Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka imposes price control on imported medicines
Wed, Mar 12, 2014, 10:26 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 12, Colombo: The Sri Lankan government has imposed price control on imported drugs to prevent unscrupulous importers from making large profits at the expense of general public.

Sri Lanka Minister of Cooperatives and Internal Trade Johnston Fernando at a media briefing said today that the government has issued the gazette notification announcing the price control on March 04 and the prices of drugs are now regulated.

He said it has been pointed out to the President that the profit margin from imported medicines is extremely high and the President has therefore instructed to introduce a controlled price structure to safeguard the consumers.

The Minister further stated that the price control was revoked by a former UNP government. The Minister himself was in that government and he said that it was wrong decision. As a result companies profit as much as 800 percent from the drugs, the Minister pointed out.

According to the gazette notification, the pharmacy owners are not allowed to increase the prices of western drugs. The importers must obtain permission from the Consumer Affairs Authority before increasing the prices and legal action will be taken against the violators, the Minister said.

He said the prices of the drugs would be decided under a new methodology and two committees under the leadership of secretaries of the Ministries of Trade and Health have been appointed to formulate the price control.

ColomboPage - Recent 10 Stories
Sri Lanka Police to ensure election rules are strictly enforced during polls
-- [3 hours ago]
Work on Matara-Hambantota segment of Sri Lanka's Southern Expressway to begin today
-- [4 hours ago]
Sri Lanka inks first trade pact with China's Guangzhou
Constitutional council meets for the first time
Government made a great effort to establish democracy in last six months - Harsha
Sri Lanka Muslim party meets with UNP officials on election
US Embassy in Sri Lanka celebrates Independence Day
Former LTTE cadre sentenced to 10 years for assassination attempt on President in 2006
Trade unions, civil organizations in Sri Lanka protest former president Rajapaksa's nomination
Sri Lanka Customs nabs local attempting to smuggle endangered tortoises

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.