By Shailendree Wickrama Adittiya

Approval has been granted by regulatory authorities to increase the price of pharmaceuticals by 29%, making medicines one of the latest items to go through a price hike.

According to State Minister of Pharmaceutical Production, Supply and Regulation Prof. Channa Jayasumana, the National Medicines Regulatory Authority (NMRA) has approved the price hike for pharmaceuticals.

“The National Medicines Regulatory Authority is the only body legally allowed to control the price of pharmaceuticals in Sri Lanka. It has a price control committee, chaired by renowned medical expert Dr. Palitha Abeykoon,” Jayasumana said in Parliament yesterday.

He explained that the NMRA’s price control committee consists of 13 experts representing various organisations. The committee considers factors like currency fluctuation to decide if the price of pharmaceuticals should be revised.

The State Minister explained that several requests have been made to increase the price of medicines, given the depreciation of the rupee. However, Jayasumana emphasised that the decision on price hikes is not made by importers or pharmacy owners, but the NMRA.

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