Waheed Ateek: we produced 25 types of intravenous solutions .. We aim to have presence in 15 countries late 2024
Vice chairman: The Egyptian medical industry is booming under the current political leadership
ATECO Pharma Egypt Pharmaceuticals, one major pharmaceutical plants in the Economic Zone of Suez Canal, took part in Africa Health ExCon, whose activities have been launched from 6 to 9 June with the attendance and patronage of President Abd El Fattah El Sisi
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Eng. Waheed Ateek, vice chairman and Chief Executive of ATECO Pharma Egypt, unveiled his company’s ambitious investment plan as regards the production of medicines and medical solutions, together with deepening domestic manufacturing for the time being.
“ The 1st-stage Investments at Ateco Pharma Egypt Pharmaceuticals in Ain Sokhna amount to EGP1bn, not to mention the under-construction expansions during 2023/2024, which include the addition of new production lines for a number of products such as BFS-S.V.P,” added Ateek in a press statement on the sidelines of the conference. The 1st batch of machines and equipment necessary for 2nd-stage expansions has arrived at the plant grounds, as they are slated to be finalized during the 1st half of next year, he explained.
ATECO Pharma Egypt Pharmaceuticals eyes exports to foreign markets to increase and constitute up to 60% of output by late 2024, he noted, adding that the company is exporting currently to 8 Arab, African and foreign countries, such as Libya, Jordan, Sudan, Yemen, Iraq, Mauritania, Venezuela and Panama.
At Africa Health ExCon, his company has welcomed numerous African businessmen delegations, as preliminary agreements zeroing in on mutual cooperation and discussions for importing ATECO products were forged.
Ateek said that ATECO pioneering in the realm of pharmaceuticals and medical solutions stems from its ability and heed to supply high quality products through its reliance on advanced global technologies.
ATECO plans to infiltrate and enter new countries, he noted, forecasting “markets receiving our intravenous medical solutions to ratchet up to 15 next year.”
” We focus on cementing our presence in the African countries this and next years, as they are huge and important markets,” said he, highlighting the importance of taking advantage of trading agreements Egypt entered into with African gatherings, such as COMESA, which let in products at reduced custom duties.
Ateek asserted that the company’s drive to increase exports coincides with the political leadership’s ambition to hike Egyptian exports to USD100 in the coming few years to help increase foreign hard currencies entering the state’s coffers.
Egypt’s medical bureaucracy saw recently remarkable advancement since President Abd El Fattah El Sisi took office owing to his keen interest in attending to this key issue, the vice president at ATECO reiterated, as he underscored the importance of localizing essential industries in Egypt, particularly those specializing in raw materials and inputs in the hope of curtailing the country’s dependency on imports and decreasing hard foreign currencies shortages.
“ Local inputs in the company’s products amount to 35%, as they consist of packaging components, etc. We seek to increase this percentage in the upcoming period,” said he, adding that ATECO is the first and biggest factory in Egypt and the Middle East in the area of producing intravenous solutions, as it rolls out up to 25 products.
It is noteworthy that Prime Minister Dr. Mostafa Madbuly has recently visited ATECO Pharma Egypt Pharmaceuticals plant, which has started actual production late 2022, as it is built over 20,000 sqm in the Economic Zone of Canal Suez with a capacity of up to 35m vials of intravenous medical solutions.
Ain Sokhna’s ATECO Pharma Egypt Pharmaceuticals is the latest investment pumped by ATECO Group, which was founded back in 1985 and has a great track record in Egypt’s manufacturing landscape.