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Serious shortage of medicine due to foreign currency crisis
Pharmaceutical Industry contradicts Health Ministry
In spite of repeated government denials, severe restrictions have hampered the entire range of imports, including medicine. A few days after Health Ministry denied unavailability of medicines in the market, Sri Lanka Chamber of the Pharmaceutical Industry said that there was a shortage due to the deteriorating foreign currency crisis.
In a statement issued on Thursday (13), the outfit while declaring that it imported approximately 80 percent of medicine into the country said that the public raised two issues. They are; ‘will there be a scarcity of medicines in the near future in the country and if so, should they be stocking up their regular medications? and will the price of medicines go up in conjunction with all the other products in the market?’
The grouping warned the industry faced collapse as it couldn’t go on due to the continuing depreciation of Sri Lanka Rupee against the USD. It reminded the government that it was the only importer subjected to price control.
The following is the text of the statement issued by the apex body: “At least some sections of the public must be aware that there are shortages of some medicines even at present. This is due to many reasons but the foremost of these is the foreign currency crisis in the country which makes it difficult for banks to facilitate the payments through Letters of credit (LC’s). At present, banks, both state and private sector, allows the Pharma Importers to open LC’s only when they have sufficient dollars to safely guarantee payment for the imports. Although medicines are given certain priority, there are other items such as essential food items, Petroleum products, fertilizer etc., that have to be given priority as well by the Government. The result is that importing of medicines is now done on the availability of foreign currency and not on the needs of the country or its patients. In this situation, it is inevitable that there will be shortages of more and more medicines as the foreign exchange crisis deepens.
“As for stocking medicines in excess of usual treatment regime by patients, it is not advisable to do so for long periods since these products have to be stored under strict conditions specified by the manufacturers. It is doubtful whether such conditions can be maintained in an average household. In addition, bulk or panic buying by the affluent may deprive the less able segment of the population access to medicines they require for a healthy life.
“We as an industry will do our utmost to keep the supplies of medicines available uninterrupted, since we fully realize the implications of failing to do so. In this regard, we earnestly hope that the authorities concerned will give us priority in establishing LC’s on time.
“At the moment, medicines are the only commodity in the market that is under price control in Sri Lanka. This is making it nearly impossible for the companies to keep selling the medicines at the same price when the US Dollar continues to appreciate over time. On top of this, the global supply chain disruptions, increase in raw material costs and freight make it impossible to supply quality medicine as anyone would understand.
“It will be also catastrophic in the event if the dollar is allowed to float, which will mean that all medicines will have to be sold at a loss and as such, the entire industry will collapse in the face of such a threat where the importation would obviously stop as the cost of importation will be higher than the approved prices.
“There is no solution to this dilemma than removing the price control of medicines and implement a fair and equitable pricing mechanism which will link the price of medicines to the dollar, inflation and direct costs such as raw material, fuel and freight charges, which will make the importing and marketing of medicines viable. As difficult as it may sound, the authorities will have to choose between having medicines at a cost and not having medicines at all.
“We as an ethically responsible industry, have already sought the intervention of the courts in order to bring about a transparent pricing mechanism for Pharmaceuticals & Medical Devices that is fair to all. Such a mechanism may be the only salvation for the industry and the patients of the country and it is in the best interest of all concerned if the process is expedited by the authorities concerned by the government.
We would like to give a solemn undertaking to the public that we will do our utmost to see that the drug pricing is fair and equitable. The members of the SLCPI have an exceptional record of maintaining an uninterrupted supply of efficacious, safe & quality medicines at globally competitive prices over many decades while supporting the continuous medical education of the country.”
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
