Lavasta Pharma FZ LLC invested EGP 100m in the Egyptian pharmaceuticals sector, according to Sherif El Sawaf, Country Manager of Lavasta Egypt, Libya and Sudan.
El Sawaf added that Egypt is a promising market that enjoys the availability of industrial and human resources as well as quality and cheap labour. This is in addition to controls which ensure the access of all facilities and incentives for serious investments.
The company debuts its new medicine, which is one of the most important drugs for the prevention of clots. The medicine is taken one tablet a day as a prevention of clots, instead of taking an injection.
This product is the first product of Lavasta in the Egyptian market. The company will announce the launch of the new product at the Egyptian Orthopaedic Association (EOA) on July 3 to 4.
Tara Banasi, company president and shareholder said, “In the past two years, Egypt has experienced a crisis in the availability of pharmaceuticals, due to the correlation between the manufacture of medicine and the dollar value. Manufacturers import 95% of the raw materials and thus the valuation of the dollar value with the increase in production costs year after year put more burdens on the companies because of increase in the final product prices. Therefore, manufacturers have been forced to raise the price of hundreds of items to cover losses in the past period.”
Additionally, Banasi pointed out that some foreign pharmaceutical companies went to invest in the Egyptian market to fill the deficit of pharmaceuticals and orthopaedic surgery in particular through the manufacture of medicine in Egypt instead of importing it from abroad.
Thus, “our company has launched a new medical drug in the Egyptian market for the prevention of clots following bone surgery,” she noted.
She disclosed that the company works in many medical specialties, including women’s and men’s health, such as prostate diseases and infertility in men. The company’s latest products in this field are expected to be launched within a few months.