Egyptian drugmaker Pharco’s exports likely to rise 35% this year

Egyptian Pharco Pharmaceuticals targets a 35 percent growth in its exports to around $40 million this year up from $30 million last year, a senior official in the firm said on Tuesday.

The drugmaker exports its products to around 50 countries worldwide, including 20 African states, Export Business Development Manager Heba Mourad further told Amwal Al Ghad.

“The African states captured 26 percent share of the firm’s exports last year, which reached about $80 million, Mourad said, adding that Pharco plans to increase these exports to $11 million this year.

Pharco also seeks to boost its presence in Africa within the upcoming period, to export its products to more countries, including South and East Africa as well as Cameroon, Chad, and Mozambique, she said.

In 2018, Pharco’s sales rose 24.5 percent to 3.4 billion pounds against 2.735 billion pounds a year earlier.

Pharco seized 5.1 percent share of the total sales made by the Egyptian pharmaceutical firms, said a global information and technology services firm IMS Health in a report.