{"id":600648,"date":"2019-02-05T04:35:05","date_gmt":"2019-02-05T04:35:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/riad-armanious-chief-executive-officer-eva-pharma\/"},"modified":"2019-02-05T04:35:05","modified_gmt":"2019-02-05T04:35:05","slug":"riad-armanious-chief-executive-officer-eva-pharma","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/riad-armanious-chief-executive-officer-eva-pharma\/","title":{"rendered":"Riad Armanious \u2014 chief executive officer, Eva Pharma"},"content":{"rendered":"

<\/a> Riad Armanious leads one of the regional pharma industry\u2019s fastest growing companies <\/b>as he aims to transform his family\u2019s company, founded in 1919 by his grandfather, from a regional generic manufacturing powerhouse into a research and development focused player. Armanious (LinkedIn<\/a>) also serves the industry as a whole on trade associations and export councils and was the only Egyptian on the World's Economic Forum's 2018 list of 100 global leaders under 40<\/a>.<\/p>\n

For the company, 2018 was the year of research and development.<\/b> It\u2019s the year we launched our research and development institute, the Mounir Armanious Research Center (MARC). We\u2019re very proud of MARC because it reflects our vision for the future.<\/p>\n

It was a tough year for the industry<\/b>, but it was a year of change for the better.<\/p>\n

2019 will be the year we focus our effort on international expansion.<\/b> Eva Pharma is trying to move towards becoming a more specialty-based and innovative company. We signed a lot of international agreements in 2018, which we will see come into effect as part of our global expansion plan in 2019. We currently operate in 41 countries, but we\u2019re looking to expand \u2014 with a big focus on Africa, where we see a lot of potential for a company like ours.<\/p>\n

We signed a few out-licensing agreements with global organizations to take some of our products to Europe.<\/b> We already have reach in Eastern Europe, so we\u2019re focusing now on Western European countries. We have approval to export to the European Union \u2014 which isn\u2019t to be taken lightly \u2014 but we\u2019re now also looking to move into commercializing and registering products in the EU.<\/p>\n

In terms of turnover, we\u2019re talking about 25% growth in 2019.<\/b> We plan to increase that to 50% by the end of 2021 by focusing on respiratory, inhalation and utilization products as well as specialized dosage forms that are currently not produced in Egypt.<\/p>\n

The biggest challenge this year will be the global climate. <\/b>The US-China trade war complicates the scene very much. Brexit complicates things for us, too, because while there is one agency that regulates our industry across 28 states in the bloc, now nobody understands how the UK will be regulated if Brexit happens. This is just an example of how we\u2019re seeing further fragmentation of regulation, which goes against globalization \u2014 we\u2019re actually seeing deglobalization through inefficient regulations<\/b>. The more regulations you have to maneuver, the more time the process takes and the more costly it all becomes, leaving less space for innovation. Deglobalization is one thing that\u2019s very painful for someone who\u2019s passionate about bringing innovation to patients.<\/p>\n

Egypt so far has been doing well, but is our competitiveness increasing?<\/b> Are we developing in terms of manufacturing, efficiency, and logistics competency? We\u2019ve done a lot in terms of political stability and in security, but we need to see more on manufacturing and logistics if we want to increase our exports as a country. We would need logistics routes to transport products, and strategic and easily-accessed maritime and air links, for example.<\/p>\n

We need lower interest rates this year.<\/b> I\u2019m sure many other people have already said that, but we need lower interest rates for innovation \u2014 not just to protect smaller companies. I\u2019m all for helping SMEs because that\u2019s definitely proved effective in terms of economic development. But you also need to finance, give tax breaks or offer financial incentives for innovation-based projects taken on by companies outside of the SME scope.<\/p>\n

Innovation doesn\u2019t happen because of goodwill or good intentions \u2014 it happens because of good economics<\/b> as well as the right ecosystem factors. We need economic incentives for innovation because it\u2019s important, not just for prestige, but as a competitive driving force of growth. You can grow in two ways: Either due to the ability to grow your size in the market or due to competitiveness in innovation.<\/p>\n

Our industry also needs dynamic pricing<\/b> to match the dynamic or liberalized exchange rate.<\/p>\n

Biologics (therapeutics or diagnostics) will be among the biggest opportunities in the industry.<\/b> One of the areas we\u2019re currently investing in is vaccines. Viruses mutate based on local conditions, so the more specific your vaccines are to local viruses, the more effective they are. We\u2019re investing in vaccines, and avian flu vaccines in particular. We\u2019re also working on getting one of our facilities FDA-approved, which would be the first one of its kind in the country. It\u2019s not easy, but it comes with its rewards, so, that\u2019s something we\u2019re looking to complete in 2019.<\/p>\n

We\u2019re also investing in manufacturing facilities in Africa<\/b> as part of our plans to become a more active African player as opposed to just national.<\/p>\n

There\u2019s also major potential in the universal health coverage campaign that Egypt is rolling out.<\/b> It\u2019s an ambitious plan to ensure that 100% of Egyptians are eventually covered, starting with the governorate of Port Said in July 2019. We understand, of course, that it will take a number of years for the program to cover the country in its entirety, but we expect it to significantly change the dynamics of the market as it expands access to healthcare and increases market shares. That\u2019s why we\u2019re all investing in it: When you have more patients covered, you need much bigger volumes and lower prices, which is good for the country and, most importantly, patients.<\/p>\n

On the compensation front, we will see an average increase of over 20%.<\/b> We\u2019re trying to reverse Egypt\u2019s brain drain by ramping up salaries so that they\u2019re more globally competitive. If we want to become a global company, we have to be globally competitive as well. In general, we have a big increase coming up, as well as promotions. We also have a lot of positions being opened to serve our innovation and globalization plans.<\/p>\n

Our business has absolutely been constrained by high interest rates.<\/b> I\u2019m not an economist, but I expect and hope they will come down a little. We\u2019re investing a lot in our development to expand our presence globally and adding more manufacturing lines.<\/p>\n

Inflation was a huge issue for us. <\/b>Inflation affects you on the cost base because we\u2019ve been increasing salaries over 20% over the past two years and will be doing the same for this year. Inflation affects morale and variety \u2014 humans like choice, and inflation curbs choice, which decreases quality of life.<\/p>\n

I expect tourism to outperform this year, while real estate will underperform<\/b>. We\u2019ve been inflating the bubble for some time now. I think the lower end of the real estate market will be resilient and the upper end is usually more resilient, too.<\/p>\n

We\u2019re mostly investing in Egypt <\/b>\u2014 in getting our facility to be FDA ready, and we\u2019re investing in innovative products. We\u2019re also investing in companies to become part of our group; for example we have a subsidiary in Hamburg, Germany. We\u2019re also investing in an acquisition in Germany, and we\u2019re investing in Sudan and Ethiopia.<\/p>\n

If I were to start a new business today<\/b>, it would be in artificial intelligence in genomics.<\/p>\n

The most common question is get from outside parties is: \u201cAre you optimistic?\u201d <\/b>As a person, I am, but I hope to see us make decisions based on data rather than emotions. But I\u2019m optimistic about the economic reforms, which speak loudly of better times to come in Egypt. We have a lot of the pillars needed for a competitive manufacturing base or an export base \u2014 we just need coordination on a national level. Coordinating what needs to be done through national policy and stringing the parts into long-term vision can bring about positive outcomes, but the components are already there. The fundamentals are there.<\/p>\n

What question will we be asking at the end of next year?<\/b> I hope we\u2019ll be asking ourselves: Are we more innovative as a country? That\u2019s an important question because it\u2019s future-looking and that\u2019s what we should be focused on.<\/p>\n","protected":false},"excerpt":{"rendered":"

Riad Armanious leads one of the regional pharma industry\u2019s fastest growing companies as he aims to transform his family\u2019s company, founded in 1919 by his grandfather, from a regional generic manufacturing powerhouse into a research and development focused player. Armanious (LinkedIn) also serves the industry as a whole on trade associations and export councils and […]<\/p>\n","protected":false},"author":1,"featured_media":600649,"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":[11357],"tags":[93,72,11356],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-enterprise-ceo-poll","tag-energy","tag-enterpriseam","tag-the-enterprise-ceo-poll","wpautop","entry"],"acf":{"mongo_id":"03b15d32-9210-464f-8e2d-344308b14629","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/2\/10.jpg","photo_position":"above","related_issue":[600625],"teaser":"","voice_url":""},"yoast_head":"\nRiad Armanious \u2014 chief executive officer, Eva Pharma - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/riad-armanious-chief-executive-officer-eva-pharma\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Riad Armanious \u2014 chief executive officer, Eva Pharma\" \/>\n<meta property=\"og:description\" content=\"Riad Armanious leads one of the regional pharma industry\u2019s fastest growing companies as he aims to transform his family\u2019s company, founded in 1919 by his grandfather, from a regional generic manufacturing powerhouse into a research and development focused player. 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Al Kahera Alaan\u2019s Lamees El Hadidi wondered out loud whether the government will decide to bring the\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":588632,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/eva-pharma-plans-usd-110-mn-saudi-meds-complex\/","url_meta":{"origin":600648,"position":2},"title":"Eva Pharma plans USD 110 mn Saudi meds complex","author":"enterpriseam admin","date":"14 June 2023","format":false,"excerpt":"The company wants to build five factories and a research hub","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/691.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630515,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/23\/did-sudan-really-promise-to-end-its-boycott-of-agriculture-goods-before-ramadan\/","url_meta":{"origin":600648,"position":3},"title":"Did Sudan really promise to end its boycott of agriculture goods before Ramadan?","author":"enterpriseam admin","date":"23 April 2018","format":false,"excerpt":"Did Sudan really promise to end its boycott of agriculture goods before Ramadan? Sudanese government officials reportedly promised that they would lift their ban on Egyptian agricultural imports before Ramadan, said Egyptian-Sudanese Business Council member Riad Armanious. Officials apparently promised the council that the ban on some 19 goods will\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":657304,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/18\/eva-pharma-brings-locally-produced-insulin-glargine-to-market-for-the-first-time\/","url_meta":{"origin":600648,"position":4},"title":"Eva Pharma brings locally produced insulin glargine to market for the first time","author":"enterpriseam admin","date":"18 December 2024","format":false,"excerpt":"The start of production will see Egypt become a net exporter of insulin glargine","rel":"","context":"In "PHARMA"","block_context":{"text":"PHARMA","link":"https:\/\/enterpriseam.com\/egypt\/category\/pharma\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/695.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621971,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/health-ministry-to-begin-implementing-meds-tracking-system-by-year-end\/","url_meta":{"origin":600648,"position":5},"title":"Health Ministry to begin implementing meds tracking system by year-end","author":"enterpriseam admin","date":"22 November 2018","format":false,"excerpt":"The Health Ministry will begin implementing its digital tracking system to monitor the distribution and sales of meds by the end of the year, deputy head of the Federation of Egyptian Industries\u2019 pharma division Riad Armanious said yesterday, according to Masrawy. The system, which is meant to help prevent locally\u2026","rel":"","context":"In "Health + Education"","block_context":{"text":"Health + Education","link":"https:\/\/enterpriseam.com\/egypt\/category\/health-education\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=600648"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600648\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600625"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/600649"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600648"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600648"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}