Over the last 100 days, Egypt's health industry has seen significant strides in various fields, showcasing a remarkable growth trajectory and potential for further development. The pharmaceutical sector has observed significant investments and growth.
Holdipharma to establish pharmaceutical factories
Egypt's Holdipharma announced its plan to establish five factories for the production of pharmaceutical raw materials, an initiative aiming to fulfil 20% of Egypt's market need for such materials by 2025. This EGP 2.5 billion investment signifies a crucial move towards pharmaceutical self-sufficiency and a reduction in import costs. Additionally, the company is negotiating a contract with India's largest pharmaceutical raw materials manufacturer, indicating a promising partnership.
Pharmaceutical firms record increased net profits
Egypt's pharmaceutical sector also saw increased revenues and net profits, with Minapharm Pharmaceuticals reporting a 31.36% YoY increase in consolidated net profits and GlaxoSmithKline (GSK Egypt) experiencing a 376% increase in consolidated net profits.
Ministry of Health achieves milestones
A key milestone was achieved by the Egyptian Ministry of Health and Population, performing 1.7 million surgeries since 2018 as part of an initiative to eliminate waiting lists. Furthermore, the Ministry's 100 Million Healthy lives initiative screened 70 million citizens, detecting and treating over 2.2 million Hepatitis C infections.
Health tech sector's impressive growth
Noteworthy is the health tech sector's impressive growth, projected to increase its revenue by 388.46% to $885.7 million in 2025. The sector received $50.5 million in funding in 2022, making it the third most-funded among Egyptian startups. Notably, Rology, a health tech company, expanded to Saudi Arabia by acquiring Arkan United, bringing its innovative teleradiology solutions to the Kingdom.
Steps to enhance healthcare infrastructure
Significant steps were taken towards enhancing healthcare infrastructure, such as plans to establish the Middle East's largest organ transplant center at the Nasser Institute Hospital and the acquisition of a 49% stake in El-Ezaby Pharmacy by the Sovereign Fund of Egypt, aimed at expanding the pharmacy's branch count.
New partnerships and agreements
The healthcare sector also witnessed new partnerships and agreements, like the MoU between the Medicines Control Authority of Zimbabwe and the Egypt Drug Authority for affordable medicines and cooperation in drug regulation. GSK Egypt signed an agreement with Egypt's Health Ministry to enhance public health through specialized training, awareness campaigns, and targeted projects.
Boosting global partnerships
In a bid to boost the pharmaceutical industry, Egypt's EVA Pharma will manufacture insulin for sub-Saharan Africa in collaboration with Eli Lilly, aiming to produce one million doses by 2030. Additionally, Egyptian firms, The Arab Contractors and Pharco Pharmaceuticals, have secured a contract to establish a SAR155 million pharmaceutical factory in Saudi Arabia.
Launch of Africa's largest medical exhibition
Egypt's government showcased its commitment to health by planning to increase healthcare spending by 15% in FY 2023/24, along with launching Africa's largest medical exhibition, Africa Health ExCon.
Sanofi Egypt increases investment
Lastly, Sanofi Egypt celebrated its 60th year in operation, highlighting its ongoing commitment through a €25 million capital investment, taking the total investment to 1.5 billion Egyptian pounds.