Pharco moves ahead with plan to build Egypt’s first oncology medicine factory

Pharco Pharma will begin work on its EGP 1 bn oncologicals plant this week, Al Borsa reports. The new venture, the Egyptian National Company for Medical Products (We Can), will build Egypt’s first oncology medicine factory at a total cost of EGP 500 mn, of which 50% will be covered by banks. The project is part of a cooperation agreement that Pharco had signed with the Health and Military Production Ministries and domestic vaccine producer Vacsera back in August. The factory will be built at Vacsera’s industrial complex in 6 October over 61k sqm and is expected to manufacture 93 different types of meds once it’s operational in two years’ time, according to Pharco’s CEO Shereen Helmy. We reported last week that the Egyptian Arab Land Bank was arranging financing for the facility.