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Tuesday, 30 August 2016

CBE only provides 20% of [healthcare compounds] firms’ needs

The CBE reportedly only provides 20% of the yearly FX needs of the [healthcare compounds] division of the Federation of Egyptian Industries, said Ahmed El Ezaby, head of the division, Al Borsa reported on Monday. While El Ezaby claims the industry’s annual FX needs amount to USD 1.2 bn, Penta Pharma Chairman Ossama El Saady puts the figure at closer to USD 3 bn, as firms import around 90% of their inputs. El Saady says there is a shortage of over 1.6k types of medication, including contraceptives and kidney-related meds. Reliance on the parallel currency market has increased the cost of production by 50%, as some firms haven’t received any FX in the last three months, said Global Pharma Chairman Gamal Ezzeldin.

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