Egypt's military given green light to form own pharmaceutical company

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Offline the leveller

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Egypt's military has been given the green-light to form its own pharmaceutical company, according to a decree by the prime minister published on Sunday.
"The National Agency for Military Production is permitted to partake in the founding of a company called the Egyptian National Company for Pharmaceuticals," read the decree.
The decision comes shortly after the government raised prices of hundreds of medicines earlier this month following months-long negotiations with pharmaceutical companies affected by dollar shortages and a weakening currency.
Egyptian pharmaceutical companies have been facing difficulties importing active ingredients they need to make generic medicines that millions of Egyptians rely on due to the foreign currency crisis.
Consumer prices have surged since November when the central bank floated the Egyptian pound and slashed fuel subsidies as part of a three-year IMF loan deal.

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