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Egypt’s SEDICO Pharmaceutical started operations at its new one billion Egyptian pounds ($32 million) oncology drugs factory, located in Sixth of October City.
The factory, spread over an area of 1,250 square metres, will eventually produce about 70 oncology drugs to supply the domestic market and export to countries in the Middle East, Africa and Eastern Europe regions.
Chairman of the Board Ali Al-Ghamrawi told Zawya Projects that the factory is being implemented in two phases, with production of ampoules and injections slated for Phase 1 and tablets and capsules for Phase 2.
He said it will produce 10 million units/vials annually at full capacity.
“Sales of oncology drugs produced by the new factory are expected to reach EGP1.4 billion ($45 million) over the next three years. It will also contribute to providing some cancer medicines at prices 30 to 60 percent cheaper than imports.”
The company self-funded 70 percent of the investment in the new factory with bank loans accounting for the remaining 30 percent.
Al-Ghamrawi disclosed that the factory was designed and built by Italy’s CSV Life Science, which provides engineering, construction, validation and compliance services for the global pharmaceutical industry. In a LinkedIn post, CSV Life Science had confirmed the participation of its Egyptian representative INNOX Engineering in the project. The production equipment was supplied by another Italian company Steriline.
Noting that oncology drugs constitute a huge financial burden on the healthcare budgets of African countries, the SEDICO Chief said the new factory’s drugs will reduce the financial pressure on these countries and help achieve drugs security.
He added that SEDICO is aiming to grow its export market to 60 countries from the current 43 over the next two years once full production commences.
(1 US Dollar = 30.95 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
