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Sri Lanka pharmacies compensated for losses from price controls

ECONOMYNEXT – Sri Lanka’s pharmaceutical firms said they had compensated most pharmacies for losses made after the state slapped price controls on 48 drugs, warning that some original drugs may no longer be available.

Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) said stocks of over 3000 pharmacies had to be assessed in order to pay compensation to retailers who lost money after price controls were imposed.

The pharma chamber said "there might be a few brands, particularly those originating from developed countries, which may not be available in the local market in future."

"This eventuality could not only lead to patients being deprived of medicines they are used to purchasing, but also runs the risk of illegal imports and spurious products flooding the market."

Some drugs will now be available only to people who regularly travel abroad, the chamber said.

Sri Lanka’s current administration imposed price controls after raising the cost of private healthcare by charging a 15 percent value added tax on hospital stays.

Sri Lanka raised the cost of regulation to the tax payer by setting a National Medicinal Drugs Authority.

Sri Lanka also setting up a laboratory to ‘test the quality’ of drugs. (Colombo/Dec29/2016)

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