Photo source: Daily News Egypt
Egypt has witnessed a significant surge in drug prices, with costs increasing by up to 20 percent, announced Ali Ouf, head of the Pharma Division of the Federation of Egyptian Chambers of Commerce.
This sharp rise, attributed to a range of economic pressures, is raising concerns about the affordability and accessibility of essential medications across the country.
Ouf highlighted that the price hike is primarily driven by the rising cost of raw materials, exacerbated by the ongoing depreciation of the Egyptian pound against foreign currencies.
The increased operational costs within the pharmaceutical industry, including higher transportation and energy expenses, have also contributed to the situation. This has created a challenging environment for pharmaceutical companies, many of which are finding it difficult to absorb the additional costs without passing them on to consumers.
The impact of the price increase has been felt across a broad range of medications, including those for chronic diseases, pain relief, and antibiotics. Ouf noted that some drugs have seen price increases beyond the average 20 percent, particularly those that rely heavily on imported components. He warned that the situation could worsen if current economic conditions persist, potentially leading to further price hikes.
In response to the price surge, the Pharma Division has been in discussions with the government to explore potential solutions. Among the proposed measures is the implementation of a pricing mechanism that could help stabilize the market by linking drug prices to specific economic indicators.
Ouf also advocated for increased investment in local pharmaceutical production as a long-term strategy to reduce dependency on imported raw materials, which would help mitigate the effects of currency fluctuations.
The price increase comes at a time when many Egyptians are already struggling with the rising cost of living, driven by high inflation and economic instability. The government has been working to cushion the impact through subsidies and support measures, but the sudden rise in drug prices presents a new challenge.
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