Activating the three African economic blocs will develop and promote Egyptian pharmaceutical exports to Africa, according to Ahmed El-Ezabi, Head of the Pharmaceutical Industry Chamber at Federation of Egyptian Industries (FEI).
The three African economic blocs are COMESA, SADAK, and the East African Community (EAC).
El- Ezabi told Daily News Egypt that Africa is the only outlet for Egypt to export to, adding that this is due to two reasons. The first of these is quality and competency of production. The second is that the African consumer confident in the Egyptian pharmaceutical Products.
Egypt has great potential and opportunity to compete and increase its pharmaceutical and medicines products exports to the Africa market, El-Ezabi said.
Regarding the hard currency crisis and its impact on exporting and importing movement, he noted that the medical sector has been affected like the rest of the sectors.
“However, medicine and food imports are one of the priorities of the Central Bank of Egypt (CBE), imports and exports may wait for nearly a month for getting the hard currency, but it is always accommodated,” El- Ezabi added.
Egyptian pharmaceutical exports to Africa amounted to $300m by the end of 2014, according to head of the Medical Supplies Division at the Cairo Chamber of Commerce Mohammed Ismail Abdo.
The medical sector exports amounted $156 m until April 2015, compared to $172m during the same period in 2013, according to a report issued by General Organization for Export and Import Control (GOEIC). The medical sector exports include medicines, medical supplies and cosmetics decreased at the rate of 9% during April 2015, compared to the same period in 2014.