FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds




Premier Pushes Domestic Drug Production

Jun 22 , 2024


[ssba-buttons]

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year revealed troubling statistics: 54pc of Ethiopian physicians reported patient deaths due to shortages of essential medicines and supplies. The compounded effects of conflict and a severe foreign currency shortage have also hampered the import and distribution of medical products to regional states in recent years. The PM underscored the importance of import substitution in the medical sector, reflecting on experiences during the COVID-19 pandemic, marked by shortages in pharmaceutical inputs. He noted that domestic pharmaceutical manufacturing has advanced in recent years, now constituting 36pc of the market.  


Radar

Federal Prosecutors Accuse Public Officials, Contractors of Corruption, Alleged Illicit Fund Transfers

Federal prosecutors have filed corruption and money laundering charges against 11 defendants, including Nigstu Bogale, Coordinator of the Development Project for Response to the Impact of Refugees in the Horn of Africa at the Ministry of Agriculture, Biniyam Fantaye and Taye Habte, senior irrigation engineers involved in the Development Response to Displacement Impacts Project (DRDIP-II), as well as private individuals and construction company representatives. The case alleges losses and illicit...


Radar

EIH Transitions to New Headquarters as It Oversees Major State-Owned Enterprises

Ethiopian Investment Holdings (EIH) is relocating its headquarters from its current site on General Wingate Street. The former headquarters was located behind the Ministry of Industry and near Abrehot Library. The new office is expected to be on Mozambique Street, along the route from Mexico Square to Bulgaria Road. The building belongs to one of EIH's subsidiaries, and all departments are set to move there as interior design and finishing works continue. Under the leadership of Brook Taye...


Radar

Import Substitution Push Lifts Domestic Manufacturing, Industrial Recovery

A push for import substitution and industrial expansion has prioritised 96 strategic products for local manufacturing. The “Ethiopia Tamirt” initiative reports 4.85 billion dollars in savings, supported by trade fairs linking local producers to domestic and international markets. On average, 700 new projects enter the market annually, contributing to more than 2,800 investments over four years. At the grassroots level, 18,000 SMEs have been established, while 993 dormant factories have...