The United States and Israel’s war on Iran has pushed up the price of nearly everything.
In the early days of the war, the global supply of oil, gas and fertilisers was the main focus of this crisis.
In recent days, however, pharmacists have also noted a spike in the price of medicines and contraceptives like condoms, as a result of the war. In the United Kindom, for example, pharmacies are charging 20 to 30 percent more for over-the-counter medicines, and the common painkiller paracetamol has more than quadrupled in price. In India, chemists are reporting price rises of common painkillers of as much as 96 percent.
We break down the reason behind the rise in prices and how badly countries around the world will be affected:
Since the early days of the war, Iran has blocked the Strait of Hormuz, through which 20 percent of the world’s oil and liquefied natural gas (LNG) supplies are shipped in peacetime. Experts say this has also disrupted pharmaceutical supply chains, which are reliant on the oil supply.
Wouter Dewulf, a professor at the University of Antwerp in Belgium and an expert in pharma logistics, warned that while pharmaceutical supply chains are not in immediate danger, medicines are highly exposed to air logistics.
The US-Israel war on Iran has caused severe disruption for airlines, featuring widespread cancellations, airspace closures and a looming jet fuel crisis.
“35 percent of pharmaceuticals move by air, and about 90 percent of critical or life-saving pharmaceuticals and vaccines do so too. I estimate that 22 percent of global air cargo flows are exposed to Middle East disruptions,” he said.
Pharmacies in the UK and India have noted an increase in the price of paracetamol, a drug commonly used to treat headaches and the flu.
A third, more conditional risk group is the import-dependent Gulf markets, he said, especially for cold-chain and cancer medicines. “Those flows were rerouted when major hubs such as Dubai, Abu Dhabi and Doha were hit [by air strikes].
