Price of medicines in north Cyprus increased with over 26%

An increase of 26.4 per cent in the price of medicines in Turkey has had a knock-on effect on prices in the north, Turkish Cypriot press reported on Thursday.

It was announced that Turkish authorities and pharmaceutical companies agreed last week on hiking prices by 26.4 per cent to compensate suppliers for a slump in the value of the Turkish lira against foreign currencies last year, which hit profit margins.

Suay Sevinc, chairman of the Turkish Cypriot pharmacists’ association, speaking to Kibris, said that the change in prices took effect on February 19, adding that the decision on hiking prices was implemented simultaneously in Turkey and in the north.

Hundreds of Greek Cypriots also buy their meds in the north as they are cheaper.