Cairo – Mubasher: Leading hub of pharmaceutical manufacturers in Africa the Pharmaconex Exhibition concluded in Egypt on 5 September 2023 after it succeeded in attracting 7,000 visitors.
More than 220 local and international companies, including 50 Egyptian firms, took part in the event which kicked off on 3 September and was organised by Informa Markets Egypt in association with CPHI, according to a press release.
Pharmaconex 2023, held under the auspices of the Egyptian Ministry of Industry and Trade, involved various activities and workshops in addition to opening communication channels among the participants to exchange expertise in the pharmaceutical industry.
General Manager at Informa Markets, Hany Khafagy, said: “Pharmaconex has been evolving one year after another, being an exhibition that focuses on the vital pharmaceutical sector in Egypt with a 30% share of the market in the Arab World and Africa.”
As for next year’s plan, Khafagy revealed that Informa Markets will hold Pharmaconex for the first time in other countries, starting with Nigeria in April 2024.
He further concluded: “Egypt is the largest producer and consumer of pharmaceuticals in the MENA region with a $56.60 billion market value.”
It is believed that such events are beneficial to the Egyptian pharmaceutical industry which witnessed remarkable growth indicators with exports amounting to $400 million in 2023.
Khafagy added: “Egypt is featured with great investment opportunities in the field, especially that the country is known for having a huge fortune of mineral resources used in producing medicine.”
On the sidelines of the event, a meeting with a delegation of Nigerian pharmaceutical companies was held in the presence of Gamal El-Laithy, Head of the Chamber of Pharmaceutical Industry at the Egyptian Federation of Industries. The parties discussed several business opportunities to endorse means of collaboration between the two sides in addition to the business volume between Egypt and other African countries.
El-Laithy unveiled that five companies have been working on a project to manufacture and produce pharmaceutical materials.
Meanwhile, he added: “Discussions are currently underway with the Central Bank of Egypt (CBE) and the Ministry of Finance about banks that can fund scientific research done by pharmaceutical companies.”
It is worth noting that over 200 factories are operating in the pharmaceutical sector and cover 90% of the needs of the local market and the Arab world.
