Business
The uphill battle towards pharmaceutical self-sufficiency
Can the local industry do more for less?
Sri Lanka’s pharmaceutical sector has stepped up to the plate during the past two years working tirelessly to cater to the national demand for drugs in the midst of import restrictions compelled by the global pandemic. The industry revival is a result of the Memorandum of Understanding followed by a Joint-Venture Agreement signed between State Pharmaceutical Manufacturing Corporation (SPMC) & the members of the National Chamber of Pharmaceutical Manufacturers of Sri Lanka (NCPM) in 2017. At present, 15- 20% of the total local drug requirement is fulfilled by SPMC, joint venture partners of SPMC – under strict adherence to quality standards stipulated by the SPMC and other homegrown manufacturers.
Pharmaceutical self-sufficiency falls in line with the national priority of retaining foreign currency in the country. Empowering local pharma is a win-win for all parties involved because it gives citizens better access to Government (SPMC) approved high quality medicine for affordable prices while generating occupational opportunities for local youth. In order to achieve self-sustainability local industry would require FDIs which would in turn bring international technology & know-how to Sri Lanka paving the way for the country to emerge as a ‘pharma hub’ capitalizing on the country’s strategic location in the Indian Ocean. The construction of three ‘pharma zones’ has already commenced in Anuradhapura, Hambantota & Millawa intending to attract such investments. The Millawa SPMC zone, largest of the three, is slated to house four state-of-the-art factories within it. The President of NCPM Dr. Lohitha Samarawickrema in a letter to media dated August 4 however said that the biggest impediment for yielding the optimum benefit from this joint venture is misinformation. He went on to say that contradictory reports create a sense of anxiety among the Sri Lankan public as well as demotivate potential local & foreign investors. According to NCPM President, up to 80-85% of the local production catering to ~15% of the total demand is supplied by SPMC joint venture stakeholders. The stakeholders collectively manufacture over 300 varieties of drugs which are then quality-tested and distributed through the state manufacturer (SPMC). He said the success of this Public-Private Partnership could augur well for the country’s economy as well as the general wellbeing of citizens and thus should not be stigmatized without a fair assessment. Given the strategic location of Sri Lanka, Dr. Samarawickrema went on to add that Sri Lanka was being seriously considered to be developed as a hub for vaccine manufacturing with Asian and African markets in mind. In that regard, a feasibility study is already underway to establish a vaccine manufacturing enterprise as a joint venture between Sri Lanka’s Kelun Life Sciences and China’s Sinovac Biotech Ltd. The local partner of this venture is the first homegrown manufacturer of saline & is credited with propelling Sri Lanka to full self-sufficiency in same. It has been reported that since the beginning of Covid-19, 200 new vaccine manufacturers have joined the production pipeline. The United States of America, Canada, Brazil and Mexico are considered the top vaccine manufacturers while some Latin American countries are among the Top 20 ranked vaccine manufacturers with self-sufficiency up to about 72%.
This NCPM-SPMC venture is especially meaningful considering that it served to positively disrupt the state monopoly on pharmaceutical drugs thereby ushering in new possibilities and opportunities for private sector stakeholders for productive collaboration. The Chamber firmly believes Pharma Industry’s initiative to work closely with the private sector sets a welcome precedent for other state sector enterprises, too, to follow suit. Combining the State sector’s integrity and welfare-mindedness with the Private sector’s efficiency and ingenuity can elevate the local pharma sector from self-sufficiency to unprecedented heights from a trade standpoint. Pharma has immense potential to become one of the top foreign revenue earners for Sri Lanka in the ensuing years with due patronage from the State.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
