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CAIRO - 22 February 2017: The world’s fifth-largest generic pharmaceutical company, Sun Pharma, inaugurated its first production unit in 6th October City on Monday, the Economic Times of India
. The new factory is being run by Ranbaxy, a subsidiary of Sun Pharma.
Direct investments into the new factory amount to $12.5 million.
The inauguration was attended by the Indian Ambassador to Egypt, Sanjay Bhattacharyya, and Sun Pharma general manager for Egypt Hany Mashaal. Construction of the factory began in 2012; however, it has taken several years for the company to obtain the proper licensing.
According to
, Mashaal explained during the inauguration that such a waiting period is normal as the Ministry of Health must conduct investigations prior to granting the company permission to begin manufacturing pharmaceuticals.
The construction of the generic pharmaceuticals factory could contribute to an increase in the supply and availability of many pharmaceutical products which have been in short supply in the domestic market.
According to
, pharmaceutical manufacturing costs rose by 50 percent in November immediately following the flotation of the Egyptian Pound. Government-regulated prices, fixed for more than three decades, have resulted in a decreased production of pharmaceutical products, as many products require imported raw materials to manufacture and the price ceilings have resulted in companies producing medication at a loss.
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