Sri Lanka, Jan. 26 -- National Medicines Regulatory Authority (NMRA) Chief Executive Officer Dr. Saveen Gamage said that the agency has reduced the cost of state-procured medicines in recent months by fostering greater competition among market players.

He said that the supply of medicinal drugs had long been controlled by a small group of suppliers, creating an oligopoly that drove up prices.

"The NMRA contributed to this situation by delaying the registration of new companies from 2018, effectively limiting the number of firms eligible to participate in tenders. This lack of competition helped suppliers to inflate their bids," he said.

However, significant reforms were initiated after the appointment of Dr. Ananda Wijewickrama as Chai...