{"id":640426,"date":"2024-08-26T00:00:00","date_gmt":"2024-08-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/26\/pharma-sector-requests-raw-ingredient-customs-breaks-packaging-vat-breaks-plus-pharma-monopolies-beware-menthum-ci-capital-palm-hills-developments-kraft-heinz\/"},"modified":"2024-08-26T00:00:00","modified_gmt":"2024-08-26T00:00:00","slug":"pharma-sector-requests-raw-ingredient-customs-breaks-packaging-vat-breaks-plus-pharma-monopolies-beware-menthum-ci-capital-palm-hills-developments-kraft-heinz","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/26\/pharma-sector-requests-raw-ingredient-customs-breaks-packaging-vat-breaks-plus-pharma-monopolies-beware-menthum-ci-capital-palm-hills-developments-kraft-heinz\/","title":{"rendered":"Pharma sector requests raw ingredient customs breaks, packaging VAT breaks. PLUS: pharma monopolies beware, Menthum + CI Capital, Palm Hills Developments, Kraft Heinz"},"content":{"rendered":"

PHARMA- <\/p>\n

#1- Pharma players want customs, tax breaks: <\/strong>The Federation of Egyptian Industries\u2019 (FEI) pharma division has submitted a request to introduce customs exemptions for inactive ingredients, division member Maged George told Al Arabiya<\/a>. Pharma players also requested VAT breaks for the sector\u2019s packaging input, FEI tax committee head Mohamed El Bahy said. <\/p>\n

It\u2019s been a busy few months for the sector: <\/strong>Some med prices were hiked an average of 25%<\/a>in<\/a>July<\/a>. Pharma players have been calling for the government to green light hiking prices in response to inflationary pressures and the new EGP exchange rate against the greenback following the float in March cranking up the cost of raw materials, which are 90% imported, according to FEI pharma division head Ali Auf.<\/p>\n

\n

\n

#2- ECA cracks down on local pharma monopolies: <\/strong>The Egyptian Competition Authority (ECA) has notified the FEI\u2019s pharma division that 42 local pharma players are in violation of competition and monopolistic practices laws, according to a letter seen by Al Mal<\/a>. The letter claimed that it was proved that companies had worked in cahoots to reduce pharmacists\u2019 profit margin. The named companies must now comply with the law and end any monopolistic practices.<\/p>\n

\n

\n

#3- Gov\u2019t wants international pharma players to join our pharma raw material hub: <\/strong>The government will be meeting with international pharma players over the coming period to invite them to take part in the EGP 80 mn regional hub for pharma raw materials, according to a cabinet statement<\/a>.<\/p>\n

Remember: <\/strong>Egypt wants to set up a pharma raw material hub<\/a> to meet the local market needs and regional exports. The Arab Company for Drug Industries and Medical Appliances and Eipico will break ground on the project, with plans to add more private investors at a later stage.<\/p>\n

\n

CAPITAL MARKETS-<\/p>\n

A fresh USD investment fund:<\/strong> Egyptian digital money market fund Menthum<\/a> and CI Capital Asset Management launched a USD fixed-income fund \u2014 dubbed the Menthum USD Fixed Income Fund \u2014 according to a pr<\/a>ess relea<\/a>se (pdf)<\/a>. The fund \u201caims to deliver stable returns by investing in low-risk, high quality fixed income securities, including USD-denominated t-bills and Eurobonds issued by the Egyptian government.\u201d <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Interested? <\/strong>Customers can subscribe to the fund through the Menthum app<\/a> starting today. <\/p>\n

\n

REAL ESTATE-<\/p>\n

What does Palm Hills have in store for Saudi Arabia?<\/strong> Palm Hills Developments is looking into a number of projects in both the real estate and education sectors in the kingdom, Co-CEO Hazem Badran told Asharq Business, adding that both the higher ed and k-12 sectors are on the company\u2019s radar (watch, runtime: 6:02<\/a>). The company is eyeing projects in Jeddah, Riyadh, and in the north of the country..<\/p>\n

Remember:<\/strong> Palm Hills set up a Saudi branch<\/a> earlier this month, joining other Egyptian real estate players that have recently entered the kingdom.<\/p>\n

\n

MANUFACTURING-<\/p>\n

Kraft Heinz doubles production capacity:<\/strong> Kraft Heinz is set to inaugurate USD 50 mn expansions to its factory in Egypt next month, doubling its production capacity and increasing exports by 65%, according to an Investment Ministry statement<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Around 90% of the raw materials used in the pharma industry are imported<\/p>\n","protected":false},"author":1,"featured_media":640427,"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":[7209],"tags":[111,102,136,7106,549,72,131,354,427,83,639],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-640426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-capital-markets","tag-ci-capital","tag-debt","tag-egyptian-competition-authority","tag-enterpriseam","tag-manufacturing","tag-palm-hills-developments","tag-pharma","tag-real-estate","tag-technology","wpautop","entry"],"acf":{"mongo_id":"c71bd3f6-1d1c-4f4d-8e0c-87d5bad32786","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2168.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Pharma sector requests raw ingredient customs breaks, packaging VAT breaks. 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According to El Leithy, the most recent increase in fuel prices and electricity tariffs, along with\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":[]},{"id":593157,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/19\/pharma-producers-seek-further-exemption-from-vat-but-ministry-rejects\/","url_meta":{"origin":640426,"position":2},"title":"Pharma producers seek further exemption from VAT but ministry rejects","author":"enterpriseam admin","date":"19 November 2019","format":false,"excerpt":"Local pharma manufacturers are angling for a wider exemption from value-added tax (VAT) on their products, according to Ahram Gate. 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