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Wednesday September 22nd, 2021
Business

Pakistan, Sri Lanka in talks for pharma JVs supported by buy-back deals

ECONOMYNEXT – Sri Lanka has invited the Pakistani Pharmaceutical Manufacturers’ Association (PPMA) to set up joint ventures with partners in the island to make complex drugs, as part of a state target to boost domestic production to 50 percent by 2025.

A delegation of Pakistani pharma makers who had accompanies Pakistan Prime Minister Imran Khan on an official visit had met State Minister for State Minister of Production, Supply and Regulation of Pharmaceuticals Channa Jayasumana with the Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA).

SLPMA members now produce 93 drugs or 15 percent of local requirements of drugs.

Sri Lanka is looking to produce 350 plus drugs or 50 percent of the country’s requirement locally by 2025.

Sri Lanka’s state health service now gives buy-back deals for new pharma companies.

Kashif Sajjad Sheikh, Head of the Pakistani Pharmaceutical Delegation invited the Minister and the association to conduct a road show in his country to meet partners and sign MOUs.

He had called for the buyback policy of government for new products to be developed in the future, which will support the local manufacturers.

Pakistan was ready to share best practices and technical know-how with Sri Lanka.

Sri Lanka is already importing drugs from Pakistan-based pharma companies.

The Sri Lankan delegation had invited Pakistan to relocate its pharma export centers in Sri Lanka, both for its strategic location and because Sri Lanka was already of Pakistan’s largest pharmaceuticals export markets.

The Sri Lanka Pharmaceuticals Manufacturers were represented by Sanjaya Jayaratna (President), Kalana Hewamallika (Vice President), Executive Committee Members Viraj Manatunga and Murtaza Esufally.

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