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Health Ministry inks forward buying agreements with 12 local investors

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Oyamaduwa, Pharma zone gets USD 100 Mn investment :
The local investoers for the Pharam Zone with Health Minister Dr. Keheliya Rambukwella and other Ministry officals. Picture by Sudath Malaweera
The local investoers for the Pharam Zone with Health Minister Dr. Keheliya Rambukwella and other Ministry officals. Picture by Sudath Malaweera

Twelve Sri Lankan investors have pledged nearly USD 100 million to set up pharmaceutical and health related component product manufacturing at purposely built Oyamaduwa, Pharmaceutical manufacturing zones in Anuradhapura.

The Ministry of Health on Wednesday at Galle Face Hotel Colombo signed ‘forward buying agreements’ with these companies ensuring stability for their investments which is 100%.

Minister of Health Dr. Keheliya Rambukwella said that this five year agreement will be extended beyond the five year period and ensured that more tax benefits too would be offered to them in addition to providing land on the basis of a 35 years leasing period for this strategic project.

He said that Sri Lanka annually spends around USD 700 million to import Pharmaceutical drugs and other related items and the aim of the government is to explore the possibility of substituting this by having local manufacturing.

The Ministry of Health has focused on producing medicine in Sri Lanka as much as possible to reduce this huge import bill and also save FOREX to Sri Lanka. “We expect to increase the production of local medicines which is currently between 15% and 20% to 60% and 80% by 2025 when the products manufactured at the Oyamaduwa Pharmaceutical manufacturing zones start their roll out to the local market.”

For the first time in the history of Sri Lanka We also expect to reverse the pharmaceutical import trend and start exporting these products from end 2025 and earn FOREX to the tune of USD 1 billion.”

In addition this project will also provide direct employment opportunities to around 2,000 youths and indirect employment opportunities to over 5,000.

It was also disclosed that the construction of the Suvasiripura Pharmaceutical Industrial Estate has been carefully planned not to cause any environmental damage and accordingly it will be designed as a 100% eco-friendly industrial estate. Spectrum Pharmatech Lanka (Pvt) Ltd, the Sri Lankan subsidiary of Spectrum Pharmatech Consultants (Pvt) Ltd, an Indian company with more than 27 years of experience was selected through a regular tender procedure to carry out the development and management of this industrial park. The Minister also said that as a measure to face energy crises they are also looking at alternative power such as solar to be installed to the park.

Following are the companies and their investment for the Oyamaduwa Pharmaceutical manufacturing zones in Anuradhapura. 1. Maliban Bioventures (Pvt) Ltd (USD 12 Mn.) 2. George Steuart Health (Pvt) Ltd (USD 10 Mn.) 3. Luxus Mediline (Pvt) Ltd (USD 17.2 Mn.), 4. Premium International Biologics (Pvt)Ltd(USD 7 Mn.), 5. Manchester Medicals (Pvt) Ltd (USD 5.5 Mn.), 6. Epione Health Services (Pvt)Lld(USD 5.5 Mn.), 7.NU Life Biotech (Pvt)Ltd(USD 6.7 Mn.),8. Neolina Holdings (Pvt) Ltd (USD 1.4 Mn.), 9. Nivarana (Pvt) Ltd (USD 7 Mn.), 10. Blue Ceylon Investment Holdings (Pvt) Ltd (USD 5 Mn.), 11. Meditech Lanka (Pvt) Ltd (USD 5.7 Mn.) and 12.Clean Ozo Bio – Bin’s (Pvt) Ltd(USD 3 Mn.)

Friday, January 13, 2023 – 01:00

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