Egypt’s pharmacy owners face heavy losses

Egypt’s pharmaceutical industry is facing an issue in drug pricing which resulted in substantial capital losses exceeding 50 per cent in one year, board member at the Federation of Egyptian Chambers of Commerce has said.

The loss has affected the owners’ ability to pay salaries and cover the medicines cost, said the board member Ashraf Kordy during a meeting with the chairman of the Federation Ahmed Al-Wakil.

Kordy emphasised the need for intervention to solve the issue of multiple prices for the same drug, highlighting the rapid increase in drug prices over short periods of time, a matter that led to problems to both pharmacies and the citizens.

He further emphasised the need for implementing Law No. 163 of 1950 and its amendment No. 128 of 1982 on pricing.