The significant depreciation of the Lebanese pound over the last 2 years has impacted multi sectors in Lebanon; of which is the pharmaceutical market. The worsening economic conditions and drop in foreign currency reserves made it harder to sustain any subsidy on primary products or medicine after Central Bank had subsidized essential goods starting September 2019 from its FX reserves stock. In efforts to slow the depletion of foreign reserves, after it dropped from USD 31bn in August 2019 to USD 13.4 bn in mid-November 2021, BDL had to scale back the subsidy scheme on most products.
For the full report:
Lebanon Pharmaceutical and Healthcare Market
Note This spotlight is largely based on the following reports by Fitch:
- Fitch Lebanon Pharmaceutical Market Forecast – 17 Nov 2021
- Fitch Cuts to Medicine Subsidies Will See Prices Soar In Lebanon – 06 Dec 2021
- Lebanon Pharmaceuticals & Healthcare Report – February 2022