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News > Venezuela

Iranian Drugs Help Reduce Prices in Venezuela by 70%

  • Medicines brought from Iran have lowered drug prices in the domestic market: Venezuela Min. of Commerce

    Medicines brought from Iran have lowered drug prices in the domestic market: Venezuela Min. of Commerce | Photo: Twitter @QPEV_

Published 10 March 2021

Venezuela highlights that thanks to a strategic alliance with Iran it has managed to reduce up to 70 percent the prices of medicines despite sanctions.

Venezuela's Deputy Minister for National Purchases and Content Policies of the Ministry of National Trade, Daniel Gómez, celebrated on Tuesday the success of an agreement between Tehran and Caracas, according to which it has been possible to supply medicines to a sanctioned and blocked country with products from another country also sanctioned and blocked, at low cost.


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The Venezuelan official detailed that Iranian pharmaceutical companies have quadrupled their exports to the South American country in one year thanks to said agreement.

"Due to the fact that these companies have increased their sales by more than 300 % in one year due to the sale of low-cost medicines, pharmacies, representative offices and distributors are lowering their prices", he said.

Thanks to this alliance, he added, the Venezuelan Government has supplied the people's needs with prices 70 % below the usual prices.

"Not only have we managed to supply, without state resources, but we have also managed to overcome the view that in Venezuela it is not possible to invest, we are innovating and adapting to the new times, offering the service of mobile pharmacies," said Gómez.

The two countries are also seeking to produce Iranian drugs in Venezuela, further reducing medicines' prices.

 According to local media, the agreement has benefited approximately eight million Venezuelans, with 34 fixed pharmacies and 18 mobile pharmacies throughout the national territory with treatments for various pathologies.

The medicines sold are for chronic, acute, and asymptomatic pathologies, such as arterial hypertension, diabetes, hypothyroidism, Parkinson's, infectious processes, respiratory diseases, convulsive pathologies, gyneco-obstetric diseases, pediatric treatments, as well as essential prescription, generic, and bioequivalent medicines.

At the end of July, the Iranian Ambassador to Venezuela, Hoyatolá Soltani, highlighted the strategic alliance between both countries and expressed that when there is will between governments and peoples, "nothing and nobody can stop us, neither sanctions nor threats from the empire because the will of the people is much stronger than any sanction."

As two sovereign countries, Iran and Venezuela have defied the United States' unilateral sanctions against them, boosting cooperation in many sectors, including energy, economy, and health.

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