Dec 16, Colombo: In a measure to prevent irregularities in drug prices, the government of Sri Lanka will introduce a new price control formula for pharmaceuticals from January 2014.
The new mechanism will be put in place jointly by the Health Ministry and the Internal Trade Ministry.
The Health Ministry said that the move would create uniformity in prices of pharmaceuticals imported to the country and prevent importers from over pricing their products.
Health Ministry Spokesperson W.A.D. Wanninayake said that there's a problem at present due to the uneven pricing of pharmaceuticals by importers and pharmacies.
A committee comprising the Health Ministry Secretary Dr. Nihal Jayathilaka and Internal Trade Ministry Secretary G.K.D. Amarawardena are currently working on the pricing formula.
The committee is to submit the report to the relevant ministers in the next two weeks.
Health Minister Maithreepala Sirisena said earlier pharmaceutical price controls will be implemented from next month despite the objection of certain sectors.
According to the Minister, it has been discovered that the same drug is sold at different prices at different places due to the absence of a price control mechanism.
The pharmaceutical industry of the country has however warned that the measure to control the prices of drugs may scare off foreign investors from investing in the drug manufacturing zone.