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Wednesday, July 17, 2024

Essential drug prices to be reduced from 15 June

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The Cabinet of Ministers approved the proposal raised by the Minister of Health to reduce the maximum retail price of 60 medicines by 16% with effect from 15 June and review the price of medicines every three months.

The National Medicines Regulatory Authority established under the National Medicines Regulatory Authority Act No. 5 of 2015 is responsible for regulating all matters related to imposing prices of medicines.

Considering the depreciation of Sri Lankan Rupee compared to the US dollar, the Ministry of Health has given consent to escalate the maximum retail price of
medicines up to 97% in several instances. As a result of the economic stabilization programme
implemented by the government at present, the value of the US dollar has considerably declined.

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