European stocks rise on tech ahead of ECB meeting    Thursday opens with EGP stable against USD    Oil up on Thursday    Acceleration needed in global energy transition – experts    Sri Lanka grants Starlink preliminary approval for internet services    Colombia likely to cut coal sales to Israel amid ongoing war on Gaza    HDB included in Brand Finance's top 200 brands in Africa for 2024    MSMEDA aims to integrate environmental dimensions in SMEs to align with national green economy initiatives    China-Egypt relationship remains strong, enduring: Chinese ambassador    Egypt, Namibia foster health sector cooperation    Palestinian resistance movements to respond positively to any ceasefire agreement in Gaza: Haniyeh    Egypt's Al-Mashat, KEXIM Bank discuss joint projects at Korea-Africa Summit    Egypt's EDA, Zambia sign collaboration pact    Managing mental health should be about more than mind    Egypt, Africa CDC discuss cooperation in health sector    Sudanese Army, RSF militia clash in El Fasher, 85 civilians killed    Madinaty Sports Club hosts successful 4th Qadya MMA Championship    Amwal Al Ghad Awards 2024 announces Entrepreneurs of the Year    Egyptian President asks Madbouly to form new government, outlines priorities    Egypt's President assigns Madbouly to form new government    Egypt and Tanzania discuss water cooperation    Grand Egyptian Museum opening: Madbouly reviews final preparations    Madinaty's inaugural Skydiving event boosts sports tourism appeal    Tunisia's President Saied reshuffles cabinet amidst political tension    US Embassy in Cairo brings world-famous Harlem Globetrotters to Egypt    Instagram Celebrates African Women in 'Made by Africa, Loved by the World' 2024 Campaign    Egypt to build 58 hospitals by '25    Madinaty to host "Fly Over Madinaty" skydiving event    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



GlaxoSmithKline to invest LE 500 mln in Egypt healthcare
Published in Daily News Egypt on 11 - 04 - 2011

CAIRO: GlaxoSmithKline Consumer Healthcare (GSK CH) announced Sunday they will invest approximately LE 500 million in Egypt's healthcare sector.
“Our main goal over the next five years is to focus this investment towards three aspects: manufacturing, employment, and advertising,” said Ambati Venu, vice president & general manager of GSK CH for Middle East at a press conference on 10 April.
GSK, one of the world's leading research-based pharmaceutical and healthcare companies, will focus primarily on expanding products under the brand names of Sensodyne and Panadol, two products that are already widely distributed throughout the Egyptian market.
“The Egyptian citizen already knows our products through advertising, but the consumer pays too much for these products as they are imported, or rather smuggled,” said GSK CH Country Manager of Egypt and Libya George Lawandi. “Now, we are looking to locally produce new, affordable products that will remain under the same brand names with the same high quality.”
In collaboration with GSK, Egyptian company EVA-Pharma, the fastest growing pharmaceutical company in the MENA region, will be producing Sensodyne. Alexandria Pharmaceutical Company, on the other hand, will continue to produce and expand on Panadol medicines.
“We've already signed an agreement with EVA Pharmaceuticals, which will help us boost locally-produced products and this is just the beginning,” Venu told Daily News Egypt.
According to Samir Makary, professor of Economics at the American University in Cairo and president of Makary Consulting, Egypt saw an overall loss of $3 billion since January when the country witnessed an 18-day popular revolt that eventually toppled former president Hosni Mubarak's 30-year-old regime.
As a long-term result, however, Makary predicted that the nation's economic future will be much brighter.
“During the economic crisis over the past years, the country saw a 5.5 percent GDP growth when the world was suffering,” he said. “We did it before and we can do it again by increasing long-term investments.”
Makary also predicted that the investment will increase jobs in the consumer healthcare sector by 7 to 8 percent over the next five years and in turn encourage other multinational companies to take similar steps by investing in Egypt's economy.
Other experts also saw that the people's revolution, which called for democracy, equality, and a dignified life for Egyptians, was a significant step forward that will ensure a more stable and prosperous future for Egypt's economy.
Secretary General of the Arab Investors Union Gamal El-Din Bayoumi believed that investors will now look at the Egyptian economy in a new light.
“Before this revolution, some of the largest companies in the world would tell me they refused to invest in Egypt because of a tedious bureaucratic process and widespread corruption,” said Bayoumi.
It was because of this that he also “encourages the youth who pushed for this revolution to remain committed and hold on to their demands because they will mean a lot for Egypt's future.”
“In the past 70 days, we changed an entire regime and fired our government and appointed a new one; this shows the world that we aren't shying away from admitting our mistakes and changing for the better,” said Bayoumi.
At a time that may seem difficult to many, Lawandi emphasized that GSK will stand “unwaveringly committed to the Egyptian market and embrace the bright future” it will hold.
In light of recent events, Venu shared Lawandi's optimism.
“The riskier the situation may seem now, the higher the achievements will be in the future. So, the smart thing to do is to invest now and not wait; that way we will already be ahead,” he said.


Clic here to read the story from its source.