January 22, Colombo (LNW): Dr. Hansaka Wijemuni, Deputy Minister of Health and Media, has announced that the prices of medicines in Sri Lanka have been significantly reduced due to the introduction of greater competition among pharmaceutical suppliers.
Speaking recently, Dr. Wijemuni explained that in the past, certain medications were only available from a single supplier, which led to monopolistic practices and inflated prices.
This reliance on a limited number of suppliers meant that the government had little leverage to negotiate lower prices, resulting in the purchase of medicines at much higher costs.
In response to this issue, the Ministry has expedited the process of registering new suppliers for medicines that were previously only sourced from one provider.
Dr. Wijemuni revealed that around 2,800 pharmaceutical companies had applied for registration, and their documentation is being reviewed swiftly. He assured that all qualified suppliers will be fully registered before March this year.
The Deputy Minister highlighted that by diversifying the pool of suppliers, the government can foster a competitive environment that will help drive down the cost of medicines, ultimately benefiting consumers.
This move is part of a broader effort to enhance the accessibility and affordability of essential medicines across the island.
Dr. Wijemuni also pointed out that the government’s commitment to ensuring quality standards will not be compromised during this process.
Each supplier will undergo a rigorous qualification check before being approved, guaranteeing that only those who meet the necessary criteria will be allowed to enter the market.
By broadening the supplier base, the Ministry hopes to create a more competitive pharmaceutical market, resulting in better prices and more choices for the public.
