Sri Lanka, Nov. 8 -- Prices of select medicines in Sri Lanka have dropped by 30% to 40% following the implementation of a new Maximum Retail Price (MRP) formula, according to the National Medicines Regulatory Authority (NMRA).

Speaking to a local media outlet, NMRA Chairman Dr. Ananda Wijewickrama highlighted that these sharp price reductions occurred despite the depreciation of the Sri Lankan rupee, indicating that certain pharmaceuticals were previously sold with excessive markups.

The new regulatory pricing mechanism introduced via gazette notification and supplementary NMRA guidelines calculates MRPs using the Cost, Insurance, and Freight (CIF) value of imported medicines plus standardized supply-chain markups.

Dr. Wijewickrama emp...