ECMI establishes company to export medicine to Africa

CAIRO – 5 July 2018: The Export Council of Medical Industries (ECMI) announced Thursday the establishment of EGYCOPP Company with a capital of LE 2 million, including 26 factories of pharmaceutical and beauty products and medical supplies to serve as a launching base for pharmaceutical products in Africa.

The company’s board includes members of the export council and targets to access the African market, which is a promising market for all Egyptian products.

“Branches of the company will be opened at the level of African countries, the first branch being in Zambia,” Head of ECMI Maged George said.

George pointed out that the council made agreements with the major international companies involved in the analysis of drug markets to develop a strategy for the export council to increase exports until 2030, targeting an increase of 3 percent every three years, over the course of nine years.

He stated that the strategy focuses on the African market and studies will be carried out on the needs of each country to determine the proportion of the products that are exported, through the establishment of a scientific office comprising several offices for large, medium and small companies.

George also explained that the pharmaceutical companies will overcome the problems of registration through the work of local factory (manufacturing to others) to produce all products of exporting companies in those countries, especially simple industry products.

Egypt’s exports of medical and pharmaceutical industries hiked 14 percent in May 2018, recording $41 million, compared to $35 million in the same month of 2017.

From January to May, the medical and pharmaceutical exports amounted to $191 million, compared to $180 million in the same months of 2017, with an increase of 6 percent.

While generally the non-petroleum exports recorded $10.7 billion during the first five months of 2018, according to Head of the General Organization for Export and Import Control Ismail Gaber.

Gaber added that exports in May reached $2.07 billion, in which $1.58 billion went for non-oil and non-manufacturing exports and $489 million for food exports.

Egypt’s exports witnessed a recovery during the last period after the flotation of the Egyptian currency, the activation of trade agreements, and the application of the 2020 strategy.

In November 2016, Egypt floated its currency, losing around 50 percent of its value as part of an economic reform program which imposed taxes, including the value-added tax (VAT), and cut energy subsidies, all with the aim of trimming the budget deficit.