Pharma told not to expect price increases, table demands
There will be no further increase in the prices of meds, declared Health Minister Ahmed Rady earlier this week, according to Al Borsa. Rady believes that since most pharma companies have been sourcing their FX from the parallel market prior to the float, it should not use it as an excuse to push for further prices. The pharma division of the Federation of Egyptian Industries is naturally incensed, stating through its member Gamal El Leithy that it had been sourcing FX through the banking system at the old rate and the float has raised expenses by 80%. The division suggested that they be granted an exception to the float and continue to exchange FX at the old rate, or be allowed to increase prices of cosmetic and non-essential products. Either way, the division appears to have tabled their ongoing demands to raise prices until the FX market stabilizes, following a meeting with representatives of the Industry and Trade Ministry, Al Mal notes.