The National Medicines Regulatory Authority (NMRA) is set to introduce a new pricing mechanism for pharmaceutical items from next year, The Sunday Morning learns.
NMRA Chairman Dr. Ananda Wijewickrama told The Sunday Morning that the pricing mechanism was still under discussion and was expected to be drafted by early next year, following final consultations with the ministry.
Currently, the Maximum Retail Price (MRP) has been defined for 60 medicines, but Dr. Wijewickrama acknowledged the need to extend this to cover a broader range of medications.
“There are many more medicines that people use, and we have to find a solution to make those medicines more affordable and accessible,” he said.
According to the NMRA Chair, discussions are currently at a stage where expert committees are actively deliberating on the various aspects of the proposed pricing mechanism.
“The outcome of these discussions holds significant implications for Sri Lanka’s pharmaceutical landscape, with stakeholders eagerly anticipating a pricing framework that ensures fairness, transparency, and accessibility for all,” he concluded.
Meanwhile, Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) President M. Prathaban also confirmed that discussions were ongoing with the NMRA to formulate a new pricing mechanism.
Speaking to The Sunday Morning, Prathaban emphasised on the urgent need for a comprehensive pricing mechanism in the pharmaceutical sector, highlighting the crucial pillars of quality, accessibility, and affordability.
Recognising the challenges faced by consumers and industry stakeholders alike, he proposed the adoption of a centralised, transparent, and workable pricing mechanism designed to address issues such as exchange rate fluctuations.
“The proposed mechanism should address issues on three fronts: ensuring the quality of pharmaceuticals, improving accessibility for consumers, and making essential medications more affordable. By streamlining the pricing structure, the SLCPI aims to strike a balance that benefits both the industry and end-users,” Prathaban said.
He further disclosed ongoing discussions with the NMRA to draft this new pricing mechanism, showcasing a collaborative effort between the SLCPI and the regulatory authority.
The Health Ministry issued a new gazette in June, revising the MRP of 60 types of medicines. Accordingly, the prices of these medicines were reduced by 16% with effect from 26 June.
The prices of all medicines were revised three times since 2021 due to exchange rate fluctuations, with increases of 9%, 29%, and 40%, respectively.
In 2021, medicine prices saw a 9% increase, and in 2022, local pharmaceutical prices were revised twice to address the gap caused by the drastic devaluation of the rupee in 2021. In March 2022, the prices of 60 essential medicines were raised by 29% through an extraordinary gazette.