Egypt’s Minister of Public Business Sector, Eng. Mohamed Shimi, chaired the general assembly of Holdi Pharma, the Holding Company for Pharmaceuticals, Chemicals, and Medical Supplies, to approve the financial results of the holding company and its subsidiaries for the fiscal year 2023-2024.
Key Achievements: Strong Financial Performance and Strategic Investments
Eng. Mohamed Shimi highlighted the remarkable achievements, revealing that Holdi Pharma achieved revenues amounting to EGP 7.8 billion, reflecting an 18% growth compared to the previous year. Net profits reached EGP 777 million, marking a 37% increase. Additionally, the company’s exports for the year totaled EGP 650 million. The report also revealed that investments made in subsidiary companies for Good Manufacturing Practice (GMP) compliance projects amounted to approximately EGP 1.8 billion.
Developing Egypt’s Pharmaceutical Industry
Eng. Shimi emphasized the Ministry’s significant focus on developing the pharmaceutical industry within the affiliated companies, modernizing production lines, increasing production capacities, and introducing new pharmaceutical products. He emphasized that the pharmaceutical sector is one of the most vital industries for Egypt’s economy and public health. The Ministry continues to provide full support for development and modernization projects to ensure the availability of high-quality, affordable medicines and medical supplies for citizens.
Commitment to GMP Standards and Innovation
Shimi stressed the importance of adhering to Good Manufacturing Practice (GMP) standards and applying the highest quality standards across all production phases. He underscored the need to continue expanding production capacities, enhancing research and innovation capabilities, and introducing new products. He also emphasized the importance of meeting established timelines for ongoing projects, training the workforce, improving the working environment, and ensuring regular maintenance.
Achieving GMP Compliance and International Standards
Dr. Ashraf El-Khouly, the Executive Managing Director of Holdi Pharma, presented the company’s financial report. According to the report, the company has made significant strides in complying with international pharmaceutical manufacturing standards. The first phase of the GMP compliance projects has been successfully completed, including the development of 82 production lines to meet GMP requirements. The Egyptian Drug Authority has already awarded GMP certification for 42 of these lines. These efforts also involve upgrading production machinery, production areas, water systems, air conditioning systems, raw material storage, finished product storage, and laboratory facilities.
Ongoing Development and Investment Opportunities
The general assembly also reviewed ongoing development projects and efforts to comply with the GMP standards, including the modernization of production lines for tablets, capsules, syrups, drops, ampoules, ointments, raw materials, disinfectants, dialysis solutions, and intravenous fluids. There are also plans to expand production capacities and introduce new production lines in subsidiary companies such as Cairo Pharmaceuticals, Alexandria Pharmaceuticals, Arab Pharmaceuticals, Nile Pharmaceuticals, Memphis Pharmaceuticals, Chemical Industries Development (SID), Nasr Pharmaceuticals, and Egypt Pharmaceutical Products.
This is in addition to exploring significant partnerships and investment opportunities in the production of biological medicines, insulin, biosimilar pharmaceutical products, dry inhalation tablets, hormone production, and the manufacturing of active pharmaceutical ingredients (APIs). The company is also working on a dialysis filter plant and improving the performance of its pharmaceutical packaging company.
Minister’s Vision for Industry Growth and Innovation
Eng. Shimi reiterated the Ministry’s ongoing commitment to advancing Egypt’s pharmaceutical industry through innovation, modernized production capabilities, and enhanced international competitiveness. He stressed the importance of these developments in increasing the availability of high-quality medications for Egyptian citizens and positioning Egypt as a key player in the global pharmaceutical market.
