Cairo – August 29, 2024: Prime Minister Mostafa Madbouly disclosed that the government has allocated LE 10 billion to the Unified Procurement Authority (UPA) to stabilize the pharmaceutical market during his weekly press conference.
This funding aims to address the shortage of medical supplies and medicines, with around 800 drugs currently unavailable or in limited supply, and between 80-100 companies seeking approval for price increases from the Egyptian Drugs Authority earlier this month.
Pharmaceutical prices are expected to rise by 25-30 percent in the coming months due to ongoing price increase requests from companies.
The price of medicine for chronic diseases jumped by 20-25 percent in June after the drug authority approved requests from the industry, additionally allowing an increase of 50 percent 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.
Two weeks ago, the government announced it allocated LE 7 billion to tackle these shortages, focusing on enhancing production, securing raw materials, and developing factory infrastructure.
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.
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