India’s Lupin ventures into Sri Lanka’s pharmaceutical sector
The Morning: Lupin, a leading transnational pharmaceutical company based in Mumbai, India, has announced the incorporation of a new subsidiary, Lupin Lanka, in Sri Lanka.
The company plans an initial investment of $ 200,000 in the new venture.
Lupin Lanka will focus on the pharmaceutical business within Sri Lanka, expanding Lupin’s reach in the region. According to a BSE filing, Lupin will hold 100 percent shareholding in the subsidiary.
Lupin is known for developing and commercialising a diverse range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs) across over 100 markets globally.
The company’s presence spans the US, India, South Africa, the Asia Pacific (APAC) region, Latin America (LATAM), Europe, and the Middle East.
Specialising in cardiovascular, anti-diabetic, and respiratory segments, Lupin also has substantial operations in the anti-infective, gastrointestinal (GI), central nervous system (CNS), and women’s health sectors.
In the fiscal year 2024, Lupin invested 7.8% of its revenue in research and development, underscoring its commitment to innovation. The company operates 15 manufacturing sites and seven research centers worldwide.
OSL take:
Sri Lanka’s healthcare industry, especially the pharmaceutical manufacturing sector, has presented a host of business/investment opportunities. Apart from the expanding market presented by Sri Lanka for pharmaceuticals given that the country still imports a majority of its pharmaceutical requirements, the country also presents a venue for foreign pharmaceutical manufacturers to set up manufacturing plants for pharmaceutical exports to the region. Sri Lanka has given much priority to the manufacturing industry by providing many incentive schemes for manufacturing businesses as well as the boost received by the many trade agreements and trade concessions enjoyed by Sri Lanka with other countries. With Sri Lanka’s economy on an expansion path, these business/investment opportunities, especially in the pharmaceutical manufacturing industry would see further growth. The growth and profits recorded by local pharmaceutical manufacturing businesses that provide medicines to the local market as well as export to some countries in the region, are all indicative of the lucrative nature of the business as well as the growing business potential in the sector. The interest shown by India’s Lupin in Sri Lanka’s pharmaceutical sector makes it further evident that the sector is a lucrative business/investment opportunity for foreign businesses/investors exploring opportunities in the Asian region.