Sri Lanka’s pharmaceutical manufacturers discuss new zone in Oyamaduwa.
The Morning: The Chamber of Pharmaceutical Manufacturers – Oyamaduwa (CPMO) and the local investors of the “Suwa Siri Pura” pharmaceutical manufacturing zone in Oyamaduwa, Anuradhapura recently had a discussion with Board of Investment (BOI) officials where they requested the top management to consider registering the Oyamaduwa under the BOI.
The meeting was convened under the patronage of BOI Chairman Raja Edirisuriya, Director General Renuka M. Weerakone, Executive Directors, and representatives from the CPMO at the BOI headquarters.
The “Suwa Siri Pura” pharmaceutical manufacturing zone in Oyamaduwa is dedicated to manufacturing medicines, medical consumables, and devices with the vision of fulfilling the country’s pharmaceutical needs by 2024/2025 and exploring potential export opportunities. Once this zone is in full swing, it will cater to 50% to 60 % of the pharmaceutical needs of Sri Lanka.
During the meeting, CPMO investors highlighted the significance and advantage of obtaining BOI approval, which will result in driving foreign direct investments (FDIs) into Sri Lanka. They also mentioned that the total investment of the project will be around Rs. 40 billion with 23 project plots out of which 11 plots have been already issued.
The 11 companies which have been so far selected to set up manufacturing facilities with lands being allocated at the zone are Maliban Bio Ventures (Pvt.) Ltd., George Steuart Health (Pvt.) Ltd., Luxus Medi Line (Pvt.) Ltd., Epion Health Care (Pvt.) Ltd., Nu Life Biotech (Pvt.) Ltd., Premium International Biologics (Pvt.) Ltd., Blue Ceylon Investments (Pvt.) Ltd., Neolina Holdings (Pvt.) Ltd., Manchester Health Care (Pvt.) Ltd., Meditech (Pvt.) Ltd., and Nivarana (Pvt.) Ltd.
The majority of the above are CPMO members and the manufacturers from this zone will significantly contribute to Sri Lanka becoming self-sufficient in pharmaceuticals. The State Ministry of Production, Supply, and Regulation of Pharmaceuticals has awarded the development and management of the said zone to Spectrum Pharmatech Lanka (Pvt.) Ltd.
BOI Chairman Edirisuriya spoke positively about the matter and congratulated the CPMO for being the local partner of the pharmaceutical manufacturing zone in Oyamaduwa, and commended the impressive effort in attracting 11 investors to invest in the zone.
Meanwhile, BOI Director General Weerakone said: “The BOI looks forward to facilitating both foreign and local investors and assures continued support for investments in the country.”
OSL take:
Sri Lanka’s health sector, especially the pharmaceutical manufacturing industry, is a fast growing business/investment opportunity in the country. The ongoing forex crisis in Sri Lanka has opened up many new business/investment opportunities with the expansion of pharmaceutical manufacturing facilities being one among them. It is in such a backdrop that local authorities are looking at setting up a dedicated pharmaceutical manufacturing zone in a bid to expand the manufacturing sector while also wooing foreign businesses/investors to the sector. The pharmaceutical manufacturing businesses in the country have recorded a continuous growth and profits indicating the increasing business potential in Sri Lanka’s health sector. Sri Lanka’s strategic location in the Indian Ocean also supports the manufacturing and exports sectors. Given the untapped potential in the local health sector, foreign businesses/investors could explore the expanding opportunities in Sri Lanka’s health sector, especially in the pharmaceutical manufacturing sector.
| Article Code : | VBS/AT/28122022/AT_7 |