Syria’s pharmacies syndicate says drug prices to increase 50% as the country’s pound hits a new low

DAMASCUS, Syria (AP) — The head of the pharmacies syndicate in Damascus says the Syrian government has decided to increase the prices of drugs by 50%. The decision announced Tuesday comes as the Syrian pound hit a new low in recent days. Syrian pharmaceutical companies mainly import raw materials in hard currencies which makes them susceptible to changes in the price of the Syrian pound. The companies have recently demanded to increase the price of their products to cope with the tumbling pound. The country’s economy has been hard hit by its 12-year conflict, Western sanctions, widespread corruption and the historic economic meltdown in neighboring Lebanon. When Syria’s conflict erupted, a dollar was valued at 47 pounds while last week it was valued at about 13,000 pounds on the parallel market.