Drug Prices In Egypt Spike By 25%-30%: Pharma Division HeadSource: www.export-egypt.com 8/11/2024, Location: Africa |
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Eighty to 100 pharmaceutical companies applied to the Egyptian Drugs Authority (EDA) to increase the price of medicines by an average of 25-30 percent, the Head of the Pharmaceuticals Division at the Federation of Chambers of Commerce Ali Ouf told Ahram Online.
Ouf added that the drug shortage in the local market in the past few months has begun to ease in the last three weeks and is expected to be resolved within the next two months. He also noted that the price increases were applied to antibiotics, chronic diseases, diarrhoea, and allergies. Furthermore, Ouf explained that the EGP 7 billion that the government had allocated to solve the crisis of medicine and medical supplies would be used to support production lines, purchase raw materials, and develop factories. The Egyptian government had allocated EGP 7 billion to address the lack of medicine and medical supplies in a meeting in New Alamein city in August 2024. Recent increases The EDA, which governs the prices of drugs in the local market, allowed, in June 2024, pharmaceutical companies operating in the local market to increase drug prices by 20-25 percent for chronic disease medications and 50 percent for vitamins and nutritional supplement medications. Prime Minister Mostafa Madbouly announced during a press conference that the government intends to adjust the prices of medicines through a calculated increase as part of a larger plan to resolve the crisis. In recent months, Egypt has faced a significant drug shortage, with some citizens, especially those with chronic diseases, struggling to find the medicines they need. According to Ouf, around 800 drugs are missing from the market. The decision to increase medicine prices comes after many companies submitted a request to increase the price due to an increase in costs caused by applying a floating exchange rate. |
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