Boston, MA -- (SBWIRE) -- 02/26/2013 -- BMI View: We remain optimistic about Algeria's longer term potential as a pharmaceutical market, underpinned by economic and demographic factors. Our view is supported by a number of investments into the local manufacturing sector made by foreign players in recent months, in partnerships with local companies. However, the country does pose numerous operational risks, which will continue to hamper the development of its full potential until the deficiencies are successfully addressed.

Headline Expenditure Projections:

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- Pharmaceuticals: DZD218.52bn (US$3.00bn) in 2011 to DZD239.44bn (US$3.19bn) in 2012; +9.6% in local currency terms and +6.5% in US dollar terms. Forecast unchanged from Q412.
- Healthcare: DZD530.66bn (US$7.28bn) in 2011 to DZD585.52bn (US$7.81bn) in 2012; +10.3% in local currency terms and +7.2% in US dollar terms. Forecast unchanged from Q412.
- Medical devices: DZD28.26bn (US$388mn) in 2011 to DZD30.83bn (US$411mn) in 2012; +9.1% in local currency terms and +6.0% in US dollar terms. Forecast unchanged from Q412.

Risk/Reward Rating: In Q112, Algeria retains its composite score of 46.6 out of the maximum 100 points and also its place as the 14th most attractive Middle East and Africa (MEA) pharmaceutical market, out of the 30 countries surveyed within the region. Despite above-average rewards opportunities, Algeria continues to be viewed as a very risky market, both on the industry and the country side, with this quarter's score for overall risks remaining at just 34 out of 100.

Key Trends And Developments:

- In September 2012, leading Algerian drugmaker Saidal signed a joint venture (JV) agreement with Kuwait-based North Africa Holding Company (NorAH), with a view to producing cancer drugs. The EUR25mn factory, which will be built in Ageria, is expected to be operational by the start of 2015. The new facility, which is slated to produce up to 17 cancer products, will aim to reduce import reliance. The JV has been named Saidal North Africa Manufacturing (SNM).
- In August 2012, Algerian company Groupe Benhamadi Antar Trade was reported to be expecting to complete the construction of two pharmaceutical plants in Sidi Abdallah by April 2013, according to the statements made by the CEO of the group's subsidiary, Concor, Miloud Bouderbala. The two factories, currently under construction in partnership with an unnamed Jordanian firm, are intended to reduce drug imports into Algeria.

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