
A file photo of a pharmacy in Cairo (Photo:Reuters)
Following the recent releases, the country's strategic drug reserve rose to 6-12 months, he added.
As of December, Egypt has gradually phased out curbs imposed since February on import finance due to a hard currency crunch resulting from the Russian-Ukrainian war as vast quantities of goods accumulated as a result at Egyptian ports.
Until 10 January, the Egyptian government in coordination with the banking sector announced the release of imported goods worth $8.5 billion, stressing that it is pressing ahead with efforts to accelerate the release of the remaining stranded goods to make them available in the local market.
In a call-in with Last Word (Kelma Akhira) TV show, presented by Lamis El-Hadidy on Sunday, Ouf said banks were communicating with pharmaceutical companies to help release raw materials needed for drug manufacturing.
He asserted the availability of all necessary drugs in pharmacies, saying there is no shortage of drugs. Most drugs available in the Egyptian market have about 20 to 30 alternatives, he clarified.
Concerning the pricing of the drugs amid the change in exchange rates, Ouf said the last pricing was set when the exchange rate for the dollar was EGP 20.
With the USD hitting over EGP 29 as well as the increase in the cost of medicine manufacture and transport, drug prices are expected to increase by 20-25 percent, Ouf said.
However, he said that the new prices are subject to review by the country's drug regulator and not expected before the end of February.
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