Economy, Domestic Economy

Imported Drug Prices Decline

Imported Drug Prices DeclineImported Drug Prices Decline

The average price of imported drugs has experienced a 29% decline since the removal of western sanctions against Iran, according to Nasser Riahi, chairman of the Syndicate of Iranian Pharmaceutical Importers.  “Drug imports in the current Iranian year (ending March 19) have amounted to $1.2 billion,” he said.  The anti-Iran sanctions were lifted on Jan. 16, after the International Atomic Energy Agency confirmed the Islamic Republic had been abiding by its promise to limit the scope of its nuclear program, ISNA reported. “During the sanctions, we faced no obstacles to importing vital drugs, but problems regarding banking transactions and money transfer imposed excessive expenses on drug imports,” Riahi said, adding that this year’s exports stand at around $150 million that make the trade balance in this sector negative. Riahi noted that the Swiss delegation, led by President Johann Schneider-Ammann, which recently visited Iran was accompanied by representatives of two major pharmaceutical companies eager to start joint production with Iranian firms.  “However, limitations imposed on the market by the Ministry of Health and Medical Education and the impeding regulations led to the failure of these talks,” he said.