Cyprus’ drug manufacturer Medochemie plans to build a pharmaceutical plant in Egypt worth €20 million ($23 million), the head of the Egyptian Industrial Development Authority (IDA) announced on Tuesday.
IDA head Ahmed Abdel Razeq made these remarks following his meeting with Medochemie officials, who are visiting Egypt and have already submitted an official request to the Egyptian authority to establish the plant.
The anticipated plant will be built over an area of 10,000 metres square in one of the industrial zones near the Suez Canal corridor, Abdel Razeq said.
Medochemie will export all its production to the parent company in Cyprus, he added.
Medochemie, a founding member of the European Generic Medicines Association (EGA), has eleven manufacturing plants and facilities. Nine are located in Cyprus, one in the Netherlands, and one in Vietnam. The company maintains 3,800 marketing authorization licences for 630 different pharmaceutical products, classified in over 10 therapeutic categories. Its global headquarters are at Medochemie House in Limassol’s industrial area.