Khafagy gave the report during the three-day Pharmaconex Exhibit, the largest gathering of the pharmaceutical industry in the MENA region, which kicked off on Tuesday at the International Exhibition Centre in Cairo.

Egypt is the largest producer and consumer of pharmaceuticals in MENA region, noted Khafagy

The Egyptian pharmaceutical industry exports $400 million in pharmaceutical raw materials every year, added Khafagy.

The London based Informa Markets connects buyers and sellers and supports the flow of business and trade in over a dozen specialist markets.

Egypt offers great investment opportunities in the field manufacturing pharmaceuticals, especially given its wealth in mineral resources that are used in producing drugs, added Khafagy.

Meanwhile, Gamal El-Laithy, the head of the Chamber of Pharmaceutical Industry at the Egyptian Federation of Industries, noted that the government is seeking funding from banks to develop the RND capabilities of pharmaceutical companies in Egypt.