Plan to upgrade pharmaceutical industry in Egypt, increase exports
Egypt, Economics, 2/17/2005
Egypt's Minister of Foreign Trade and Industry Rasheed Mohammed Rasheed said the modernization of Egypt's pharmaceutical industry is inevitable amidst the government's orientation to merger with the world economics in a way that necessitates taking due steps and measures to face world competition in this vital industry for which the government had drawn up a plan to upgrade its production and increase exports.
Rasheed, addressing the second conference on pharmaceutical industries in Egypt held on Tuesday in cooperation with the Federation of Egyptian Industries, asserted that this industry faces a package of challenges mainly the trips Egypt signed besides the importance of striking a balance between the cost and the citizen's needs and income.
Attending the conference was Minister of Health Awad Tag El Deen who said that his Ministry is eager to develop the local manufacturing of medicines in a bid to keep pace with the international quality and efficiency. Tag El Deen asserted that his Ministry would provide pharmaceutical investors with all the facilities they need, in order to boost pharmaceutical exports.
Ninety percent of the pharmaceuticals required by Egyptians are manufactured locally, noted the Minister adding that about 70 companies are already manufacturing medicines here, including several multinational companies which consider Egypt a good market for investments.
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