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.Recommended Stories list of 3 itemsend of listIn 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:Why has the price of medicines increased?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.“Pharmaceuticals are tied to both petrochemical feedstocks, a large part of which are sourced through the Persian Gulf,” Frederic Schneider, a nonresident senior fellow at the Middle East Council on Global A …
