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The Minister further stated that the price control was revoked by a former UNP government.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
British diplomat in Sri Lanka describes surveillance on her during visit to East
-- [25 minutes ago]
Sri Lanka Navy arrests 16 fishermen poaching in Sri Lankan waters
-- [1 hour and 1 minutes ago]
Sri Lanka Central Bank approves 8 more proposals for consolidation of financial institutions
-- [1 hour and 13 minutes ago]
Sri Lanka inflation unchanged at 3.5 percent in September 2014
-- [1 hour and 28 minutes ago]
Tamil party urges public in north to submit evidence to UN investigation team - report
-- [9 hours ago]
Investment projects worth nearly Rs. 6 billion under operation in Sri Lanka's Jaffna district
-- [9 hours ago]
Sri Lanka doctors' union opposes training at state hospitals for private medical college students
U.S. State Department announces 2016 Diversity Visa Program Registration
Emir of Qatar to visit Sri Lanka next month
Sri Lanka Navy seizes 1.7 kilograms of gold hidden in a dingy

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.