Egypt raises prices of locally made medicines by 20 percent
Health minister says some 4,000 medicines no longer available in country due to high cost of import as currency weakens
CAIRO — Egypt’s government has allowed a 20 percent price increase on domestically manufactured medicines.
The state-run MENA news agency quoted Health Minister Ahmed Emad Monday as saying that the decision aims to encourage local manufacturers who have been struggling due to high production costs, which have forced some to shut down.
Egypt imports a multitude of goods, including raw materials used in the manufacture of medicines. The Egyptian pound was last officially devalued in March but has since fallen to new lows, with many worried about a possible surge in prices.
The minister says that 4,000 medicines are no longer available in Egypt because their production costs more than their price.
The prices of locally manufactured medicines are set by a special Health Ministry committee responsible for pricing.
Copyright 2016 The Associated Press.