MENA’s pharmaceutical market is expected to be worth $52.4 billion by the end of 2024 and could grow to $59.9 billion by 2028, according to Fitch Solutions. This growth potential is being supported by the efforts of several countries to expand their universal healthcare coverage, including Morocco, which has been implementing major health system reforms since 2020 and aims to have 100% health coverage by 2025, according to the World Bank. Having been in the market for over 90 years, Moroccan pharmaceutical company, Cooper Pharma, is playing a role in these big plans. “We’re always looking for opportunities. We plan to reinforce our presence and further grow in our home country and beyond,” says Ayman Cheikh-Lahlou, Chairman and CEO of Cooper Pharma.
Cooper Pharma’s business covers both manufacturing and commercial activities, with a network of nine fully-owned pharmaceutical manufacturing sites in the U.A.E., Saudi Arabia, Spain, the Czech Republic, Cote d’Ivoire, Rwanda, and Morocco. The company manufactured around 70 million packets of tablets and vials of medication in 2023, but this is still much less than it can do. Its total capacity stands at 120 million packs, and the CEO is determined to hit the maximum soon. As of 2023, Cooper Pharma had a market share of 11% by units in Morocco, explains Cheikh-Lahlou, as he emphasizes that the company intends to either establish new manufacturing capacities or acquire existing facilities in the near future.
Morocco allocated about $3.1 billion to its health and social protection sector for 2024, marking a significant 55% increase from the 2021 budget. The government is also linking IT systems and hospitals under the Ministry of Health and Social Protection through a national database as part of a new integrated vision for upgrading the health system, in line with the commitments of its 2021-2026 government program.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Celebrating Emirati Businesswomen and Entrepreneurs on Emirati Women's Day
As part of the U.A.E.’s annual Emirati Women’s Day celebrations, the Abu Dhabi Business Women Council and the Abu Dhabi Chamber hosted an event on August 28, 2024, under the theme “We Collaborate for Tomorrow,” celebrating the role and achievements of Emirati women.
THE MIDDLE EAST'S TOP 100 HEALTHCARE LEADERS 2024
MENA’s healthcare landscape is evolving towards integration, marked by the rise of fully comprehensive ecosystems. Industry giants are setting future trends, driven by systems that thrive on data abundance, accessibility, and intersectoral collaboration.
SCOUTING FOR OPPORTUNITIES
Ayman Cheikh-Lahlou, Chairman and CEO of the Morocco-based Cooper Pharma, took the helm of the family-owned pharmaceutical company in 2005 and has seen business boom over nearly 20 years. Now, he’s exploring expansion opportunities in new markets.
TURNING THE TIDE
Irina Zaporozhets, President and General Manager for Eli Lilly Suisse S.A. in the META region is driving expansion, focusing on innovation and patient-centric care. As she navigates regional challenges, her commitment to expanding access to medicine remains at the forefront.
Supercharging AI
Armed with a newly raised 640 million, GROQ thinks it can challenge one of the world’s most valuable companies with a purpose-built chip designed for Al from scratch.
How Technology is Accelerating Digital Equality in Diverse Markets
The rise of smartphones and digital technologies has transformed our daily lives, contributing to the evolution of connected consumers.
Rare Fortune
Money manager JAMES LITINSKY turned a bad junk bond bet into a $400 million fortune. His MP Materials operates a strategic mine and will begin manufacturing supermagnets for electric vehicles next year.
The State of Mental Health in the Middle East
While mental health awareness is on the rise, the Middle East faces some challenges in providing care. Still, we're seeing some progress.
Big Breakthroughs
From gene therapy to nasal sprays, these were some of the most significant healthcare breakthroughs in the last year.
MENA's 5 Most Valuable Healthcare Companies 2024
The combined market cap of 57 healthcare companies listed on MENA's stock exchanges hit $83.7 billion on August 13, 2024, with the top five companies accounting for about 62.4% of the total market cap. These are MENA's five most valuable healthcare companies in 2024.
