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28 Nov 2021
Lira Plunge Leads to Fears of Medicine Shortage
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Medicine stocks are shrinking fast after the lira crashed and pushed up import prices. Turkish citizens are rushing to stock up on medical supplies in fears of shortage and disrupted supplies.
The $48 billion medical sector has faced multiple losses on products. Experts in the field have warned of upcoming shortages and supply chain issues which could linger on for months. Medicines for the children, diabetes and high blood pressure could be affected as well. The Turkish lira has lost 25% of value since last week due to the president reckless interest rate cuts.
Industry experts have warned that some medications have only a week’s supply left. Nezih Barut, chairman of Pharmaceutical Manufacturers Association of Turkey said, “Some pharmaceuticals are not on the market. This is caused by forex rates and also the difficulties we face in accessing raw materials at a global level.”
Turkey imported almost $24 billion worth of medications last year. The Lira went down 38% against the dollar reaching a new record low. The drop in currency is affecting the country’s ability to buy imports especially medication. Nezih Barut further said, “Manufacturing or importing pharmaceuticals is unsustainable at current forex rates.”
©Photo: REUTERS/Dilara Senkaya/File Photo