The Sovereign Fund of Egypt (TSFE), through its subsidiary fund for health services and pharmaceutical industries, and B Investments firm, announced the launch of a new company under “EZ International” in partnership with El Ezaby Pharmacy, to provide logistical and administrative services to pharmaceutical institutions as well as aiding in drug distribution and trade services.
The El Ezaby Pharmacy will contribute to the new company with its existing pharmacies and technical expertise in this field.
The TSFE and B Investments aim to pump a capital increase in the company during the next two years to provide services to more than 500 pharmacies across the country, starting with El Ezaby chain of pharmacies which exceeds 250 branches nationwide.
The partners also aim to take advantage of the latest technological solutions to provide a wide range of digital services to improve operating efficiency and customer experience.
The new partnership between the Fund and the private sector comes at the heart of Egypt’s Vision 2030 and the sustainable development goals by developing the health care sector as a priority to achieve sustainable economic growth, Minister of Planning and Economic Development and Chair of the Board of Directors of the Sovereign Fund of Egypt Hala al-Saeed said.
She added that it also aims to expand the manufacture and trade of medicine in Egypt regionally, which results in the development of key strategic sectors while achieving sustainable financial returns for future generations.
Saeed stressed that the TSFE always proves its ability to establish partnerships with the Egyptian and foreign private sectors in various fields, which enhances the chances of investment in strategic sectors that create a societal impact by providing distinguished services at a competitive cost and improving the overall quality of services.
The CEO of the TSFE Ayman Suleiman added this new partnership is in the pharmaceutical sector which is witnessing great growth in Egypt.
He added that the partnership aims to provide high-quality and affordable health care services accessible to everyone while giving priority to the governorates most in need, and taking advantage of the sector’s potential for growth, with greater geographical spread and deeper technological empowerment.
“We are keen to benefit from El Ezaby Pharmacy’s expertise in this field, as it is the main technical partner and retains the largest stake in the new company. We will work together to expand locally and regionally. Through this partnership, we will present a new business model for individual pharmacies to support the growth and development of its services,” Suleiman said.
The size of trade in medicines and nutritional supplements in Egypt currently exceeds LE130 billion.