This regulatory initiative, outlined in a Gazette under the National Medicines Regulatory Authority Act, No. 5 of 2015, reflects extensive consultation with the Pricing Committee, Consumer Affairs Authority, and various stakeholders.

The formulation of these regulations meticulously considered factors crucial to consumer protection laws.

The primary objective of these regulations is to establish a structured pricing mechanism for determining the MRP of medicines, ensuring affordability and accessibility for consumers across the island.

Further, retail prices from pharmacies nationwide and data from the State Pharmaceutical Corporation (SPC) will be scrutinized to ascertain accurate pricing benchmarks.