Egypt Sets Ceiling for Drug Price Increase at EGP 6 per packSource: www.export-egypt.com 5/26/2016, Location: Africa |
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Egypt imposed a EGP 6 ceiling per pack on the increase in the price of medicines, after a number of pharmacists and drug companies circumvented an earlier decision to raise fixed prices, MENA agency quoted health minister Ahmed Emad Eddin said.
The ceiling limits the increase in prices of packs, not strips, of all medicines. Egypt increased the price of medicines under EGP 30 by 20 percent in an effort to tackle a shortage in supply driven by rising costs. Since then, local media have reported that some medicines priced per tablet strip saw price hikes more than 20 percent as the number of strips per pack decreased. The ministry of health has prepared a list of 1,200 medicines specifying their prices after the increase to limit any room for manipulation, said Emad Eddin. The decision is effective immediately and the new lists prepared by the health ministry will be the reference for the fixed prices, added Emad Eddin. The local drug industry has long demanded raising the fixed prices for medicine to cope with rising prices and costs of raw materials. The industry has also been hit by a hard currency crunch, hampering the imports of raw materials representing more than 90 percent of input. |
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