💊 Proposed Pharma Strategy Sparks Trade Protectionism Debate 📈

• An ADB-commissioned strategy report advocates for restricting pharmaceutical imports to boost local production, currently meeting only 15% of national requirement. • The strategy is criticized as "economic protectionism" and market isolationism, designed primarily to shield domestic manufacturers from fair competition rather than ensuring public health or price competitiveness. • Consumer Impact: Protectionist policies are warned to lead to higher prices for consumers and often lower quality goods. The burden of high prices on Sri Lankan consumers is highlighted by the wage disparity (US min wage worker earns more per hour than SL counterpart earns per day). • IMF & Global Risk: A pivot towards protectionism is viewed as directly contradicting ongoing IMF program reforms based on trade liberalization. This risks undermining program compliance, eroding investor confidence, and damaging Sri Lanka’s international standing. • Crucially, implementing these restrictions could see Sri Lanka globally blacklisted by MNCs (Multi-National Corporations), stalling R&D and potentially resulting in critical medicinal shortages.