Cabinet approves proposal to reduce Maximum Retail Prices of 60 types of medicine

Pills medicine

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The Cabinet of Ministers has granted approval to reduce the maximum retail prices of 60 types of medicine by 16 percent.

The National Medicines Regulatory Authority established under the National Medicines Regulatory Authority Act No. 5 of 2015 is responsible for regulating all matters related to imposing prices of medicines.

Considering the depreciation of Sri Lankan Rupee compared to the U.S. dollar, the Ministry of Health has given consent to escalate the maximum retail price of medicines up to 97% in several instances.

As a result of the economic stabilisation programme implemented by the Sri Lanka Government at present, the value of the U.S. dollar has considerably declined.

Accordingly, the Cabinet of Ministers approved the proposal raised by the Minister of Health to reduce the maximum retail price of 60 medicines by 16% with effect from June 15, 2023 and review the price of medicines every three months.