During the celebration of the 60th anniversary of Viatris pharmaceutical company, Esmat noted that the ministry has an ambitious plan executed by the Holding Company for Medicines, Chemicals, and Medical Supplies (HoldiPharma) that operates under the ministry's umbrella.
The ministry added that HoldiPharma aims to develop the industries of its subsidiary companies to meet the local market's needs, to provide the requirements of good manufacturing practice, and to meet the qualifications of the drug authority to support its competitiveness in foreign markets.
Egypt's pharmaceutical market is valued at EGP 150 billion, with 170 drug factories until 2022, according to the General Egyptian Drug Authority (EDA).
Egypt plans to raise its pharmaceutical exports to $100 billion by 2030.
As stated in its State Ownership Policy Document, Egypt adopts a plan aimed at raising the private sector's share in the national economy to 65 percent, up from the current 30 percent.
Moreover, Egypt has a clear commitment to the International Monetary Fund (IMF) to unleash the potential of the private sector with a decline in the government footprint in economic activity.
Egypt is currently under a $3 billion deal loan with the IMF extending through FY2025/2026.