Sri Lanka to reduce all registered medicines by 16 percent from mid-June

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Sri Lanka to reduce all registered medicines by 16 percent from mid-June

Source: Xinhua | 2023-06-06 | Editor:Lexi

Prices of all medicines registered with Sri Lanka's National Medicines Regulatory Authority (NMRA) will be reduced by 16 percent from June 15, Minister of Health Keheliya Rambukwella said on Monday.

The health minister told the media that the decision was taken in order to pass on the benefit of the appreciation of the Sri Lankan rupee to the general public.

Sri Lanka relies heavily on the import of medicines, as about 533 million U.S. dollars were spent on the import of medical and pharmaceutical products in 2022.

The NMRA approved a price increase for medicines in 2022 following the rapid devaluation of the Sri Lankan rupee.

The Sri Lankan rupee has been appreciating against the U.S. dollar and other major currencies in recent months.