Drug Stocks Down as Sickly £ Forces Pharmaceutical Fire Sale
/EIN News/ Following reports over the weekend regarding a short-fall in the UK’s supplies of essential medicines as pharmacies and drug wholesalers sell them abroad because of Sterling’s weak position against the Euro, Adam Bobroff, trading manager at foreign exchange specialist Foremost Currency, is suggesting practical measures that companies can take to mitigate against the impact of currency fluctuation on imported and exported goods:
“Pharmacies are getting shot of their Euro assets quickly as the Pound looks to make further gains against the Euro (already up 12-15% this year). Pharmaceutical companies can utilise a foreign exchange tool most commonly used by individuals selling property abroad, which allows them to fix the rate at current levels for up to 2 years for a future requirement to guarantee a return on their foreign currency. Forecasts on GBP/EUR are to close the year at around 1.25, so it would be a wise move to fix at today’s rate and effectively remove the impact of currency fluctuation from the equation, ensuring that currency ‘fire sales’ such as has been reported in the pharmaceutical sector are avoided and that vital drugs intended for UK patients are not sold to the Eurozone unnecessarily.”
Tom Flisher / Meredith Molony
+44 (0) 845 3700 655
About Foremost Currency
Launched October 2005, Foremost Currency provides a specialist foreign exchange service for individuals buying or selling property abroad, emigrating and transferring regular payments overseas, and businesses importing and exporting goods. Foremost Currency’s dedicated team members specialise solely in the foreign exchange markets, ensuring the best foreign exchange price and service. The company has grown in turnover by 100% year on year and seen 50% staff growth year on year. It launched the Foremost Property Group in January 2008, www.foremostpropertygroup.co.uk, and EfirstFX, an online trading platform, in April 2009 www.efirstfx.co.uk.