Egypt exports $1B pharmaceuticals in 2023: Madbouly
Updated 9/22/2024 8:24:00 AM
Arab Finance: Egypt exported $1 billion worth of pharmaceuticals in 2023, targeting to increase these exports to reach $1.5 billion in 2024, $2 billion within two years, and $3 billion before 2030, Prime Minister Mostafa Madbouly stated after his inspecting tour of pharmaceutical factories.
During the past three years, 15 new pharmaceutical factories were established, bringing the total number of factories in the country to 172, Madbouly noted.
He added that 33 new cosmetics factories were set up over the last three years to reach a total of 120 factories, along with 116 factories for medical supplies and devices.
This is in addition to four new factories that produce raw materials needed for manufacturing medicines.
Madbouly revealed that out of every 100 medicine packages consumed in Egypt, 91 ones that are produced locally, with the remaining nine packages being imported.
Hence, the Prime Minister stressed that the government seeks to localize the manufacturing of more medicines.
He pointed out that the government filled the shortage of 470 medicines, with 110 remaining medicines to be available within October.
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