Thursday, 13 August 2020 13:00

Pharmaceutical firms to increase production under new government

Sri Lanka Pharmaceutical Manufacturers a Sri Lanka Pharmaceutical Manufacturers are gearing up to increase the production of world-class pharmaceuticals locally to provide quality cost-effective medicines to all Sri Lankans world-class pharmaceuticals locally.

These pharmaceutical firms have actively reinvested over Rs. 15 billion over the past five years on capacity building and market expansion, setting up new plants and upgrading current facilities to enhance the manufacture of a wider range of medicines and infrastructure for the Sri Lankan market and for export.

They are currently holding 15% of the local pharmaceuticals market and all of them are now ready to expand their production capacity to fulfill the vision of President Gotabaya Rajapaksa to build a viable industry.

Members of the Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA) welcomed the newly elected government’s decision to create a new State Ministry for Pharmaceuticals Manufacture as a crucial positive step towards the strengthening of the local pharmaceuticals industry.

The SLPMA is an affiliated trade association coming under the aegis of the Ceylon Chamber of Commerce and comprises those members who are solely involved in the manufacture and distribution of medicines in Sri Lanka

SLPMA President Mr. Sanjaya Jayaratne, Chairman of Navesta Pharmaceuticals (Pvt.) Ltd., congratulated the government on its landslide victory and for championing local industry

The Association reiterated the importance of its contribution to the nation as local manufacturers ensuring the availability of essential pharmaceuticals and expressed its confidence in the government’s vision for the nation.

The association will work towards strengthening ties with the government and expanding on contribution to the national healthcare sector by expanding on the guaranteed buy back agreement for local pharmaceuticals currently in effect.

The SLPMA has always stood for quality affordable pharmaceuticals and will support the government secure the highest quality medicines for the most affordable prices,.” Mr. Sanjaya Jayaratne said.

The establishment of the first privately owned Pharmaceutical Manufacturing facility in the year 1956 marked the beginning of the Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA).

In the six decades since, its membership has grown to fifteen entities including multinational pharmaceutical companies, established local Conglomerates, innovative new ventures and the State Pharmaceuticals Manufacturing Corporation (SPMC).

(LIN)

Latest Business News

Image
There are 31882 listings and 982 categories in our website