Medicines price rise does not commensurate with Egyptian pound devaluation
Published 2016-05-25 10:00:22| Amwal Al Ghad English
The increase applied to medicines does not commensurate with the devaluation of the Egyptian pound, said deputy head of Chamber of Pharmaceutical Industries at the Federation of Egyptian Industries Osama Rostom. Rostom described it as a slight increase. However, he believes that it will encourage pharmaceutical companies to resume production of the drugs they stopped providing due to financial losses. The Egyptian pound depreciated by about 62% against the US dollar, noted Rostom, adding that prices increased by only 20%. Thus, the increase does not suit the high prices, as the pharmaceutical industry highly depends on the US dollar. The increase in the US dollar price amounts to 82% in the informal market, according to Rostom, “The increase will encourage the manufacturers of medicine because it will increase the profits of some products, which will compensate the losses caused by other products in the same companies,” said Rostom. He explained that the profit margin of some medicines will slightly increase, covering the losses caused by some other medicines. The Ministry of Health approved the decision of medicines prices increasing on the 17 May, after receiving many complaints from medicine manufacturers and the disappearance of some of their products from the market as a result of the losses. The decision includes increasing the prices by a 20% ratio with a minimum of EGP 2 and a maximum of EGP 6. It was decided that the step would be implemented immediately without withdrawing the products from pharmacies and distributors and re-pricing them. The increase includes 7,010 pharmaceuticals with prices less than EGP 30, according to the Ministry of Health. Rostom said the price increases include about 70% of the total number of medical units, whether they are locally manufactured or imported.
- Medicines price rise does not commensurate with Egyptian pound devaluation
- Grand Imam of Al-Azhar meets France's Holland to correct perception of Islam
- Court overturns jail sentence for Egypt's Red Sea islands deal protesters
- Palestine's Islamic Jihad in Cairo for Palestinian reconciliation discussions
- Saudi-Egypt power grid link-up to start early 2019: official
- Obama says will ensure freedom of navigation in South China Sea
- Crashed flight MS804 'not seen to swerve': EgyptAir
- Poland says close to compromise with EU over constitutional tribunal
- Political parties begin week-long sit-in against Egyptian islands deal
- Egypt to slash total subsidy bill in FY2016/17
U.S. President Barack Obama said on Tuesday that Washington would stand with partners to ensure freedom of navigation and flight in the South China Sea and, without mentioning China by name, said big nations should not bully smaller ones. He was speaking on the second day of a visit to Vietnam, where on Monday he announced the complete lifting of the United State's ban on sales of lethal weapons to the Southeast Asian country.
Bomb blasts killed more than 100 people in the Syrian coastal cities of Jableh and Tartous on Monday, monitors said, in a government-controlled area that host Russian forces. Islamic State claimed responsibility for the attacks in the Mediterranean cites that have up to now escaped the worst of the conflict, saying it was targeting supporters of President Bashar al-Assad. Scores were wounded in at least five suicide attacks and two car bombs, the Syrian Observatory for Human Rights said, the first assaults of their kind in Tartous, where government ally Russia maintains a naval facility, and Jableh. State media confirmed the attacks but gave a lower toll. Fighting has increased in other parts of Syria in recent weeks as world powers struggle to revive a threadbare ceasefire in western Syria and after peace talks in Geneva this year broke down. State media reported that a car bomb and two suicide bombers attacked a petrol station in Tartous. In Jableh, one of the four blasts hit near a hospital, state media and the Observatory reported. Footage broadcast by the state-run Ikhbariya news channel of what it said were scenes of the blasts in Jableh showed several twisted and incinerated cars and minivans. Pictures circulated by pro-Damascus social media users showed dead bodies in the back of pick-up vans and charred body parts on the ground. The Syrian Observatory said at least 53 people were killed in Jableh, and 48 in Tartous. The interior ministry said in a statement more than 20 people had been killed, and one state media outlet put the death toll at 45 people. Bombings in the capital Damascus and western city Homs earlier this year killed scores and were claimed by Islamic State, which is fighting against government forces and their allies in some areas, and separately against its jihadist rival al Qaeda and other insurgent groups. Russia, which intervened in the Syrian war in support of President Bashar al-Assad last September, operates an air base at Hmeymim in Latakia and a naval facility at Tartous. Latakia city, which is north of Jableh and capital of the province that is President Assad's heartland, has been targeted on a number of occasions by bombings and insurgent rocket attacks.
The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.
Most Popular »
- Sisi launches Mopco fertilizers complex in Egypt's Damietta with $2bn-investments
- Cairo's stocks start week in red notes with losses of $202mn
- Egyptian internal trade sector total investments hit $596mn
- UAE-based CGP puts out the construction of ‘Alburouj’ to tender
- Egypt bourse expects five new IPOs in few months: chief