News

Egyptian Military Forms Pharmaceutical Company

Egyptian Military Forms Pharmaceutical Company

A pharmacist searches for medicine at a pharmacy in Cairo, Egypt, November 17, 2016. REUTERS/Mohamed Abd El Ghany
A pharmacist searches for medicine at a pharmacy in Cairo, Egypt, November 17, 2016. REUTERS/Mohamed Abd El Ghany

Egypt’s Armed Forces are set to form a pharmaceutical company after being granted a license by the Egyptian government.

According to the official gazette, a decree by Prime Minister Sherif Ismail granted the Egyptian military a license to enter the pharmaceutical industry by founding ‘the Egyptian National Company for Pharmaceuticals’.

The extent of the activities of this new company remains unclear.

The decision to allow the Egyptian military to enter the pharmaceutical industry comes at a time when Egypt is facing a drug shortage and an increase in prices.

Earlier this month, Egypt increased the prices of 3,000 drugs by up to 20 percent.

The prince increases, as well as the shortage that has prompted intervention by the Egyptian government, coincides with the floating of the Egyptian pound. According to CAPMAS, annual urban consumer price inflation jumped to 23.3 percent in December from 19.4 percent in November.

The decision by the government to allow the military to enter the pharmaceutical industry, however, will be welcomed by some and criticised by others. It has long been thought Egypt’s military has a wide presence in Egypt’s economy, producing and selling goods ranging from water and cereal to petrol.

Nevertheless, Egypt’s President Abdel Fattah Al-Sisi affirmed last year that the military’s activities accounted for less than two percent of the country’s overall economic output.

Trump Calls Sisi, Discusses Terrorism and Boosting US-Egypt Ties
Five Soldiers Killed in Ambush in Egypt's North Sinai

Subscribe to our newsletter


News

More in News

‘There Is No Planet B’: 16 Inspiring Photos of the Global Youth Climate Strike

Egyptian StreetsSeptember 20, 2019

Small, Scattered Anti-Government Protests Occur in Egypt

Egyptian StreetsSeptember 20, 2019

Israeli Tourism in Sinai Soars to Over 1 Million Vacationers in 2019

Egyptian StreetsSeptember 20, 2019

New Egyptian Law Requires Access to Customer Data From Careem, Uber

Egyptian StreetsSeptember 20, 2019

Egypt’s Ban from Weightlifting World Championships Could Extend to 2020 Olympics

Egyptian StreetsSeptember 19, 2019

‘Aladdin’ Star Mena Massoud Chosen Ambassador for ‘Speak Egyptian’ Initiative

Egyptian StreetsSeptember 19, 2019

Egypt Will Mark World Cleanup Day with 4 Massive Eco Campaigns

Egyptian StreetsSeptember 18, 2019

Egypt Issues Arrest Warrant for Italian Diplomat Accused of Smuggling Antiquities

Egyptian StreetsSeptember 17, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.