Prices of drugs go up as foreign currency shortages bite

As foreign currency shortage continues to hit Zimbabwe,  pharmacies have not been spared.  The supply of drugs has been affected by delays in paying foreign suppliers.

Due to the problems in acquiring foreign currency to make offshore payments,  local manufacturers and pharmacies have increased the prices of critical prescription drugs.  Some of these drugs have gone up by as much as 100%.

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The Retail Pharmacists Association of Zimbabwe (RPA) confirmed that prices have indeed gone up. Barbara Muwanigwa, the chairperson of  the RPA spoke to the Financial Gazette saying:

The reason for the price increases is the way pharmaceutical companies are getting the foreign currency. They have to wait for a long time to clear their orders and, in some instances, they are buying foreign currency that obviously would lead to a price increase.

Wholesalers are imposing a levy on different forms of payment and this is affecting our prices. It results in discord when it comes to pricing.

The RPA said it would engage the RBZ  so that it can be given greater priority when it comes to settling foreign currency payments outside the country, saying this would allow them to charge constant prices.

We would want the pharmaceutical companies to be given priority so that we charge constant prices

More: Financial Gazette


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Prices of drugs go up as foreign currency shortages bite