Ministry of Co-operatives & 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 consisting of Members from the Ministry of Health and the Consumer Affairs Authority.
Subsequently, the Ministry of Co-operatives & Internal Trade issued a Gazette Notification declaring all Pharmaceuticals registered under the Cosmetics, Devices and Drugs Authority as ‘specified’ items. This meant that all such Pharmaceutical price increases have to be approved by the Consumer Affairs Authority.
Subsequent to the Gazette, the Ministry of Co-operatives & Internal Trade conducted an Awareness Programme on the Price Regulation for all Importers of Pharmaceuticals.
Speaking at this forum, the Minister of Co-operatives & Internal Trade assured the Importers that the mechanism will be carried out in a smooth and fair manner without inconveniencing the patients or the Importers. At this meeting, the Pharmaceutical Importers assured the Minister of their support towards the implementation of the Price Regulation mechanism and the Pharmaceutical Chamber stated that they look forward for further discussions on its implementation and operation.
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 which is an Industry extremely important to the wellbeing of the society. The SLCPI as a key Stakeholder of the Industry, is of the view that they would be able to provide valuable insight to the relevant Authorities, as to how a reasonable price mechanism could be arrived at, which would take the patients’ needs into foremost consideration.
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