharmaceutical sector are all yielding results.
In a meeting with Algeria's Minister of Industry and Mining Abdeslam Bouchouareb, a delegation of Danish pharmaceutical firm Novo Nordisk presented a new industrial project for the building of an assembly and packaging plant of insulin pens at the firm's facilities in Constantine, Algeria.
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