Egyptian alliance to develop $200M JV for active pharmaceutical ingredients
Updated 12/15/2024 8:33:00 AMArab Finance: An Egyptian alliance is seeking to establish a company for manufacturing active pharmaceutical ingredients (APIs), Olfat Ghorab, Chairman of the Arab Company for Drug Industries and Medical Appliances (ACDIMA), told Asharq Business.
The joint venture (JV) will be concluded in 2025 with investments ranging between $150 million and $200 million.
On the sidelines of the opening of Access Health International, Ghorab highlighted that the alliance includes ACDIMA, Egyptian International Pharmaceutical Industries (EIPICO), and the General Authority for Suez Canal Economic Zone (SCZONE).
For his part, Ahmed Kelani, Chairman of EIPICO, estimated the investments in setting up the APIs company at nearly $161 million.
It is worth noting that the Egyptian pharmaceutical market has faced challenges due to an insufficiency of medicines and successive price increases during the past years. This is in addition to a lack of raw materials needed for production or their accumulation in ports due to the dollar shortage.
Related News
