Egypt's Minister of Industry, Kamel El-Wazir, presided over the second meeting of the committee addressing the issues and challenges facing the country's pharmaceutical industry, as per a Cabinet statement on Wednesday. El-Wazir addressed key concerns including financial constraints for manufacturers, pricing inflexibility, high costs of imported medicines, and VAT on pharmaceutical packaging materials. The discussions also covered strategies to support struggling factories and enhance the sustainability of small and medium-sized pharmaceutical companies, as per the statement. El-Wazir discussed proposals to address challenges in the sector, such as launching new financing initiatives, implementing fair pricing for medicines, promoting localisation of the industry, and attracting global companies to invest in Egypt. The meeting also covered the inclusion of veterinary preparations under the Egyptian Drug Authority (EDA) and safeguarding Egyptian pharmaceutical products from unfair competition, according to the statement. The EDA has re-priced 85 per cent of pharmaceutical products and discussed proposals from companies looking to localise the manufacturing of medicines, raw materials, and packaging. The meeting discussed local companies collaborating with foreign partners to establish new pharmaceutical factories in Egypt. It tackled the Unified Procurement Authority's (UPA) recommendations on localising medical raw materials, glass, and device industries, accrediting medical factories for export enhancement. The Chamber of Pharmaceutical Industry presented demands to increase funding for pharmaceutical companies, pay companies' dues, and streamline land allocation procedures for new projects and expansions. He emphasised the importance of the drug manufacturing sector for Egypt, stating that the committee's recommendations would be sent to the prime minister for approval before being presented to President Abdel Fattah El Sisi. El-Wazir pointed out that there is a current effort to provide financing to industrial sectors, including the pharmaceutical industry, at a rate of 15 per cent. This initiative is intended to fund public capital for the acquisition of production lines to bolster and facilitate the operation of new factories. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
