Medicines in Costa Rica have become increasingly expensive, burdening many citizens. As prices continue to rise, Costa Ricans often resort to buying limited quantities of medicines rather than full boxes. This trend has been particularly evident over the past year.
Top Medications and Their Impact on Household Spending
The most commonly consumed medicines among Costa Ricans are those targeting pain, hypertension, nervous system disorders, and diabetes. In July, these medications alone accounted for 1.08% of the total household expenses. When factoring in all types of medicines, the number escalates to 2.54%.
Insights from the National Household Survey
The National Survey of Household Income and Expenses provided a comprehensive understanding by interviewing 177,022 families, encompassing 11.5% of households.
Medication Price Trends: A Monthly Overview
The Consumer Price Index consistently tracks price changes across 289 items every month. This includes 16 distinct categories of medicines ranging from treatments for allergies, infections, flu, and asthma, to contraceptives and vitamins. Over the last year, the average price increase for medicines has been 3.06%. To put this into perspective, a medication priced at ¢10,000 last year would now cost an additional ¢306. This inflation in medicine prices is notable given the economy’s deflationary trajectory and the 17% decline in the dollar’s value.
Spotlight on Specific Medications
While most medication prices have surged, medicines for osteoporosis experienced a significant hike of 11% within a year. Conversely, prices dropped for only two kinds of medicines: those for gastritis and cough.
Factors Influencing Medicine Prices
Several factors determine the cost of medicines in Costa Rica. The pricing is largely influenced by supply and demand dynamics, and is not regulated. Issues like global shipping challenges and raw material shortages play a role in the price hikes. Furthermore, limited competition in importing, distribution, and local production adds to the price pressure.
Government’s Initiative to Curb Prices
The Government is strategizing to mitigate the high prices by importing medicines in bulk.
