The Cabinet’s Information and decision Support Center (IDSC) released on Sunday the eighth edition of its Industrial Prospects periodical under the title of “Pharmaceutical Industries”.
The periodical highlighted articles of many experts and academics in the pharmaceutical industries domain.
Among the articles is one by pharmacist Aya Soliman on the development of the drug industry worldwide. The article stressed that the pharmaceutical industry is the driving force of economic development as it largely contributes to the Gross Domestic Product.
Global pharmaceutical revenues reached $1.4 trillion in 2022 and are expected to grow to $1.8 trillion by 2026. On the other hand, the global pharmaceutical industry serves as a strong pillar for generating millions of jobs, from research and development departments to manufacturing, marketing, distribution, and post-sales research.
The article highlighted that the pharmaceutical industry provides jobs in both developed and developing countries. It also emphasized that the sector invests more in scientific research and development than any other industry, with companies dedicating around 20 percent or more of their sales revenue to R&D projects.
The article also underscored the impact of pharmaceutical companies and scientific research during the 2020 COVID-19 pandemic, where these companies led the way in developing new treatments and creating COVID-19 vaccines.
The article shed light on leading international experiments in the pharmaceutical industry of some countries, including the United States, Switzerland, the United Kingdom, and Japan, as well as emerging countries in this field and the challenges and opportunities they face.
It pointed out that Egypt is one of the promising emerging markets in the pharmaceutical industry and one of the largest and most important markets in Africa due to its strategic geographic location, which makes it a regional hub for drug distribution in the Middle East and North Africa.
Egypt is the largest producer and consumer of pharmaceuticals in Africa, with a market value of $56.6 billion in 2023, and is a key player in global pharmaceutical supply chains, having recorded exports worth $400 million in 2023. The market is expected to experience a steady annual growth rate of 5.48 percent, reaching a market size of $2.045 billion by 2029.
Both the public and private sectors contribute significantly to achieving self-sufficiency in the Egyptian pharmaceutical market, with domestic coverage accounting for 91 percent of total market sales. This demonstrates the ability to meet local market needs and control supply and demand, with the remaining 9 percent covered by imported finished products.
