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The Minister further stated that the price control was revoked by a former UNP government.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's 2015 budget focused on long term development - Central Bank Governor
-- [2 hours ago]
Sri Lanka joins China-led Asian Infrastructure Investment Bank
-- [3 hours ago]
Sri Lanka hires eighth lobbying firm in the US
-- [4 hours ago]
Sri Lanka business chamber to host seminar on bilateral trade with UK on October 29
-- [5 hours ago]
Counter arguments raised to support Sri Lankan President's eligibility for the third term
-- [6 hours ago]
Three Sri Lankans alleged of spying for Pakistan charged in Indian court
-- [7 hours ago]
Sri Lanka ruling party secretary launches campaign for prime minister post
Beggars under watch in Sri Lanka after an abducted child was found with a beggar
Snap presidential election is unconstitutional, Sri Lanka Marxist party tells EC
Sri Lanka CID investigates Rs. 1.5 billion fraud in purchasing coal for Norochcholai power plant

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.