Business Reporter
THE cost of medicines produced in the Eurozone has gone up by about 15% in Qatar in the recent weeks following appreciation of the euro.
Pharmacies contacted by Gulf Times on Thursday said that though the euro had been climbing against Qatari riyal since 2002, the Ministry of Public Health had allowed a revision in the drug prices only a few weeks ago.
In Qatar, the drug prices are controlled by the Ministry of Public Health in order to ensure that pharmacies and drug wholesalers do not act arbitrarily.
Sources said Eurozone is a major procurement area for medicines including life-saving drugs. In the Eurozone, Germany, Sweden and France are the major drug producing countries and their medicines have reasonable demand in pharmacies across Qatar.
Euro, which hovered around QR3.10 for a long time, had been rising steadily against Qatari riyal and other major currencies since 2002.
On Thursday it traded at QR4.48, which however was lower than the January 1 exchange rate of QR4.54.
A pharmaceutical distributor said the recent revision in drug price by the ministry “was not sufficient, as it did not provide adequate profit margin”.
He said: “Maintaining the distribution network and sale outlets is an uphill task these days. The steep rise in rental and living expenses are affecting us adversely,” he said on condition of anonymity.
The Ministry of Public Health was not immediately available for comment.
According to sources almost three years have elapsed since the last two revisions.
“The cost of drugs especially from the Eurozone has gone up considerably in this period. These include antibiotics, which can only be sold and administered under a registered medical practitioner’s prescription. However, the rate revision doesn’t match the actual appreciation in the price,” they claim.
An Indian private medical practitioner said, of late, pharmacies have begun importing branded drugs from some Asian and Arab countries where international pharmaceutical majors have set up production facilities as part of cost cutting. These are about 10% cheaper than in Europe.
“If euro continues to climb against the dollar and the Qatari riyal this may become the trend in Qatar and elsewhere in the Gulf,” he said. |
