Ashraf Kordy: Pharmacies Sector Faces Crisis in Drug Pricing, Capital Loss Exceeds 50%
Dr. Ashraf Kordy, Board Member, Egyptian Chamber of Commerce Giza Government, stated that the pricing crisis in medication is the most significant challenge facing the pharmacy sector in Egypt. During a meeting Lead my Mr. Ahmed Al-Wakil, President, Federation of Chambers of Commerce Egypt, with pharmacy profession leaders and representatives from chambers of commerce in various provinces, he emphasized the urgent need for intervention to solve the issue of multiple prices for the same medicine. He also highlighted the infinite increase in drug prices over short periods, leading to the economic downturn of pharmacies and causing problems with pharmaceutical inspection and citizens.
Kordy confirmed that this crisis has resulted in substantial capital losses for pharmacy owners, exceeding 50% in one year. It has impacted their ability to pay salaries and cover the cost of medicines. He also mentioned the expiration crisis with companies, the multitude of alternatives without dealing with scientific names, and the illegal sale of some medicines within clinics and beauty centers.
Kordy added that meeting participants proposed solutions to ease the crisis, such as printing barcodes instead of prices to standardize selling prices in all pharmacies.
He emphasized the necessity of implementing Law No. 163 of 1950 and its amendment No. 128 of 1982 on pricing, as well as reviewing the decision of the Minister of Health No. 23 of 2017. The meeting also discussed the difficulty of securing funding for pharmacies, as they resort to personal loans due to the Central Bank’s classification of pharmacies as “High Risk”.
It is worth mentioning that the meeting was attended by Mr. Mohamed El-Masry and Dr. Karam Kordy members of the board of directors of the federation, and senior representatives of pharmacists in Egypt from all governorates. Additionally, Dr. Alaa Az, the Secretary-General of the federation, and Mr. Sayed Abu El-Qomsan, the advisor to the federation, along with heads of some branches of pharmacy owners from different governorates were present.
