Support The Moscow Times!

Cheap Ruble Drives Russia’s Drug Prices Up 15% – Kommersant

Year-on-year demand at some chains has grown by as much as 50% in mid-March as Russians raced to pharmacies to stock up at the outset of the national coronavirus outbreak. Moskva News Agency

A number of Russian vendors have begun to raise drug prices by up to 15% because of the ruble’s devaluation during the coronavirus pandemic, Russia’s Kommersant business daily reported Thursday.

Industry experts link the price hike to manufacturers spending more on imported active ingredients and the upkeep of foreign equipment as the Russian currency has taken a hit against the U.S. dollar. 

The 10-15% price increase has also affected the cost of life-saving drugs, Kommersant cited an unnamed pharmaceutical industry source as saying. 

Sergei Shulyak, the head of the DSM Group pharmaceutical market research agency, explained that several vendors raised prices because they anticipate higher costs for future supplies.

Year-on-year demand at some chains has grown by as much as 50% in mid-March as Russians raced to pharmacies to stock up at the outset of the national coronavirus outbreak, Kommersant reported. 

Since they have amassed up to six months’ worth of medicine, Shulyak forecasts that prices won’t go up again in the coming months because of reduced demand during Russia’s coronavirus quarantine. 

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more