Laugfs Pharmaceuticals and Premium International have invested over US$ 30 million to introduce the Oral Solid Dosage (OSD) pharmaceutical manufacturing facility at the Koggala Export Processing Zone.
Laugfs Holdings Managing Director, Thilak De Silva speaking at the launch last Friday said Sri Lanka still largely depends on imported products which accounts for 90% of the country's requirement.
"Compared to our neighbouring countries, Sri Lanka's dependency on pharmaceutical imports is extremely high with only 10% of the requirement manufactured locally,"he said.
"The facility, which is expected to complete constructions in 16 months, will manufacture various types of tablets, capsules and dry powder suspensions both of the beta lactam(penicillin based) and non-beta lactam varieties", he said.
De Silva added that with this venture the local market will benefit with high quality and affordable pharmaceutical products and help Sri Lanka to save a large sum of foreign exchange annually spent to import pharmaceuticals.
"We look forward in strengthening the rupee over the other currencies by exporting to the UK, European Union as well as the African continent, and to become a significant contributor to our country's export revenue.
Laugfs Chairman, W.K.H. Wegapitiya said Bangladesh's domestic pharmaceutical market is thrice the value of our own which meets 97% of the domestic requirement through local manufacturing and Pakistan caters to around 70% of domestic demand of finished medicine through their local production.".
According to a recent report by the IMS Institute for Healthcare Informatics, global spending on medicine is expected on to reach $1.17 trillion by 2017, due to the rising demand for healthcare and medications worldwide.
"The opportunities available have been well exploited by India, Bangladesh and Pakistan, by becoming net exporters of pharmaceutical products"."Regional sales of pharmaceuticals in Asia have more than doubled from $97 billion in 2001 to $214.2 billion in 2010, with sales expected to reach $386 billion by 2016".
Wegapitiyasaid the launch of the largest pharmaceutical manufacturing private factory in Asia constructed in Sri Lanka assures substantial investments and new employment opportunities.
The project will create 400 direct employment where local professionals will gain hands-on training and exposure to international industry standards.
Premium Pharmaceuticals Project Director ,Sujeewa Sumanasena said the facility is expected to meet and comply with international industry standards including the UK's Medicines and Healthcare Products Regulatory Agency (MHRA), the EU's Good Manufacturing Practice (GMP) and World Health Organisation.
"All components and systems will be designed and commissioned according to superior international standards, including GEP, GAMP and ASME."
www.dailynews.lk
Laugfs Holdings Managing Director, Thilak De Silva speaking at the launch last Friday said Sri Lanka still largely depends on imported products which accounts for 90% of the country's requirement.
"Compared to our neighbouring countries, Sri Lanka's dependency on pharmaceutical imports is extremely high with only 10% of the requirement manufactured locally,"he said.
"The facility, which is expected to complete constructions in 16 months, will manufacture various types of tablets, capsules and dry powder suspensions both of the beta lactam(penicillin based) and non-beta lactam varieties", he said.
De Silva added that with this venture the local market will benefit with high quality and affordable pharmaceutical products and help Sri Lanka to save a large sum of foreign exchange annually spent to import pharmaceuticals.
"We look forward in strengthening the rupee over the other currencies by exporting to the UK, European Union as well as the African continent, and to become a significant contributor to our country's export revenue.
Laugfs Chairman, W.K.H. Wegapitiya said Bangladesh's domestic pharmaceutical market is thrice the value of our own which meets 97% of the domestic requirement through local manufacturing and Pakistan caters to around 70% of domestic demand of finished medicine through their local production.".
According to a recent report by the IMS Institute for Healthcare Informatics, global spending on medicine is expected on to reach $1.17 trillion by 2017, due to the rising demand for healthcare and medications worldwide.
"The opportunities available have been well exploited by India, Bangladesh and Pakistan, by becoming net exporters of pharmaceutical products"."Regional sales of pharmaceuticals in Asia have more than doubled from $97 billion in 2001 to $214.2 billion in 2010, with sales expected to reach $386 billion by 2016".
Wegapitiyasaid the launch of the largest pharmaceutical manufacturing private factory in Asia constructed in Sri Lanka assures substantial investments and new employment opportunities.
The project will create 400 direct employment where local professionals will gain hands-on training and exposure to international industry standards.
Premium Pharmaceuticals Project Director ,Sujeewa Sumanasena said the facility is expected to meet and comply with international industry standards including the UK's Medicines and Healthcare Products Regulatory Agency (MHRA), the EU's Good Manufacturing Practice (GMP) and World Health Organisation.
"All components and systems will be designed and commissioned according to superior international standards, including GEP, GAMP and ASME."
www.dailynews.lk
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