Sri Lanka introduces price controls to cut medicine costs

The Sri Lankan government has decided to introduce a new price control mechanism to reduce the cost of medicines in the country.

The Deputy Minister of Health and Mass Media, Dr. Hansaka Wijemuni, stated that under the new system, the maximum retail prices for imported medicines will be announced through a gazette notification.

Accordingly, the maximum price at which a medicine imported at one rupee can be sold is set at Rs. 1.65.

The Deputy Minister explained that regulations will be introduced to transfer the authority for controlling medicine prices to the National Medicines Regulatory Authority (NMRA).

With the introduction of these new regulations, the prices of medicines must be determined at the port itself.

The Deputy Minister further emphasized that the price regulation will apply to every batch of medicines imported into Sri Lanka.

Dr. Hansaka Wijemuni also mentioned that the NMRA’s Price Control Committee will be empowered to monitor the proper implementation of the new system.