The Clap
The head of the Medicines Division at the Egyptian Federation of Chambers of Commerce said that the prices of medicines are expected to increase around 20%-25% by the end of next month due to a depreciated EGP.
What
Currently, between 50 and 60 pharmaceutical companies have submitted requests to the Egyptian Drug Authority (EDA) to hike their prices, since most of these companies set the price of the Egyptian pound at EGP 20 to the dollar to determine the prices of medicines on the market today.
So What
Due to the dollar and import crisis, large amounts of imported medicines and raw materials vital in their production are not currently available in the market.
Now What
Some companies that had large stocks of unavailable medicines would sell the medicines at double the price.
