Egypt’s pharmaceutical industry hit by foreign currency drop

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Egypt’s ailing economy is impacting pharmaceutical production in the country, resulting in a shortage of medication in the north African state.

Pharmacists warn that vital drug supplies, like those for cancer treatment and diabetes, are dwindling.

The North African country now faces a shortage of medicine as pharmaceutical companies face the challenges of a drop in foreign currency reserves making imports harder, as well as government fixed prices that companies say are too low.

To ease pressure on importers, the Central Bank last week raised the cap on foreign currency deposits at banks fivefold to $250,000 to help relieve a dollar shortage that has seen imports of essential goods piling up at ports.

The cap, originally implemented a year ago, was previously set at $50,000.

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