Sri Lanka warned of possible medicine shortages as rupee fall squeezes pharma imports

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By Editor_1

COLOMBO – Sri Lanka could face shortages of essential medicines as pharmaceutical importers and manufacturers struggle under mounting exchange rate losses and rigid state-imposed price controls, industry stakeholders have warned.

The concerns come as the Sri Lankan rupee has depreciated sharply over the past six months, with the Central Bank’s indicative exchange rate weakening by 5.6% from 302.6 rupees per US dollar in October 2025 to 319.5 rupees this week.

Sri Lanka remains heavily reliant on imported pharmaceuticals, with medicine imports amounting to US$667 million last year, nearly 85% of the country’s total medicinal drug market.

Despite the currency slide, the National Medicines Regulatory Authority (NMRA) has not approved an upward revision of medicine prices since July 2023, according to industry representatives.

Shantha Bandara, President, Sri Lanka Chamber of Pharmaceutical Industry (SLCPI), told local media the industry was due for a price increase because of the huge exchange rate increase. “All other products have gone up except medicine, which actually went down significantly. If that doesn’t change, we are unable to place orders,” he said.

Under NMRA pricing guidelines, the Authority may review and revise the maximum retail prices (MRPs) of regulated drugs when the exchange rate fluctuates by more than 5%, whether upward or downward.

Bandara noted that the last adjustment made by the regulator was a 16% reduction in prices for selected medicines in July 2023, when the rupee had appreciated.

Both the SLCPI and the Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA) say the prolonged delay in granting an upward revision has rendered current pricing controls commercially unsustainable.

Nalin Kannangara, President, SLPMA, said the landed cost of medicines has risen by as much as 25% due not only to currency depreciation but also to disruptions stemming from instability in the Middle East.

“Now, because of this Middle East crisis, there can be a shortage of finished pharmaceuticals in the market,” Kannangara said, noting, “Imports now have a lot of challenges because of freight issues, insurance and exchange risks associated with them.”

Industry stakeholders say that although a price formula exists, the exchange rate remains the single most critical determinant in medicine pricing.

NMRA is yet to comment on the concerns, though Health Minister Nalinda Jayatissa has acknowledged that the weakening rupee has placed pressure on pharmaceutical suppliers.

“There is a 5% provision. If there is a slight increase in the dollar, a price increase must be granted,” Jayatissa said, adding that the government was considering allowing an increase in the “ceiling price” granted to importers, while attempting to shield consumers from a direct rise in retail medicine prices.

Industry officials warn that unless pricing revisions are implemented soon, importers may delay or cut back on orders, raising the risk of shortages in a market already dependent on foreign supply.

-ENCL

Editor_1
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