STIO Life Science invests EGP 400m to localize Egypt’s pharmaceutical industry

Amr Abdel Razek, Chairperson of STIO Life Science (SLS), announced that the company has invested EGP 400m in the Egyptian market during 2023/2024. These funds have been directed toward development initiatives and securing the necessary business licenses.

Abdel Razek highlighted the company’s recent achievement in establishing a kidney filter manufacturing facility, which will help save $350m in foreign currency for Egypt. Currently, the country imports medical supplies for kidney failure patients worth $500m annually.

He further explained that the Egyptian government treats approximately 90% of kidney failure patients, each of whom requires an average of 144 dialysis sessions per year.

Abdel Razek also drew attention to Egypt’s dependency on imports for pharmaceutical products, noting that the country relies on foreign markets for about 85% of its pharmaceutical needs, amounting to roughly $5 billion annually. This reliance, he said, poses a significant strain on the national economy, particularly in light of global economic uncertainties and currency fluctuations.

Official data shows that Egypt’s total pharmaceutical imports in 2023 reached approximately $4.5 billion, underscoring the urgent need to reduce this dependency.

To address this challenge, Abdel Razek confirmed that SLS aims to focus on localizing pharmaceutical manufacturing in Egypt over the coming year. This initiative, he noted, is intended to conserve foreign currency and ensure a stable supply of medicines to meet domestic healthcare needs.

The company is currently investing in four pharmaceutical companies as part of this strategy.

Ashraf Sadek, CEO and Managing Director of STIO Life Science, revealed that the company plans to localize the production of around 60 pharmaceutical products between 2025 and 2030. Initially, the focus will be on producing medicines for heart disease, joint conditions, blood clots, and critical care needs for intensive care units.

Sadek emphasized that SLS is procuring pharmaceutical raw materials that meet global standards. Once produced locally, these medicines will not only meet domestic demand but will also allow for export, helping to position Egypt as a regional pharmaceutical hub.

He further stated that the localization of Egypt’s pharmaceutical industry is part of a broader vision to enhance the country’s healthcare sovereignty. This ambitious goal requires concerted efforts to boost scientific research, improve local industry infrastructure, and train specialized medical professionals, he concluded.

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