ASTRAZENECA OPENS MANUFACTURING FACILITY IN EGYPT

AstraZeneca has opened a new $32 million tablet factory near Cairo, Egypt. It is the company's first manufacturing investment in the Middle East.

The new facility, which will start production early next year, is designed to manufacture drugs for treat cardiovascular disease, cancer and psychiatric disorders. The 7,000-square-meter plant will have three production lines with a capacity to make 250 million tablets a year, but it could be expanded to produce 400 million tablets, according to the company.

The company has also set up a regional marketing office in Cairo. "This is a strong signal of our commitment to invest in the region and our confidence in Egypt, which has seen good economic progress following the new government reforms," David Brennan, CEO of AstraZeneca, said.

Egypt has fully adopted the World Trade Organization's Trade-Related Aspects of Intellectual Property Rights, and AstraZeneca has identified the country as a key emerging market, along with China and Mexico, for integration in the company's regional expansion strategy. The value of the Egyptian pharmaceutical market is $1.6 billion annually, according to the company.