Prime Minister Mostafa Madbouly revealed that the government has allocated EGP 10 billion to the Unified Procurement Authority (UPA) to stabilize the pharmaceutical market.
In a recent press conference, Prime Minister Mostafa Madbouly revealed that the government has allocated EGP 10 billion to the Unified Procurement Authority (UPA) to stabilize the pharmaceutical market.
This aims to address a shortage of medical supplies and medicines, with around 800 drugs currently unavailable and between 80-100 companies seeking approval for price increases from the Egyptian Drugs Authority.
Pharmaceutical prices are expected to rise by 25-30% in the coming months due to ongoing price increase requests from companies.
Two weeks ago, the government announced it allocated EGP 7 billion to tackle these shortages, focusing on enhancing production, securing raw materials, and developing factory infrastructure.
The price of medicine for chronic diseases jumped by 20-25% in June after the drug authority approved requests from the industry, additionally allowing an increase of 50% for vitamins and nutritional supplement medications.
Ali Ouf, Head of the Pharmaceuticals Division at the Federation of Chambers of Commerce, noted that price hikes are particularly affecting antibiotics and medicines for chronic conditions, diarrhea, and allergies.
The shortage has been exacerbated by a foreign currency crisis over the past two years, which has hindered pharmaceutical production, restricting the production of pharmaceutical manufacturing companies, causing the reduced availability of medicines in the markets.
Madbouly also addressed broader economic concerns during his Thursday conference, stating that the government is working to ensure energy stability and avoid load shedding.
He also mentioned potential contracts with international companies for natural gas and oil exploration and assured that the exchange rate remains stable and is improving.
