CAIRO: The cost of 94 different medicines used to treat diabetes and heart disease increased over the Eid Al-Adha holiday by between 10-55 percent.
Sherif Bassawy, secretariat for the Pharmacist’s Syndicate, told The Daily Star Egypt that the increase was “normal for Egyptian companies because it had been a “very long time since they increased, estimating it had been over four years since the last price hike.
Dr Magdy Abdou, Syndicate vice Treasurer, said that Egyptian pharmaceutical companies were losing money due to the low prices.
He does not worry about the price increases: “In some instances it’s 50 piasters instead of 40 piasters, not a big deal.
On the other hand, he criticized international pharmaceutical companies for what he termed “unjustified and sharp price hikes , which come every year or nine months. He said he was “shocked that international companies raised their prices for the second time in a year.
Prices can only go up once a committee affiliated with the Ministry of Health researches the matter and approves price increases, explains Bassawy.
