January 2021 - Newsletter #1
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U.S. Dollar Weakness is Pushing Drug Prices Up
The strength of the U.S. dollar exerts a significant impact on the price of a vast array of drugs and their raw materials that are priced in foreign currencies. The U.S. dollar has weakened dramatically since the pandemic began and this exerts upward pressure on drug prices.
Take as just two examples the Canadian drugs and those from England that we offer. Just prior to the pandemic rocketing through the North American continent, on March 16, 2020 one U.S. dollar bought $1.397 Canadian dollars but on December 31, 2020, a USD was worth only $1.276 CAD. That means the USD dropped in value against the CAD by nearly 9% over that time period. Accordingly, our acquisition cost for Canadian drugs went up by nearly 9% in U.S. dollars, which is the currency we price those drugs in when we sell them to our customers.
That’s a loss of value of over 10%, making drugs from the United Kingdom 10% more expensive in U.S. dollars.
Similarly, over the same time period, the USD weakened against the British pound. It used to buy 0.814 GBP but was worth only 0.732 GBP at the end of 2020. That’s a loss of value of over 10%, making drugs from the United Kingdom 10% more expensive in U.S. dollars.
Finished dosages and the raw materials used to make the drugs sold in pharmacies in the United States are often imported so one can expect that U.S. dollar weakness will similarly raise their prices too.
This foreign exchange weakness is compounded by a jump in the cost of raw materials for producing drugs as operational and transportation costs of drug makers have soared. And all of this is further complicated by the pandemic-related international drug shortages and export bans we have previously advised customers about in our newsletters.
Get Ahead of Price Increases, Drug Shortages and Export Bans
Stay ahead of price increases and drug shortages as the next wave of the pandemic spreads while export bans, logistics disruptions and lockdowns exacerbate challenges in acquiring inventories worldwide. The best thing you can do to help secure inventory for your medications at the current prices is to order well in advance. This gives us more time, if necessary, to procure what might be difficult to source inventory and get it shipped to you well before you are going to run out of your supply at home. We encourage customers who may need medications in the coming months to place their orders now.
With more than 375,000 customer reviews, NorthWestPharmacy.com is the most reviewed and independently five-star rated online pharmacy in the world providing lower cost medications from abroad to customers worldwide. Nobody offering safe and affordable pharmaceuticals from abroad can match our supply and delivery capacity during this difficult time so please be assured we continue to successfully deliver orders to customers as we have done since the beginning of the pandemic.
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