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Rx for Africa, Inc. to Benefit from New Ethiopian Government Policy on Pharma Industry
Date:1/31/2008

Local Production to be Favored

ADDIS ABABA, Ethiopia, Jan. 31 /PRNewswire-FirstCall/ -- Rx Africa (Ethiopia) PLC, the wholly-owned generic drug manufacturing subsidiary of Rx for Africa, Inc. (Pink Sheets: RXAF), is positioned to benefit greatly from powerful new incentives for Ethiopia's local pharmaceutical industry put into place by the Federal Government of Ethiopia.

"We applaud the Ethiopian government for its visionary support of our burgeoning industry. The health of Ethiopian citizens and economy, and the health of our own company, Rx Africa (Ethiopia) PLC, will benefit for years to come," said Dr. Mulugetta Bezzabeh, Chairman of Rx for Africa, Inc.

Dr. Bezzabeh continued, "Over the next year, we will launch over 35 new products, many in high demand by the government for clinics and hospitals. We welcome the opportunity to bid for these contracts under the new policies that give locally manufactured pharmaceuticals first priority. Last year the government purchased US $400 million of medications, and this amount is growing.

"Because local manufacturers will also receive up to ten years tax holiday for special investments in pharmaceuticals, and no tax on locally produced pharmaceuticals for export, our ability to invest in capital projects is greatly increased, enabling us to complete our upgrades sooner. We will also benefit by the Federal Government Investment Commission's new directive in which all technologies for manufacturing and for R&D activities will be exempt from paying duty and related taxes.

"To further promote the local industry, the government has placed a tariff ranging from 15-30% on pharmaceutical imports and the Federal Drug Authority of Ethiopia has issued new directives preventing the import of drugs that are similar to those that are produced in sufficient quantity in Ethiopia. The Authority has outright banned 120 Asian importing companies for supplying counterfeit or sub-sta
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SOURCE Rx for Africa, Inc.
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