Price formula for pharmaceutical drugs

Irangika RANGE

President Mahinda Rajapaksa has advised Co-operatives and Internal Trade Minister Johnston Fernando to get the Consumer Affairs Authority (CAA) to prepare a price formula for pharmaceutical drugs.

The price formula will contain the retail prices and wholesale prices of drugs. The decision to impose a price control on drugs was made after considering the complaints submitted by the general public, Minister Fernando said. According to the price formula, maximum retail prices will be stipulated on drugs and their prices revised periodically based on a cost study. Prices of all medicines are directly controlled through the formula.

Even though a price control had existed until 2001, it was removed by the then ruling United National Party government through a special Gazette notification.

“As a result, drug retailers were able to set prices according to their preferences. The prices of drugs have been skyrocketing and the ordinary man is unable to afford these prices. That is why a price formula for drugs would be prepared with a view to providing relief to the common man,” the minister added.