GYPTO Pharma, an Egyptian state-owned medical city, signed a joint production agreement on Thursday with Japanese health solutions company Otsuka, whereby a new company, named Otsuka GYPTO, was launched to produce pharmaceuticals.
The new entity, which is a joint-stock company, aims to cover Egyptian market needs and export the excess.
The agreement is part of Egypt's strategy to become a regional hub for medical industrialisation and cooperation with international companies.
The newly-established city was inaugurated by President Abdel-Fattah El-Sisi in April and aims to produce safe and effective drugs. It boasts a 180,000 square metre factory and 15 production areas.
Omar Mamdouh, the CEO of GYPTO Pharma said the agreement achieves the four goals previously set by the Egyptian political leadership of providing safe and effective medicine to Egyptians, achieving drug security, making Egypt a regional centre for dealing with international medical companies and exporting the surplus production.
Mamdouh added that the two companies have a shared interest in the production agreement, in which the city will produce high-quality medical solutions with Egyptian labour while Otsuka will provide technical support.
GYPTO Pharma, Mamdouh added, is currently negotiating with other international companies to establish new partnerships in the coming period.
Ahmed Zaghloul, the CEO of Otsuka GYPTO company, said the new partnership ensures the availability of intravenous solutions for both local and African markets.
He added that it also guarantees continued cooperation between the Egyptian and Japanese sides in the pharmaceutical industry.
President Abdel-Fattah El-Sisi said, during the opening of GYPTO Pharma, that the government aims to provide safe medicine at an affordable price to all citizens and will continue to develop its capacities to produce all necessary drugs locally as per the highest international standards.
He added that the preparations for the city took seven years to ensure the highest international standards for the produced medicines.