The value of sales of the pharmaceutical sector during the first quarter of this year reached about EGP 20 billion, with a growth rate of 12% compared to the same period last year.
Ali Ouf, Chairman of the Drug Division of Egypt's Federation of Egyptian Chambers of Commerce (FEDCOC), revealed that the sales of the pharmaceutical sector during Q1 of 2020 jumped by 12% compared to the same period last year, which amounted to only EGP 15 billion.
Ouf pointed out that this phenomenon came in light of the growing fears of citizens due to the outbreak of the novel coronavirus (COVID-19) and their tendency to cope towards buying medicines at the beginning of the crisis.
He added that sales rates began to decline and return to normal rates since last April, dropping 5% to record an increase of up to 10%.
He noted that the pharmaceutical companies are now racing to provide all necessary vaccines within the protocols of treatment of the coronavirus.
The chairman explained that all the drugs used within the treatment protocols are available and registered with the Ministry of Health to make them available to patients, such as hydroxychloroquine, as well as the Japanese drug Avigan, which is expected to be manufactured in light of the success of recent clinical trials.
Ouf pointed out that there are more than 10 companies are currently racing to import the raw materials needed to manufacture the new drug.
It is noteworthy that Japan will begin providing the anti-flu drug Avigan for free to 38 countries as early as possible for treating patients with the deadly virus.
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