Print“The Egyptian citizen already knows our products through advertising, but the consumer pays too much for these products as they are imported, or rather smuggled, said George Lawanda, GSK's country manager of Egypt and Libya.”
GlaxoSmithKline plans to invest $84 million (LE500 million) in Egypt’s healthcare industry over the next five years, giving the country an economic boost at a time when social and political unrest have unsettled investors there, while also potentially addressing the affordability of genuine GSK medicines in the face of competition from cheaper counterfeits.
“The Egyptian citizen already knows our products through advertising, but the consumer pays too much for these products as they are imported, or rather smuggled,” said George Lawanda, GSK's country manager of Egypt and Libya, according to a report in the English-language Daily News Egypt. “Now, we are looking to locally produce new, affordable products that will remain under the same brand names with the same high quality,” Lawanda said.
GSK's plans focus on consumer products and include building three new factories, launching new production lines and investing in skill development programs, according to a report in the English-language edition of Al-Masry Al-Youm. The plans were announced at a conference for economists and business leaders called “Together Supporting Egypt’s Economy,” which was organized by GSK, the newspaper said.
GSK's sales is the Middle East, Africa and Pakistan markets together grew 18 percent during the company’s fiscal year 2010, largely as a result of strong demand for Panadol, GSK's brand of acetaminophen and Eno, the company's antacid line. The expansion will include a collaboration between GSK and the Egyptian company EVA-Pharma, one of the fastest growing pharmaceutical companies in the Middle East and North African region, which will produce GSK’s Sensodyne, a toothpaste for people with sensitive teeth.
GSK is the leading player in the Egyptian over-the-counter pharmaceuticals market, generating a 23.1 percent share of the market's value, according to Datamonitor, a global business information analyst.
GSK did not return a call for comment in time for publication.
April 13, 2011
http://www.burrillreport.com/article-gsk_to_invest_84m_in_egypt.html
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