COLOMBO (NewsRadio); The Cabinet of Ministers has granted approval to the proposal to reduce the maximum retail prices of 60 types of medicine by 16 per cent.
The National Medicines Regulatory Authority established under the National Medicines Regulatory Authority Act No. 5 of 2015 is responsible for regulating all matters related to imposing prices of medicines.
Considering the depreciation of the Sri Lankan Rupee compared to the US Dollar, the Ministry of Health had given consent to increase the maximum retail price of medicines up to 97 per cent on several occasions since last year.
The Cabinet paper presented by the Minister of Health states that as a result of the economic stabilization programme implemented by the government at present, the value of the US Dollar has considerably declined.
Accordingly, the Cabinet of Ministers has approved the proposal to reduce the maximum retail price of 60 types of medicines by 16 per cent with effect from the 15th of June and to review the price of medicines every three months.