The National Medicines Regulatory Authority (NMRA) has warned of a possible increase in medicine prices, citing rising foreign exchange rates, production costs, transport, and insurance charges.
According to the Aruna newspaper, NMRA Chairman Specialist Dr. Ananda Wijewickrama said pharmaceutical companies have already written to Health Ministry Secretary Specialist Dr. Anil Jasinghe, requesting a price hike of at least 7% for 60 medicines currently under price control.
The report further states that State Pharmaceutical Corporation Chairman Shantha Bandara noted that when price controls were imposed, the US dollar stood at Rs. 295, but as of March 24, it had risen to Rs. 317.5, adding extra costs to imports.
He said the 60 controlled medicines now require a minimum 7% price increase, while other imports face higher costs due to rising production expenses, shipping, insurance, and expected electricity tariff hikes.
Sri Lanka imports around 1,800 essential and other medicines, and the current situation has significantly raised import costs, Bandara added.
Meanwhile, the Association of Local Pharmaceutical Manufacturers has also written to the Health Secretary seeking approval to raise prices.
Local producers said packaging materials, raw materials, and production costs have all increased, compelling them to adjust prices.
They further noted that about 250 medicines are manufactured locally by 13 pharmaceutical companies operating in the country. (Newswire)