Pharmaceutical investments in Egypt hit LE 120bn: Official

CAIRO - 12 December 2017: Head of the Federation of Egyptian Chambers of Commerce Ahmed al Wakil on Tuesday said that the value of pharmaceutical investments in Egypt hit 120 billion pounds.

In his speech at a conference on modernizing pharmaceutical industries in Egypt, he added that up to 123 factories are operating in the domain; employing up to 300,000 workers.

Foreign investments in the industry hit 40 percent, he added.

The conference is organized by the Federation of Egyptian Chambers of Commerce.

He indicated that the industry has been upgraded drastically as in 1960 there were only five factories operating in this sector.

International companies operating in this field contribute to 65 percent of the total drug market value, he indicated.

Egyptian drug exports hit 1.9 billion pounds while its imports reached 12.7 billion pounds, he added.