Drug manufacturing plant opened in Sri Lanka with Indian investment
Jun 27, 2017 15:08 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – A pharmaceutical manufacturing plant that will make drugs to control diabetes, cholesterol and high blood pressure has been opened in Sri Lanka under a government initiative to reduce dependence on imported medicine.
The Board of Investment of Sri Lanka said in a statement Celogen Lanka (Pvt) Ltd will employ 150 workers including 80 university graduates.
“The manufacturing facility is very significant because it is a joint venture between Sri Lankan and Indian entrepreneurs, with an investment value of $6.6 million,” it said.
The new Celogen Lanka plant to manufacture pharmaceuticals was opened recently at the BOI Kandy Industrial Park at Pallekelle by President Maithripala Sirisena.
The BOI said the company will be producing a wide range of tablets including Metformin, an oral diabetes medicine that helps control blood sugar levels, Losartan potassium, used to treat high blood pressure, and Atorvastatin, a cholesterol-lowering medication; and capsules such as Omeprazole and Soft Gel Vitamins A, E and A & D.
Currently, Sri Lanka imports about $1 billion worth of pharmaceutical products and is almost entirely dependent on imports, the BOI said.
“The government’s ambitious target is to reduce the import of pharmaceuticals by 70 percent by 2020,” it said.
“Hence, the manufacture of pharmaceuticals is a targets sector of the government of Sri Lanka for import substitution. It is also a thrust sector of the BOI and is actively promoted by the Board.”
(COLOMBO, June 27, 2017)