PHARMACEUTICALS TO BE PRODUCED LOCALLY: PREZ.MEDIA DIVISION

400-acre Investment Zone in Hambantota for manufacturing medicine

The Government plans to produce 50% of the country’s requirement of pharmaceuticals locally within the next three years, the President’s Media Division said. In a statement, it said the objective of the programme is to provide high-quality medicine to the public and the foreign market as well, at affordable prices.

All products are made in accordance with the recommendations and standards of the World Health Organization.

At a discussion held at the Presidential Secretariat on Thursday on the future plans of the State Ministry of Pharmaceutical Production, Supply and Regulation, President Gotabaya Rajapaksa said 85% of the country’s drug requirement is met through imports at an annual cost of Rs.130 billion.

“Producing pharmaceuticals locally will pave the way to save Rs.60 billion annually. We will be able to achieve these goals. Sri Lanka is currently the largest importer of drugs in the Asian region,” he said.

An Investment Zone of 400 acres will be established in the Hambantota Industrial Zone for manufacturing medicine targeting the global market.

The world’s topmost pharmaceutical companies have already expressed their inclination to join this venture. There is a huge demand for pharmaceuticals in the African and Southeast Asian region and it is also a goal to grab those market opportunities.

Government is committed to improve the public sector as well as to promote the entrepreneurs in the private sector. The President made an open invitation to all the pharmaceutical importers to invest in manufacturing medicine locally.

An investment zone for local investors will be established in a 100-acre land at Oyamaduwa, Anuradhapura. Twenty-five medium scale businessmen are prepared to invest a sum of USD 300 million in this endeavour.