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Egypt Pharmaceuticals and Healthcare Report Q1 2011
Business Monitor International, Nov 2010, Pages: 95
Egypt Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Egypt's pharmaceuticals and healthcare industry.
The strong growth of the Egyptian pharmaceutical market is increasingly an attractive prospect, as the country is identified as one of the key emerging markets after the BRIC countries. Egypt's total pharmaceutical spending, which reached EGP13.75bn (US$2.48bn) in 2009, is expected to continue growing steadily over BMI's five- and 10-year forecast periods. We expect the market value, measured at consumer prices, to reach EGP23.31bn (US$5.07bn) by 2014, posting a strong 11.13% compound annual growth rate (CAGR) in local currency terms. However, the rate of growth will slow to 9.37% over the 2009-2019 period under pressure from higher generics use, pricing reforms, lower inflation and patent expirations.
Healthcare expenditure is set to grow strongly – from EGP63.47bn (US$11.44bn) in 2009 to EGP105.81bn (US$23.0bn) by 2014 – in line with BMI’s core long-term bullish outlook on Egypt’s economy, which is reaping some of the benefits of emerging market status in the post-crisis environment. While the government mulls the approval of a new stimulus package for the financial year ending in June 2011, higher healthcare expenditure will be partly driven by an overhaul of the country’s health insurance system.
The government was preparing the final draft of its comprehensive health insurance bill in mid-October 2010 in an effort to overhaul the country’s health insurance system, in which around 65% of health expenditure is sourced from consumers. Authorities have started pilot schemes in the Suez governorate, which is to be expanded to Alexandria and Sohag, according to an unnamed official quoted by Al-Masry Al-Youm. Approval of the final draft is expected by the end of October 2010 and ratification of the bill is slated for the next parliamentary session. The bill currently suffers from a EGP7bn (US$1.21bn) funding shortfall, however, which needs to be resolved by the finance ministry, according to health minister Hatem al-Gabaly.
There is evidence pointing to a growing HIV epidemic among those with poor knowledge of the virus and among the country’s most at-risk populations, according to UNAIDS country officer for Egypt Wessam El Beih. Although the overall number of HIV sufferers in the country remains comparatively low, there has been a massive 268% jump in diagnosed HIV cases in Egypt, El Beih said in October 2010. Overall spending on HIV prevention reached US$7.7mn in 2008, up from US$6.4mn the previous year, as the government has funded around half the amount. Indeed, authorities have made considerable progress in voluntary counselling and testing in 17 governorates, El Beih said, as 359 people living with HIV had been provided with free antiretroviral drugs.
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