Medicine prices likely to increase due to rupee depreciation

The National Medicines Regulatory Authority (NMRA) says it is considering an increase in medicine prices following the depreciation of the Sri Lankan rupee against the US dollar.

The Chairman of the NMRA, Specialist Dr. Ananda Wijewickrama, stated that relevant procedures are currently underway in this regard.

He noted that initial steps have been taken to revise prices of both imported medicines and locally manufactured pharmaceuticals in response to rising costs.

According to him, price adjustments are also expected for 60 categories of medicines for which maximum retail prices have been set through gazette notifications.

Commenting on the situation, Dr. Wijewickrama said the depreciation of the rupee has led to increased costs across all sectors, which may also impact medicine prices. He added that authorities are currently studying the issue and taking necessary action.

He further explained that the majority of medicines are imported, and while not all drug prices will be increased, some categories are likely to see price hikes.

Source: Adaderana