FINANCIAL CHRONICLE – Sri Lanka is expected to implement a price increase for pharmaceutical products ranging from 6% to 7% on June 30, as announced by Health Minister Nalinda Jayatissa, in response to escalating costs associated with imports and production.
The country has the ability to adjust drug prices when there is a shift of over 5% in the exchange rate compared to the last adjustment, which occurred in 2023 and involved a 16% decrease in prices.
Minister Jayatissa mentioned to FINANCIAL CHRONICLE, “The price adjustment is set for consideration on June 30. While a hike of 6-7 percent is anticipated, this has yet to receive official approval.”
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Concerns are rising among industry stakeholders regarding a potential shortage of medicines in Sri Lanka, primarily due to the National Medicines Regulatory Authority’s (NMRA) reluctance to permit necessary price adjustments.
In recent months, the Sri Lankan rupee has depreciated significantly, with the Central Bank’s indicative exchange rate dropping by approximately 8% over the past six months.
Sri Lanka relies heavily on imported medications, having brought in drugs worth $667 million last year, which represents about 85% of the nation’s total pharmaceutical market.
The NMRA’s regulations stipulate that they may reassess and modify the maximum retail prices (MRPs) of drugs if the exchange rate experiences a fluctuation exceeding 5%, whether up or down. Although a pricing formula exists, stakeholders emphasize that the exchange rate is a critical factor in this calculation. (Colombo/June 10/2026)
