The Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) yesterday commended the Ministry of Health’s decision to increase the controlled price of paracetamol.
At the same time, the SLCPI also called upon the authorities to adjust the price of other essential medicines under price control to ensure its continued availability in the market.
The SLCPI anticipates an urgent upward price adjustment of 18 percent on all price controlled products as per a written request made to the Chairman of the pricing committee of the National Medicines Regulatory Authority on September 1, 2021.
“Paracetamol is widely used to treat symptoms of the Omicron variant and Dengue, both of which are growing health concerns. An increase in the controlled price makes it possible for importers and local manufacturers to ensure that the drug does not go out of stock in pharmacies,” said the Chamber. It will now cost Rs. 2.30 per tablet, up from Rs. 1.71 – a 35 percent increase.
The SLCPI is also perturbed about continued access for patients to therapies that treat non-communicable diseases (NCDs) such as diabetes, cardiovascular diseases and cancer. NCDs cause over 80 percent of all deaths in Sri Lanka.
The SLCPI stated that the import of essential and lifesaving medicines continues to be challenging, given Sri Lanka’s macro-economic realities and price increases in global raw material (API – Active Pharmaceutical Ingredient). A depreciating rupee, increasing logistics costs, and inflation have compounded high import costs.
“Eighty-five percent of pharmaceutical products consumed in the country are imported. All essential drugs have been under price control since October 2016, without an equitable and transparent pricing mechanism,” officials at SLCPI said. Steep changes in the exchange rate need to be adjusted through a sustainable pricing mechanism.”
Highlighting patient needs and well-being as the industry’s most critical priority, the Chamber called on the authorities to consider designing and implementing a pricing mechanism that would periodically review market prices, import costs and other access issues to prevent shortages.