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SL’ first biotech insulin manufacturing plant launched with Rs.3.5bn investment

21 September 2020 09:49 am - 0     - {{hitsCtrl.values.hits}}

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Foundation stone laying

 

  • Operations of new plant will involve JV between Radella Holdings subsidiary and SPMC
  • All products manufactured in the plant will be branded under SPMC brand name
  • All technology used in manufacturing will conform to highest European standards

Privately owned Raddella Holdings recently began the construction of Sri Lanka’s first and only biotech insulin manufacturing plant.


 The groundbreaking ceremony of the plant was held on September 18 at the Koggala Export Processing Zone. 

Thushira Raddella, Managing Director/CEO, Raddella Holdings speaking at the event


The event was attended by a host of dignitaries and guests including the State Minister of Pharmaceutical Production, Supply, and Regulation Prof. Channa Jayasumana, Minister of Tourism Prasanna Ranatunga, Minister of Plantation Dr. Ramesh Pathirana and State Minister of Rural and School Sports Infrastructure Development Thenuka Vidanagamage.


The operation of the new plant will involve a joint venture between Premium International Injectable Company (Pvt) Ltd, a subsidiary of Raddella Holdings and the State Pharmaceutical Manufacturing Corporation (SPMC). 


All new products manufactured under this venture will be done under the SPMC brand name, with full government supervision. 

The biotechnology manufacturing plant is a Rs.3.5 billion, 100 percent local investment, which will employ over 200 specialized and highly trained professionals. 
All technology used in manufacturing will be state-of-the-art and conform to the highest tier of European standards. 


This new plant has the capacity to meet 100 percent of projected local demand for next 15 years. The surplus produced thereafter will be exported and provide a valuable source of foreign revenue. 


The new plant will utilize world famous SCADA systems to monitor and control the plant, all equipment, and the entire manufacturing process. 


This will guarantee the highest level of quality control, where all records of manufacture are completely automated and thus tamper-proof. 


Other quality control methods include adhering to the European Union Goods Manufacturing Practice (EUGMP), Good Manufacturing Practice (GMP), while also complying with the strict standards set by the World Health Organization (WHO). 


The extensive planning for the plant has happened over the last two years. All designs, technology transfers, and specialist training have been completed, with all approvals and certification having been obtained. With construction to be completed soon, the plant will commence operations shortly. 


Furthermore, all drugs manufactured via this new venture will be custom made and specifically designed for the needs of the local consumer. The government has also implemented an excellent buy-back guarantee. 


This encourages and supports new ventures in biotechnology and provides local entrepreneurs the confidence to invest. 


Speaking about this groundbreaking endeavor Managing Director/CEO, Thushira Raddella said, “The opening of Sri Lanka’s first biotechnology manufacturing plant is a momentous occasion for the country. In fact, the SPMC has done an outstanding job in ensuring a project of this magnitude is possible. It is also a step in the right direction as we embrace the virtue of self-reliance as a nation.


“The venture, which is a 100 percent local investment, will operate to European standards. This will ensure that all Sri Lankans have access to excellent quality medication, however at just a fraction of the current cost of expensive foreign imports. We have worked tirelessly with multiple stakeholders and completed all designs, technology transfers, and specialist training – the construction is just the last tip of the iceberg” 


Raddella Holdings is a family enterprise founded in 1984 by Nihal Raddella, a visionary in the field of finance and civil engineering. The organization has since expanded and today the second generation of the Raddella family continues this progressive vision with a diversified conglomerate that employs over 1000 employees and has a presence in several key sectors.

 

 

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