By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    September 21, 2023
    ABB allocates €13bn for green transformation by 2030
    ABB allocates €13bn for green transformation by 2030
    September 21, 2023
    DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
    DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
    September 21, 2023
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    September 21, 2023
    Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
    Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
    September 21, 2023
  • Politics
    PoliticsShow More
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    September 20, 2023
    Children dying in Sudan amid healthcare system collapse
    Children dying in Sudan amid healthcare system collapse
    September 20, 2023
    Egypt to announce presidential election timetable on Monday
    Egypt to announce presidential election timetable on Monday
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Pharmaceutical companies reject Health Ministry’s proposal to increase medicine prices in stages
Share
Notification
Latest News
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Business
Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Pharmaceutical companies reject Health Ministry’s proposal to increase medicine prices in stages
Business

Pharmaceutical companies reject Health Ministry’s proposal to increase medicine prices in stages

Mohamed Ayyad
Last updated: 2016/12/05 at 3:08 PM
By Mohamed Ayyad 3 Min Read
Share
The Ministry of Health announced on Wednesday its intention to prepare a draft to amend the Egyptian pharmacy law in order to combat unlicensed pharmaceutical products, as well as illegal pharmacies. (DNE Photo)
SHARE

Local and foreign pharmaceutical companies in Egypt have rejected the Health Ministry’s proposal to increase the prices of one-tenth of pharmaceutical products every six months according to 50% of the US dollar increase rate following the currency’s flotation, according to sources that met with the minister of health.

“The minister has failed to manage the pharmaceuticals pricing file following the [Egyptian] pound flotation, so it should be transferred to the prime minister who will make quick decisions to benefit the industry and citizens,” the sources said.

Pharmaceutical companies import a large percentage of their production needs in dollars, and with the liberalisation of the pound’s rate against the dollar, the latter has increased by more than 100%, which has increased production costs for these companies.

Sources that attended the minister’s meetings with pharmaceuticals companies on Thursday, Saturday, and Sunday, said that of the 25 foreign companies which rejected the Health Ministry’s proposal, some completely rejected, while others requested consultations with parent companies abroad.

The minister of health suggested imposing a 50% increase annually on one-tenth the companies’ products, with pledges to reduce the fees for customs, water, electricity, and gas, in addition to an exemption from VAT. However, companies rejected the suggestion, so the minister reduced the period when the price increases would be adjusted to every six months instead of every year.

The sources explained that some foreign companies have insisted that prices be increased by 60% in order to avoid losses, especially as the dollar exchange rate rose by 100% in the official market in the wake of the pound’s flotation.

“The 11 foreign companies that attended the meeting with the minister did not adhere to a single proposal to solve the crisis. Some suggested changing pharmaceutical prices by 50-60% in a gradual manner—three times a year. Some companies suggested increasing the prices of 80% of drugs by 20%, with a pledge to reconsider the prices at the beginning of the new fiscal year,” the sources added.

The minister’s proposal does not address foreign companies’ needs and does not solve the crisis; however, it may reduce losses, according to the sources.

The minister’s proposal was not only rejected by foreign companies, but also by several local companies—except for two which expressed their approval. The minister demanded their official signature on the agreement.

Local companies object to applying the increase on only 10% of the products, and have demanded that 15-20% be increased and that the period of price amendments be three months instead of six.

 

You Might Also Like

Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company

ABB allocates €13bn for green transformation by 2030

DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups

Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo

Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University

TAGGED: health ministry, medicine, pharmaceutical companies, Prices
Share this Article
Facebook Twitter Email Print
Previous Article State’s appeal against annulment of Red Sea islands deal postponed to 19 December 
Next Article Egypt’s women champions continue victories in the world of squash
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?