AstraZeneca to raise Egypt investments to USD 100 mn

AstraZeneca to boost investment and up production: British pharma giant AstraZeneca plans to increase its investments in Egypt to USD 100 mn over the next three years and increase its production capacity by 50%, country president Hatem Werdany told Al Arabiya.

Localizing supply chains: “Our Egyptian products use 50-60% locally-made products and we hope to reach 80% over the coming three years,” he said.

AstraZeneca in Egypt: The company’s factory in Sixth of October produces medicine targeting a variety of areas — cardiovascular, gastrointestinal, respiratory, neuroscience, and oncology. The facility has the production capacity of 900 mn tablets per year, according to its website.

More products to come: “Egypt is a very promising market,” Werdany said. “This year we have nine new products … and over the coming three years we will introduce 25 new products to the Egyptian market.”

AstraZeneca unaffected by FX crisis: The company has not been affected by the ongoing shortage of foreign currency and has not faced problems repatriating profits, he said. 

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