A revision of pharmaceutical prices is currently underway, with the National Medicines Regulatory Authority (NMRA) working on re-registering and determining the prices of previously registered products.

According to NMRA Chairman Dr. Ananda Wijewickrama, the gazette for the revision of prices for individual pharmaceutical products is being issued with the necessary legal framework.

“It is a matter of calculating these things. We will be publishing it soon,” he said.

Dr. Wijewickrama noted that it would be a continuous process, with the issued prices being published soon after their finalisation.

In accordance with the Guideline on Pricing Mechanism for Medicines in Sri Lanka, issued on 22 July this year, the Maximum Retail Prices (MRPs) and Maximum Ceiling Prices (MCPs) of medicines may be reviewed or revised every six months or earlier, depending on exchange rate fluctuations, market conditions, and feedback from stakeholders.

The guideline further details the determination of a medicine’s MRP through the sum of factors such as Cost, Insurance, and Freight (CIF), Duties and Taxes (DT), and the Supply Chain Total Markup (SCTM). 

Meanwhile, the MCP will be calculated using the median retail price in the market and verified with external and internal reference prices.

All stakeholders including manufacturers, importers, retailers, hospitals, and private healthcare institutes must not sell any medicine above the approved MRP or MCP. The guideline grants the NMRA the authority to revise MRPs and MCPs, as well as take legal action against violators. 

Attempts to contact Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) President Shantha Bandara for comment were unsuccessful.