Drug prices in Syria to hit a new high amid a tumbling pound

The Syrian government has decided to raise drug prices by 50% as the currency hits a new low in recent days, the head of the pharmacies syndicate in Damascus informed Tuesday. Earlier this year, prices were increased by between 50% and 80%.

Hassan Derwan didn’t offer a reason behind the hike in his interview with Al-Watan, a pro-government daily. Syrian pharmaceutical companies have recently been making demands for increased rates to better adjust to the tumbling pound.

The companies’ products are vulnerable to changes in the price of the Syrian pound as they mainly import raw materials in hard currencies. Since a deadly conflict erupted 12 years ago, the country’s currency has lost a substantial portion of its value.

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Nearly half a million people have lost their lives in the war, while 6.8 million others got displaced. A dollar was valued at 47 pounds back in 2011. But last week, the official rate stood at 9,900, while the dollar was valued at around 13,000 pounds on the parallel market.

The dollar was worth around 7,000 pounds at the start of the year. The minimum monthly wage in Syria is currently 130,000 pounds or just $12. The conflict, western sanctions and corruption have taken a toll on the Syrian economy, with the vast majority of the people now living in poverty.