Celogen Lanka (Pvt) Ltd., a new plant to manufacture pharmaceuticals, was opened recently at the BOI Kandy Industrial Park at Pallekelle.
The new plant was formally opened by President Maithripala Sirisena, with the participation of Rajitha Senaratne - Minister of Health and Indigenous Medicine and Upul Jayasuriya, Chairman of Board of Investment of Sri Lanka and other dignitaries present.
The manufacturing facility is very significant because it is a joint venture between Sri Lankan and Indian entrepreneurs with an investment value of US$ 6.6 million. It will create employment for 150 workers including 80 university graduates. The company will be producing a wide range of tablets including Metformin, Losartan potassium and Atorvastatin, capsules such as Omeprazole and Soft Gel Vitamin A, E and A & D.
Currently Sri Lanka imports approximately US$ 1 billion worth of pharmaceutical products and is almost entirely dependent on imports. The government’s ambitious target is to reduce imports of pharmaceuticals by 70 percent by 2020.
Hence the manufacture of pharmaceuticals is a target sector of the government of Sri Lanka for import substitution. It is also a thrust sector of the BOI and is actively promoted by the Board.