To support the national pharmaceutical industry
16/11/2019
To support the national pharmaceutical industry
The United Bank participates in Al-Ahram conference for specialized solutions to develop small and medium enterprises to be able to produce 100% Egyptian medicine
Ashraf El Kady: Chairman of The United Bank
• Political leadership strategy to expand public ownership and attract new investment
• Establishment of 7 factories to produce strategic medicines locally
• Producing 100% Egyptian medicine and developing the pharmaceutical industry
• A prescription to support the national pharmaceutical industry and encourage small and medium enterprises with financing and technical solutions
Cairo: The 16th of November 2019
The United Bank participated in this week's pharmaceutical industry conference organized by Al-Ahram Foundation, with the aim of developing the national pharmaceutical industry and promoting the strong return of the national industry to compete against the imported.
Commenting on the participation of The United Bank in Al-Ahram for medicine conference, Ashraf El Kady Chairman of The United Bank says that the drug industry in Egypt is one of the strategic industries, which began Talaat Harb Pasha in 1934 by the establishment of the Egyptian Company for Pharmaceuticals. But in the past period, the national pharmaceutical industry has been subjected to many difficulties due to the absence of a clear national strategy, local holding companies, the strong entry of the imported and monopoly.
Ashraf El Kady praised the interest of the political leadership in the file of medicine. Where the President of the Republic of Egypt issued a decision to establish seven factories for strategic medicines at a cost of 4 billion pounds, including: dairy children and oncology drugs, insulin and cancer. This is in addition to the intervention of the Ministry of Health and the concerned authorities to remove the difficulties facing the local production and try to promote the national industry to compete and encourage exportation. In addition to encouraging the citizens to invest their money in industrial projects in order to expand ownership and attract new investments.
Ashraf El Kady introduced a bank prescription aimed at opening the door to new investors, either directly by injecting investments in setting up factories and projects or entering into partnerships or by offering ownership to the public base of Egyptians through stocks. This will help these companies to increase their capital and increase local production, which in turn will lead to the establishment of industrial and export zones, which will increase the profits of investors and reduce the size of unemployment.
Ashraf El Kady expressed the necessity to pay attention to the development of the small and medium enterprises sector because they represent the backbone of the real economy through providing the necessary funding and supporting marketing mechanisms to ensure the success of these projects. Which accommodate numbers of labor as well as provide inputs for production of large projects.
Ashraf El Kady said that The United Bank provides specialized financing solutions for the development of the small and medium enterprises sector. It starts from building a productive culture, increasing the local component and improving its quality to launch the national industries. In order to maximize the volume of Egyptian exports to foreign markets, especially to the African market.
As well as the development of digital banking solutions to serve the purposes of the overall development of society as a whole and the sector of small and medium enterprises in particular, including: the digital wallet, which has been a great success among customers - mobile banking - Internet banking service for companies - and the service of cash management and also electronic payments for taxes and customs.
He added that The United Bank participated in an exhibition held in Sudan to activate Egyptian exports in the field of medicines and medical supplies last year.
Regarding his opinion on how to support the national pharmaceutical industry from outside the banking sector, Ashraf El Kady said that the support of the national pharmaceutical industry comes through the production of 100% Egyptian medicine ready for export using natural plants.
Also linking business sector companies to research centers in Egyptian universities instead of importing them from abroad (know how) and setting a fixed system to register the drug to attract investors, both Egyptians and foreigners. As well as the elimination of bureaucracy and the development of factories in the public sector.