The findings were outlined in a comprehensive 36-page study conducted by the Senate, Egypt's upper consultative house, focusing on the future strategy of the country’s pharmaceutical industry.
Proposed by Senator Mohi Hafez and crafted by the Senate's Health Committee, the study emphasizes the importance of strategic initiatives to bolster the pharmaceutical sector.
"The Egyptian drug industry is one of the most successful sectors, but it is still mainly focused on the local market and largely depends on traditional technology," said the study.
The Senate's Speaker Abdel-Wahab Abdel-Razek said that the study's recommendations will be presented to President El-Sisi for consideration and implementation of necessary executive measures.
Pharmaceutical industry urged to prioritize exports
According to the study, the pharmaceutical industry in Egypt is advised to change its strategy and prioritize foreign export markets in the coming years.
The study highlights that while Egyptian pharmaceutical exports currently reach 150 countries, the majority of these exports are targeted towards Arab and European Union markets.
By leveraging "new technologies, implementing innovative marketing strategies, and revising existing regulations, Egypt has the potential to significantly increase the value of pharmaceutical exports to a projected $5 billion by 2030".
It also pointed out that pharmaceutical exports grew nearly 40 percent between 2021 and 2022.
Furthermore, the study reveals that Egypt ranks fourth among African markets in terms of attracting pharmaceutical investments in 2022.
"Egypt has 170 licensed pharmaceutical factories, 152 of which are owned by the private sector, nine by the public sector and nine by multinationals," said the study, also indicating that "the Egyptian local pharmaceutical industry coves 92 percent of the local market needs."