Drug prices in Egypt have skyrockted by up to 20%, according to Ali Ouf, president of the Federation of Egyptian Chambers of Commerce’s Pharma Division.
Drug prices in Egypt have skyrocketed by up to 20%, according to Ali Ouf, president of the Federation of Egyptian Chambers of Commerce’s Pharma Division, according to local media.
This substantial increase, due to various economic constraints, raises worries about the price and availability of important pharmaceuticals across the country.
Moreover, Ouf stated that the price increase is mostly due to increased raw material costs, which are worsened by the Egyptian pound’s continued decline versus international currencies.
The increased operational costs within the pharmaceutical industry, including higher transportation and energy expenses, have also contributed to the situation. This has created a challenging environment for pharmaceutical companies, many of which find it difficult to absorb the additional costs without passing them on to consumers.
The price rise has impacted many pharmaceuticals, including those used to treat chronic conditions, relieve pain, and prevent infections. Ouf observed that certain pharmaceuticals have witnessed price hikes of more than the typical 20%, particularly those that rely significantly on imported components. He cautioned that if present economic conditions continue, the situation might deteriorate, perhaps leading to more price increases.
In reaction to the price increase, the Pharma Division has been in talks with the government to find possible alternatives. One of the recommended solutions is creating a pricing system that would assist in stabilizing the market by connecting medicine costs to particular economic factors.
Ouf also urged for greater investment in local pharmaceutical manufacture as a long-term plan to lessen reliance on imported raw materials, thus mitigating the consequences of currency changes.
The price increase comes at a time when many Egyptians are already struggling with the rising cost of living, driven by high inflation and economic instability. The government has been working to cushion the impact through subsidies and support measures, but the sudden rise in drug prices presents a new challenge.
