Ensuring sustainability in the pharma industry
View(s):The Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) has reiterated its commitment towards ensuring the availability of efficacious, safe and good quality medicines to the general public, in 2021.
A top priority for the chamber this year is the implementation of a fair pricing mechanism, to ensure the availability of efficacious, safe and good quality medicines, medical devices and borderline products to the general public.
At present, the Government and regulators depend on ad-hoc price controls on medicine and pharmaceuticals to keep prices in check. This mechanism has proven to be unsustainable in the long run, the chamber said in a media release.
Presently, the National Medicine Regulatory Authority of Sri Lanka has imposed a price ceiling on 73 molecules with the intention of making these medicines more affordable and accessible to patients.
The lack of a proper mechanism for the regulation of prices along with high regulatory fees has negatively impacted the industry, which is already burdened by fragile market conditions owing to COVID-19 and a depreciating rupee, making importing drugs more expensive.
“What we need right now is a rational mechanism that is simple and workable. Pharmaceutical pricing is complex as we are dealing with medicines, patients and the country’s healthcare needs. It is essential to take a collaborative approach between the industry and regulators on the best way forward,” said SLCPI Vice President Sanjiva Wijesekera.
He said emerging technologies are transforming the pharmaceutical sector, and members are integrating new technology in their day-to-day operations.
“The pharma industry is striving to maintain a balance between the need for novel medicinal drugs, improved operational efficiencies, and innovation in areas such as precision medicine, wearables, and digital therapeutics—all of which can directly impact the pharma value chain,” he noted.
With a rapidly ageing population and rise in non-communicable diseases (NCD) in Sri Lanka, the demand for pharmaceuticals and medical care too is increasing.
“SLCPI is committed to its vision of making available quality medicines for all Sri Lankans, and we need to enhance our systems to ensure that we make this possible. At a consumer level, there is also more that can be done to educate the public about the impact that their lifestyle choices can have on the quality of life. By adopting a holistic strategy that addresses all stakeholders, I believe that we can arrive at a truly progressive outcome for all,” Mr. Wijesekera added.