Pharmaceutical Euro Exchange Rate in Turkey Increased by 25%

According to a Presidential Decree, the Euro exchange rate for pharmaceuticals has been increased by 25%, rising from 14.03 to 17.54 Turkish Lira.

Nurten Saydan, President of the All Turkish Pharmacists Employers’ Union (TEIS), stated, “While the decision published in the Official Gazette is an important development that will provide short-term relief, the pharmaceutical Euro exchange rate remains a significant obstacle for both domestic and imported industries. The pharmaceutical Euro exchange rate should be abandoned as soon as possible.”

Saydan made the following remarks to Hürriyet:

‘EURO SHOULD BE ABANDONED’

“In the Official Gazette, the Turkish Lira value of 1 (one) Euro to be used in the pricing of human medicinal products, published yesterday, was increased by 25 percent in December 2023 and set at 17.54 lira.”

“This determined rate, however, only reached 55 percent of the current real Euro exchange rate of 31.61 lira. The rate determined by the Ministry has continued to hover around 50 percent of the real exchange rate for the last 8 years.”

“It is clear that the pharmaceutical Euro value should be abandoned to ensure the healthy availability of medicines in the market. Because the pharmaceutical exchange rate poses a serious obstacle for the domestic and imported pharmaceutical industry. The accessibility and availability of medicines are essential. Otherwise, the availability of many vital medicines, especially cancer drugs, will decrease.”

“The effective date of the decision is set as December 25th. However, this poses a significant problem for us. Because the flow of medicines from warehouses has already decreased considerably as of today. We are deeply concerned about what we will do for 10 days.”

Hürriyet Newspaper – Meltem ÖZGENÇ 17.12.2023

https://www.hurriyet.com.tr/ekonomi/ilacta-euro-kuru-yuzde-25-artti-42377196