Sri Lanka’s EDB facilitates pharmaceutical companies’ entry to East Asia
The Morning: The pharmaceutical sector has been identified as one of the promising and emerging sectors in Sri Lanka, not only to be developed as an import substitution industry but also as an export-oriented industry which could earn and save foreign currency.
Considering the importance of strengthening the pharmaceutical industry and increasing the sector’s contribution to the economy, the Export Development Board (EDB) with the help of Sri Lanka Embassy in Thailand and Sri Lanka Embassy in Vietnam organized a first-ever Sri Lanka Pharmaceutical presence at the 6th Phar-Med Cambodia 2023 held in September 2023 in Phnom Penh, Cambodia.
Cambodia is a country which is spending more on healthcare with economic development. Both the Government and the development partners from all over the world are committed to improving the health system. Cambodia has a potential economic gateway to the pharmaceutical market of over fifteen million consumers. Cambodia is a dynamic crossroad linking Thailand, Laos, and Vietnam.
“Phar- Med 2023” Cambodia is one of the established exhibitions of the healthcare industry in Cambodia with 60+ exhibitors, showcasing the latest and fast-moving products of multinational and regional companies dealing with pharmaceuticals, nutraceuticals, drug materials, medical devices and equipment, laboratory equipment and devices.
This annual exhibition provides a powerful platform to connect across the globe, market verticals including contract manufacturing opportunities, gain industry insights and technical innovations.
Sri Lanka’s business delegation to 6th Par- Med 2023, comprised three Sri Lankan pharmaceutical companies; M/s Gamma Interpharm (Pvt.) Ltd., M/s Astron Limited, M/s Emergen Life Sciences (Pvt.) Ltd. The country pavilion of Sri Lanka showcased many pharmaceutical finished formulations such as antibiotics, vitamins, nutraceuticals, and respiratory care products etc. with the guidance of EDB.
The companies that participated in the 6th Phar Med Exhibition stated that this show has provided an excellent platform for Sri Lankan pharmaceutical manufacturers to initiate business contacts with various foreign distributors and to explore the new trends available in the international market.
This year, more than 2,000 visitors from pharmaceutical distributors, hospitals and retailer pharmacies have visited the exhibition. Further, more than 60 exhibitors from Germany, Vietnam, Cambodia, and Japan etc. have also participated in the exhibition.
Sri Lanka Pharmaceutical Manufacturers Association (SLPMA) has signed a Memorandum of Understanding (MOU) with Cambodia Pharmaceutical Distributor Association (CPDA) at the seminar programmed which was held at the exhibition on 20 September 2023 with the coordination of EDB.
OSL take:
Sri Lanka’s exports sector is currently on an expansion path with local exporters being encouraged to explore new markets while expanding the existing product portfolios. Local export authorities through Sri Lankan missions overseas are engaged in promoting local exporters and products in potential new foreign markets. Sri Lanka’s exports sector has shown a steady growth in the past few years amidst challenging economic conditions. During the height of the economic crisis faced by the country last year, the exports sector generated revenue for the country. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s exports sector. Among the sectors that show great growth and business potential in the exports sector is pharmaceutical manufacturing and exporting. Given the growing opportunities, foreign businesses/investors could confidently explore the expanding opportunities in Sri Lanka’s exports sector.
| Article Code : | VBS/AT/20231017/Z_5 |