June 04, Colombo (LNW): Sri Lanka’s pharmaceutical sector could soon see adjustments in medicine prices as regulators assess the impact of the rupee’s recent depreciation against the US dollar on import and production costs.
The National Medicines Regulatory Authority (NMRA) has confirmed that discussions are underway regarding potential revisions to the prices of selected medicines, with authorities currently evaluating the extent of the increases required to reflect changing market conditions.
NMRA Chairman Specialist Dr Ananda Wijewickrama said preliminary measures have already been initiated to review the pricing structure of both imported drugs and pharmaceuticals manufactured locally. The exercise is aimed at ensuring continued availability of essential medicines while addressing the cost pressures faced by suppliers and manufacturers.
He noted that particular attention is being given to approximately 60 categories of medicines that are currently subject to government-imposed maximum retail prices. Any changes affecting these products would require regulatory approval and formal revisions to existing price controls.
According to Dr Wijewickrama, the weakening of the local currency has had a widespread impact on multiple sectors of the economy, with the healthcare industry among those feeling the effects. As Sri Lanka continues to depend heavily on imported medicines, fluctuations in exchange rates have significantly increased procurement expenses for pharmaceutical companies.
While authorities have indicated that a blanket price increase is not being considered, certain categories of medicines are expected to become more expensive if the current trends persist. Officials are also examining ways to minimise the impact on patients, particularly those who rely on long-term treatments for chronic illnesses.
The NMRA stated that consultations with relevant stakeholders are continuing, and any decision on price revisions will take into account both industry sustainability and public access to affordable healthcare.
