Prices reduced on 60 drugs from June 15

By Rathindra Kuruwita

Retail prices of 60 medicines registered with the National Medicines Regulatory Authority (NMRA) would be reduced by 16 percent from June 15, cabinet spokesman Bandula Gunawardena told reporters on Tuesday.

The Cabinet of ministers had approved this proposal by the Health Minister, he said.

The NMRA approved a price increase for medicines in 2022 following the rapid devaluation of the Sri Lankan rupee.

Gunawardena said the Ministry of Health had allowed drug companies to increase the maximum retail price of medicines up to 97 percent in 2022 in view of the depreciation of the rupee.

The Sri Lankan rupee had been appreciating against the US dollar and other major currencies in recent months, he said.

The decision had been taken to pass the benefit of the appreciation of the Sri Lankan rupee on to the general public, Gunawardena said.

Sri Lanka relies heavily on the import of medicines, as about 533 million US dollars were spent on the import of medical and pharmaceutical products in 2022.