Prime Minister Sherif Ismail ordered the development of a strategy to ensure that FX is made available for the pharma sector at a meeting with the Deputy CBE Governor, Health Minister Ahmed Rady and the heads of a number of pharma companies, Al Shorouk reports. The allocation will cover both imported products and production inputs, Al Borsa reported. With the FX reserves up USD 3 bn and expected to grow further next month, the cabinet apparently believes there is room to increase FX allocation to the industry from a current USD 2.6 bn per annum. The move appears to be geared toward convincing the industry not to demand price hikes post-devaluation. As we noted last week, the industry is in panic mode and is bracing itself for the effects of the devaluation, prompting the Federation of Egyptian Industries to heighten its lobbying campaign for an increase in the price of meds. Since the meeting yesterday, the head of the FEI’s Pharma Division, Ahmed El Ezaby, told Al Borsa that the move to raise prices of meds 20% achieved little and resolving the FX shortages should be the primary goal.