How Iran war has triggered soaring cost of medicines
Summary
The war involving the United States and Israel against Iran has caused prices of many goods to rise worldwide, including medicines and contraceptives. This is mainly due to disruptions in oil and gas supplies and logistics routes, which affect the production and delivery of pharmaceuticals.Key Facts
- The war has disrupted the global supply of oil, gas, and fertilizers, leading to price increases.
- Iran blocked the Strait of Hormuz, an important shipping route for 20% of the world’s oil and liquefied natural gas.
- Pharmaceuticals depend on petrochemical materials and transportation routes through the Persian Gulf that have been disrupted.
- Around 35% of medicines are transported by air, including 90% of critical drugs and vaccines, many of which now face delays and higher transport costs due to war-related airline disruptions.
- In the UK, the price of paracetamol increased significantly, with pharmacies charging 20-30% more for some over-the-counter medicines.
- In India, the price of common painkillers like paracetamol has nearly doubled, partly due to higher costs of raw materials.
- The impact on medicine prices around the world varies depending on each country's supply chains and import dependencies.
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