File Photo: A pharmacy employee reaches out to grab a box of medicine in a pharmacy, Cairo, Egypt. AFP
According to a press release on Monday, the new company, named EZ International, will provide pharmaceutical companies in Egypt with a slew of services, including logistical and administrative support to distribution and trade services to grow their businesses and ensure customer satisfaction.
EZ International will serve over 500 pharmacies in Egypt, starting with more than 250 branches affiliated with El-Ezaby.
The new company's launch will be funded by increasing the capital of TSFE and B Investments by an undisclosed amount.
“TSFE collaborates with only the top experts and specialists to ensure that its projects are successful and create real and positive social impact through distinctive services at competitive costs, which contributes to achieving the state’s goals and the state’s ownership policy document” TSFE Chairperson and Minister of Planning Hala El-Said stated.
As stated in its State Ownership Policy Document, Egypt is aiming to raise the private sector's share in the national economy to 65 percent, up from the current 30 percent.
Egyptian pharmaceutical sales reached EGP 170 billion ($5.5 billion) in 2022. Egyptian pharmaceutical exports are expected to increase by five percent every year in the next three years, according to the Information and Decision Support Centre (IDSC).