Pharma industry favours new price regulation rules
View(s):The recent mechanism brought in by the Ministry of Co-operatives and Internal Trade, to regulate prices of pharmaceuticals has been welcomed as a ‘progressive move’ by the Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI).
The chamber said in a media release that it would extend its fullest co-operation, both to the Ministry of Co-operatives and Internal Trade and the Ministry of Health, for the smooth implementation of a fair pricing mechanism that would benefit all patients in the country.
The Minister of Health has appointed a Committee to formulate price regulation comprising members from the Ministry of Health and the Consumer Affairs Authority.
Under a new gazette notification all pharmaceuticals registered under the Cosmetics, Devices and Drugs Authority have been cited as ‘specified’ items. This meant that all such pharmaceutical price increases have to be approved by the Consumer Affairs Authority, the chamber said.
At a meeting between the Ministry and the pharmaceutical importers, the latter assured the Minister of their support towards the implementation of the price regulation mechanism.
“Reasonable Price Regulation” will ensure that all pharmaceutical companies fall in line with a common mechanism, which will safeguard the patient from excessive drug prices, which may be charged by certain unscrupulous elements while ensuring the viability of the pharmaceutical industry, the chamber said.