• NMRA would never revise drug prices without a thorough evaluation of factors that determine the drug prices
• NMRA had already brought about 60 medicinal drugs with generic names and over 300 brands under price control

By Sandun A. Jayasekera

The National Medicine Regulatory Authority (NMRA) was expected to announce the revised price formula for drugs last night or today, Pharmaceutical Production, Supply and Regulatory State Minister Prof. Channa Jayasumana said yesterday.   

The 13-member price control committee of medicinal drugs of the NMRA chaired by medical specialist, Dr. Palitha Abeykone met last afternoon to review the medicinal drugs market, existing prices of drugs and the mechanism to revise the drug prices in the domestic market in conformity with the devaluation of the rupee against the dollar, Minister Prof. Jayasumana said.  

Minister Prof. Jayasumana dismissed certain media reports that drug importers, producers and pharmacists had already increased drug prices in the domestic market and added that none of them had the authority to increase drug prices.  

“The sole authority to revise drug prices is the NMRA. The NMRA would evaluate all factors that affect the medicinal drug market such as the demand for any particular drug, its price in the global market, quality, the percentage of the price revision and existing price in the domestic market etc. The NMRA would never revise drug prices without a thorough evaluation of factors that determine the drug prices,” he told the Daily Mirror.  
Soon after the price control committee was able to finalise a mechanism on price revision on drugs, the NMRA would immediately announce the new price formula. The NMRA had already brought about 60 medicinal drugs with generic names and over 300 brands under price control.  

Minister Prof. Jayasumana admitted that the drug prices will have to be increased sooner than later as a direct result of the devaluation of the rupee against the dollar. 

• After the price control committee finalises a mechanism on  price revision on drugs, the NMRA would announce the new  price formula