Sri Lanka’s National Medicines Regulatory Authority (NMRA) is preparing to raise the maximum retail prices of a swathe of medicines, citing the rupee’s slide against the US dollar.
NMRA Chairman Specialist Dr. Ananda Wijewickrama said on Thursday that procedures are under way to revise prices for both imported and locally manufactured pharmaceuticals, according to Ada Derana. Initial steps have already been taken, he said, with adjustments expected for the roughly 60 categories of medicines whose maximum retail prices are set by gazette.
“The depreciation of the rupee has led to increased costs across all sectors, which may also impact medicine prices,” Dr. Wijewickrama said, adding that authorities are studying the issue and “taking necessary action.” He stressed that not every drug will see a price increase, but some categories are likely to be revised given that the majority of medicines used in Sri Lanka are imported.
The currency context behind the move is sharp. The rupee weakened to a dollar selling rate of around Rs.336 on June 2, and CBSL Weekly Indicators had earlier put depreciation at around 5.4% year-to-date by end-April — a level that consistently raises the landed cost of pharmaceutical raw materials and finished products.
The signal arrives a month after the May 5 warning from the Sri Lanka Chamber of the Pharmaceutical Industry that gazetted ceilings were squeezing importer margins to the point of shortages. The NMRA last drew attention in May when a WHO mission examined unsafe medical products under its oversight.
Update — June 19: NMRA confirms 60 medicines under revision
Dr. Wijewickrama told News 1st on Thursday that the maximum retail prices of 60 types of medicines will be revised, attributing the decision to the appreciation of the US dollar against the rupee. He cautioned that the review could push some prices higher.
The gazette setting maximum retail prices for those 60 medicines was last revised in 2023, the chairman said. He added that the NMRA is continuing inspections and raids, and that legal action will be taken against pharmacies found selling medicines above the gazetted ceilings.
Update — June 20: NMRA Chair again ties review to dollar surge
Newswire reported on Saturday morning that the NMRA “plans to revise the maximum retail prices of 60 essential medicines after considering the appreciation of the US Dollar”, citing Dr. Wijewickrama. The Newswire confirmation lands as the rupee continues to trade weaker against the greenback through mid-June, reinforcing the chairman’s earlier framing that the trigger is currency-driven rather than supply-driven.
