Egypt’s booming pharmaceutical sector is set to cross US$ 1 billion annually
Egypt’s booming pharmaceutical sector is worth over US$ 1 billion annually, and shows signs of further growth in 2005, boosted by the government’s modernisation drive and increased private sector involvement.
Glimpses into the high-growth sector will be provided at the 3rd Middle East and North Africa (MENA) Exhibition, MEDITECH 2005, which will showcase pharmaceuticals, medical equipment, hospital supplies and instruments.
Meditech 2005, to be held from September 22 to 25, 2005, at the Cairo International Fair Ground, is a premier exhibition for medical technology and implements. Its scope has been widened to include additional medical sectors in response to the area’s requirements. The show is expected to witness a substantial increase in trade visitors and exhibitors this year, thus providing an ideal platform to serve the strategic health modernization plans in Egypt and the region.
“MEDITECH is growing from strength to strength and is eager to carry its forward momentum into 2005, where we are expecting not just substantial increases in both exhibitors and visitors, but also expansion into further medical segments. MEDITECH has become a potent force for the profligation of upcoming medical technology in the region, and is an ideal forum for suppliers, clients and experts to liaise and establish networks that will ultimately result in better medical services for the entire region,” said Ahmed Ghozzi, Chairman of ITC.
The healthcare sector throughout the Middle East is experiencing significant growth following modernisation programmes and increased private participation in the health sector. The Egyptian government in particular has started a five-year programme of upgrading medical facilities. The Ministry of Health and Population in Egypt has undertaken an ambitious Health Sector Reform Programme (HSRP) to modernise the nation’s health system, supported by funding from the African Development Bank, European Commission, USAID and the World Bank.
With a pharmaceutical market valued at more than US$ 1 billion, Egypt is the largest producer and consumer of pharmaceuticals in the MENA region with a 30 per cent share of the supply in the MENA markets. The region also absorbs most of Egypt's pharmaceuticals exports.
“Medical concerns have becoming increasingly relevant for the region’s governments, with distinct progression in technology and technique and concern for strategic health sector development. Egypt is at the forefront of the change, with a sizeable and growing market for foreign medical equipment. Medical imports to the country are expected to grow at a rate of 15 per cent and the ongoing heath sector modernisation programme is generating major demand for high-tech medical items, especially laboratory and testing equipment. MEDITECH presents a perfect opportunity for foreign suppliers and manufacturers to step in to fill the gap and penetrate the regional market,” added Ghozzi.
© 2005 Al Bawaba (www.albawaba.com)