Rajitha explains 5% price hike in medicines

Minister of Health, Nutrition and Indigenous Medicine Dr. Rajitha Senaratne yesterday explained the reason to increase the prices of medicines in the market by five percent.

According to Dr. Senaratne, the importers of pharmaceuticals had requested to increase their prices by 5 percent as they are incurring losses due to the increase in the prices of medicines in the world market relative to the dollar.

The National Medicines Regulatory Authority has taken steps to increase prices by 5 percent following a request made by the importers of pharmaceuticals and the Chamber of the Pharmaceutical Industry.

According to the gazette notification issued on the prices of pharmaceuticals, the hike in prices will last a year and during the year the prices will remain unchanged even if the market prices rise, the Minister stressed.

The Minister reminded that the prices of 48 essential drugs were reduced on 21st October 2016. Over the course of a year, the prices of medicines remained at reduced prices, and the patients received much relief, he pointed out.

The Extraordinary gazette No. 2049/31 issued on 14 December 2017 announcing the price hike lists the maximum retail prices of 48 selected medicinal product formulations.

Minister Senaratne stressed that the pharmacies are strictly required to sell the pharmaceuticals at the listed prices and the National Drugs Regulatory Authority will raid the pharmacies that do not follow the regulations and take legal action against them.

The National Movement for Consumer Rights Protection has informed the media yesterday that the government has increased the price of 48 medicines. However, it is unfortunate that this movement is silent about the savings consumers received when the government reduced the price of 48 essential drugs, Minister Senaratne said.