Navigation Links
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-standard medications. This is of enormous help to us, as well. We will be more productive under these favorable conditions."

Forward Looking Statements

This press release contains certain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created hereby. Such forward-looking statements involve known and unknown risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners or others that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.


'/>"/>
SOURCE Rx for Africa, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. AIDS Remains Leading Cause of Death in Africa, According to UN
2. Antioxidants show no clear benefit against cardiovascular events, death in high-risk women
3. Ambulatory oxygen rarely a benefit in COPD patients without resting hypoxemia
4. Discovery of sugar sensor in intestine could benefit diabetes
5. Study shines more light on benefit of vitamin D in fighting cancer
6. Vitamin Es lack of heart benefit linked to dosage
7. Practice-based intervention has sustained benefits for children and families
8. Manic phase of bipolar disorder benefits from breast cancer medication
9. Medicare Prescription Drug Benefit, Nonprofit Hospitals, Ambulatory Surgery Centers, Statistical Methods, and Pay-For-Performance Highlighted In the Latest INQUIRY Journal
10. Scientists highlight benefits of genetic research in sport, but warn of ethical concerns
11. The Butterfly Ball to Benefit Lung Association
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/28/2016)... ... May 28, 2016 , ... "Color Grading media can be time consuming but ... their media," said Christina Austin - CEO of Pixel Film Studios. , With ... add stylish color grades to their footage. A LUT is a Lookup Table that ...
(Date:5/27/2016)... ... , ... Southland Log Homes , designer and manufacturer of America’s Favorite ... can be found on its website at SouthlandLogHomes.com. , The designs of the ... the craftsmanship of timber post and beam construction. The result is a barn ...
(Date:5/27/2016)... NY (PRWEB) , ... May 27, 2016 , ... This ... of a stroke, which we as a society can control and change. , As ... occurs nearly every 40 seconds within the United States. Plus, with an estimated 129,000 ...
(Date:5/27/2016)... ... May 27, 2016 , ... Aimed at nurses and employees in the health ... of leaders in the nursing and health care industry. It also provides insight to ... Christian University. , As the nursing industry is coming out of one of ...
(Date:5/26/2016)... ... May 26, 2016 , ... W.S. Badger Co. Inc ., the maker ... 2016 When Work Works Award for its use of effective workplace strategies to increase ... Works project administered by the Families and Work Institute (FWI) and the Society for ...
Breaking Medicine News(10 mins):
(Date:5/24/2016)... -- Diana Russell suffers from a form of rheumatoid arthritis ... This disease has put her in a wheelchair, and ... to leave her home.  Because of the size and ... wheelchair.  So if there is a family function, the ... to wait for the bus. Photo - ...
(Date:5/24/2016)... , May 24, 2016 Celsion ... drug development company, today provided an update on ... escalating clinical trial combining GEN-1, the Company,s DNA-based ... treatment of newly-diagnosed patients with advanced ovarian cancer ... debulking surgery.  GEN-1 is an IL-12 DNA plasmid ...
(Date:5/24/2016)... , May 24, 2016 ... de doble terapia del mundo, introduce catéteres para ... OrbusNeich, una compañía global especializada en ... vidas, ha expandido su cartera incluyendo productos para ... JADE™ y Scoreflex™ PTA son los dispositivos de ...
Breaking Medicine Technology: