FINANCIAL CHRONICLE — The National Medicines Regulatory Authority (NMRA) of Sri Lanka is poised to implement maximum retail prices (MRPs) for approximately 90 percent of imported pharmaceuticals in the upcoming year, according to NMRA chairman Ananda Wijewickrama.
The regulatory body is currently engaged in determining prices for over 6,000 registered drug formulations, as pharmaceutical firms submit their annual applications for import permits.
“These 6,000 medications are available under numerous brand names. For instance, the medication Metformin is registered under more than 30 different brands. We will assess the prices for each of these brands individually,” Wijewickrama explained.
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The price-setting initiative will cover the majority of active imports over a 12-month timeframe. However, medicines imported solely for occasional state tenders may not be included in this pricing cycle, while active commercial imports will have their prices regulated.
This process of price determination will be continuous, allowing adjustments based on fluctuations in raw material costs and changes in exchange rates.
To prevent excessive transfer pricing, the import costs (Cost, Insurance, and Freight – CIF) will be directly compared with domestic retail prices in manufacturing countries such as India and Bangladesh.
The NMRA has announced that all approved maximum retail prices will be made accessible on their website for consumer awareness, as stated by NMRA officials during a recent press briefing.
By standardizing MRPs, the authority aims to eliminate regional price discrepancies, ensuring that identical products sold in various locations, including Jaffna, Anuradhapura, and Colombo, are priced consistently, according to Wijewickrama.
While the establishment of MRPs is designed to safeguard patients from price exploitation and reduce healthcare expenses, some critics argue that international pharmaceutical companies may choose to withdraw their products from a smaller market like Sri Lanka rather than incur losses.
This potential withdrawal could limit patients’ access to potentially superior medications, leaving them with only generic alternatives. (Colombo/Oct01/2026)
