400 acre pharma investment zone to be set up | Daily News

400 acre pharma investment zone to be set up

Twenty five investors to pump over US$ 300 mn

An investment zone of 400 acres will be set up to produce drugs required for Sri Lanka and to meet the high demand for drugs in the South East Asian region and African region.

Sri Lanka is the leading drugs importer in the Asian region, a Pharmaceutical Production, Supply and Regulation Ministry spokesman said.

The spokesman said large scale foreign investors have already expressed their willingness to join this project. Another investment zone will be set up in a 100 acre land in Oyamaduwa in the Anuradhapura district for local investors.The details had been revealed during a meeting held in Colombo recently with the participation of Chairman of the Presidential Task Force in charge of Economic Revival and Poverty Eradication Basil Rajapaksa, Health Minister Pavithra Wanniarachchi and Pharmaceutical Production, Supply and Regulation State Minister Prof. Channa Jayasumana.

Twenty five local investors have already agreed to invest around US$ 300 million for this project aimed at producing drugs required for the country. At the moment around 85 percent of the total drug requirement of Sri Lanka is imported, he said.

The Government annually spends over 130 billion rupees to import various drugs and only saves Rs. 60 billion by producing some drugs locally at the State Pharmaceuticals Manufacturing Corporation (SPMC). A total of 100 SPC outlets will be opened at popular supermarkets and Sathosa outlets countrywide soon to enable people to buy drugs at a lower price, he added.