{"id":568012,"date":"2020-12-15T04:09:29","date_gmt":"2020-12-15T04:09:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/revenge-of-the-luddites\/"},"modified":"2020-12-15T04:09:29","modified_gmt":"2020-12-15T04:09:29","slug":"revenge-of-the-luddites","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/revenge-of-the-luddites\/","title":{"rendered":"Revenge of the Luddites"},"content":{"rendered":"

<\/a> Ibnsina Pharma has ended its standoff with the Pharmacists Syndicate, <\/strong>announcing <\/strong>yesterday <\/strong>that it would walk back its acquisition of 75% of 3elagi Tech,<\/strong> which owns digital pharmacy platform 3elagi<\/a>. \u201cIbnsina Pharma is keen to maintain strong relations with pharmacists who are the focal point for the company and the reason for its success therefore we decided to cancel our intention to invest,\u201d company chairman Mohsen Mahgoub said yesterday in a statement (pdf)<\/a>. The syndicate has responded in turn and has agreed to ask its members to end their boycott<\/a> of the meds distributor. The syndicate will also drop a lawsuit against the EGX-listed business.<\/p>\n

\u201cIbnsina Pharma is committed to digital transformation plans,<\/strong> with aims to increase operations efficiency for both the pharmacist and Ibnsina Pharma while realizing the economies of scale benefits for Ibnsina Pharma,\u201d Co-CEO Omar Abdel Gawad said.<\/p>\n

Making Michael Corleone proud: <\/strong>The Pharmacists Syndicate claims its campaign to block the acquisition is rooted in the Pharmacists Act of 1955 \u2014 which for those too young to remember was way before the internet. They claim that the act restricts public sales of meds to brick-and-mortar pharmacies (which must be owned by individual pharmacists) and hospitals \u2014 and any sale outside of that is illegal.<\/p>\n

Ibnsina shares rose 6% in trading yesterday <\/strong>after the news was released early in the day.<\/p>\n

WATCH THIS SPACE- <\/strong>This literal reading of the letter of the law could apply to all applications that try to sell or create marketplaces for meds, including Yodawy<\/a>, a pharma industry insider tells us. As with taxi drivers when ride-hailing came on to the scene, the aim of entrenched interests is to not be \u201cdisrupted.\u201d<\/p>\n

So why pick on Ibnsina?<\/strong> Because Yodawy\u2019s real market is helping insurance companies manage benefits, while Ibnsina is captive to the pharmacists who are the core customers of its distribution business. It will be interesting to see how they react when the 21st century eventually hits the sector.<\/p>\n

There\u2019s also the little matter of a pandemic: <\/strong>The irony isn\u2019t lost upon us that healthcare professionals are actively punishing attempts at social distancing through online applications.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ibnsina Pharma has ended its standoff with the Pharmacists Syndicate, announcing yesterday that it would walk back its acquisition of 75% of 3elagi Tech, which owns digital pharmacy platform 3elagi. \u201cIbnsina Pharma is keen to maintain strong relations with pharmacists who are the focal point for the company and the reason for its success therefore […]<\/p>\n","protected":false},"author":1,"featured_media":568013,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36],"tags":[72,7115,1414,7128,427,3766,7448],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","tag-enterpriseam","tag-healthcare","tag-ibnsina-pharma","tag-ma-watch","tag-pharma","tag-pharmacists-syndicate","tag-tech","wpautop","entry"],"acf":{"mongo_id":"ebc1d87e-c2e7-4605-bd59-e69813489159","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/261.jpg","photo_position":"above","related_issue":[568008],"teaser":"","voice_url":""},"yoast_head":"\nRevenge of the Luddites - 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The pharmacists\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568253,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/23\/revenge-of-the-luddites-part-ii\/","url_meta":{"origin":568012,"position":1},"title":"Revenge of the Luddites, Part II","author":"enterpriseam admin","date":"23 December 2020","format":false,"excerpt":"The Pharmacists Syndicate is taking its beef with the 21st century to 3elagi, filing a lawsuit yesterday against the digital pharmacy platform for selling directly to consumers without a pharmacist as an intermediary, Masrawy reports. The case accuses the app of contravening a 1955 law that says only pharmacies and\u2026","rel":"","context":"In "DISPUTE WATCH"","block_context":{"text":"DISPUTE WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/dispute-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/395.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560616,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/revenge-of-the-luddites-part-iii-chapter-ii-vezeeta-strikes-back\/","url_meta":{"origin":568012,"position":2},"title":"Revenge of the Luddites, Part III: Chapter II: Vezeeta strikes back","author":"enterpriseam admin","date":"7 March 2021","format":false,"excerpt":"Vezeeta has denied that it has broken the law with its newly-launched e-pharmacy business after the Pharmacists Syndicate last month accused the company of illegally selling products online. 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The company declined to disclose which types of fintech it wants to invest\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/58.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560312,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/23\/revenge-of-the-luddites-part-iii-vezeeta-edition\/","url_meta":{"origin":568012,"position":4},"title":"Revenge of the Luddites, Part III: Vezeeta edition","author":"enterpriseam admin","date":"23 February 2021","format":false,"excerpt":"The Pharmacists Syndicate is still fighting tech advancements in the industry and is now filing a lawsuit against Vezeeta, accusing the digital healthcare platform of illegally selling meds directly to consumers through its newly launched e-pharmacy, the syndicate said in a statement. The syndicate maintains that any sale of meds\u2026","rel":"","context":"In "DISPUTE WATCH"","block_context":{"text":"DISPUTE WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/dispute-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/334.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576098,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/10\/ibnsina-pharma-acquires-75-stake-in-egyptian-digital-pharmacy-app-3elagi\/","url_meta":{"origin":568012,"position":5},"title":"Ibnsina Pharma acquires 75% stake in Egyptian digital pharmacy app 3elagi","author":"enterpriseam admin","date":"10 November 2020","format":false,"excerpt":"M&A WATCH- Ibnsina Pharma has acquired a 75% stake in digital pharmacy platform and app 3elagi, according to an EGX disclosure (pdf). The remaining 25% of the business continues to be held by the founders, who will remain onboard. 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