Newly elected Egyptian president Mohamed Morsi announced that medicine prices would be pegged to those on the international market. This will increase costs significantly since pharmaceuticals are currently subsidized due to Egypt’s very low per capita income ($6,300 in 2011). (Image: idea_hampster)
In June, Egypt had its first presidential election since Tahrir Square demonstrations that ousted Hosni Mubarak. Turnout was miserable. By the time voters got to the polls, the top two candidates were removed from the ballot. The winner, Morsi, polled last in the field of five before Egypt’s judiciary pruned the ballot. He ended up winning the election.by around 2 points. His remaining opponent, Ahmed Shafiq, had been an official in the Mubarak government.
President Morsi is setting a recognizable tone since his election. His first state visit was to Saudi Arabia. Now this. You would think he was auditioning for a seat on the Carlyle Group’s board.