Hemas Holdings Plc, a company that deals with consumer products and pharmaceuticals, stated that Sri Lanka’s pharmaceutical sales are beginning to increase after a currency crisis in 2022.
Lower-priced products, such as vitamins and medications for diabetes, were the main drivers of the expansion.
“For the first time since the economic crisis in 2022, the pharmaceutical industry saw volume growth during the quarter under review,” the company informed shareholders during the September quarter review.
This rise was mostly ascribed to regional producers and inexpensive goods, especially in areas like vitamins and medications for diabetes.
“This pattern indicates that consumers are choosing less expensive pharmaceutical options.”
Many people were plunged into poverty and had to use “coping mechanisms” after the most recent currency crisis, which was possibly the worst in Sri Lanka’s soft-pegged central bank’s history.
Since the end of the civil war, Sri Lanka has experienced four consecutive currency and stabilization crises. The depreciation of the currency increased from 113 to 360 to the US dollar in 2022 as rates were lowered and inflationary open market activities were implemented to increase “growth” (potential production).
In addition to maintaining monetary stability since late 2022, the central bank has supported deflationary policies by boosting the value of the currency and lowering prices. The rupee has been permitted to gain 293 against the US dollar in the last year.
