New wave of price hikes for medicines on the horizon

With the latest decision published in the Official Gazette, the euro exchange rate used as a reference for determining medicine prices in Turkey has been updated. Within the scope of the decision, a total increase of 14.92 percent will be applied to the euro exchange rate used for medicine pricing.

The first stage of the hikes will be implemented in March at 6.08 percent, and the second stage in April at 8.33 percent. With the relevant update, the reference euro exchange rate has been raised to 29.11 TL.

Due to the rising euro exchange rate, a direct increase is expected in the prices of many medicines, especially those imported from abroad. Concerns have also been raised regarding the availability of domestic and foreign medicines on pharmacy shelves.

In a statement made by the All Pharmacists Employers' Union (TEİS), it is emphasized that the medicine euro rate still remains well below the real exchange rate. The union stated: “The real exchange rate is over 51 TL. The medicine euro is half the value of the actual euro. For this reason, domestic manufacturers are struggling to procure raw materials, imported medicines are withdrawing from the Turkish market, and the supply chain is weakening. This situation is not sustainable.” Furthermore, the union points out that “the most expensive medicine is the one that cannot be found,” and that the state should implement economic measures to ensure medicines return to the shelves instead of directing citizens to pharmacies.

News Source: 12punto