https://ahvalnews.com-The Turkish Health Ministry is set to announce a 37.4 percent hike to drug prices in Turkey, which will be effective as of this weekend, Duvar news site reported on Monday.
The annual price hike, which is decided on in February jointly by the representatives of the ministry and the pharmaceutical sector, is calculated based on the euro-lira exchange.
Pharmaceutical prices, which were fixed at 4.57 lira per the European currency, are set to increase to 6.29 by Saturday, according to Diken.
Currency exchange rates are crucial for Turkey’s pharmaceutical sector as the country imports over 50 percent of medicines and domestic production is heavily dependent on imported raw materials.
Turks already struggle to buy medicines following a shrinking of stock in the industry sparked by a crash in the lira in November and December, which has pushed up import prices and disrupted supplies.
Turkey’s beleaguered currency plunged to all-time lows against the U.S. dollar last year, losing 44 percent of its value after the central bank cut interest rates in the face of accelerating inflation.
Consumer price inflation reached 48.69 percent according to official data for January percent in January, according to official data, marking the country’s highest inflation rate in almost two-decades.