Local pharma producers urge Govt. to secure them a level playing field

By Kurulu Koojana Kariyakarawana   
Local pharmaceutical manufacturers urged the government to secure them a level playing field by granting them all the economical benefits that are presently given to local and foreign medicine importers in Sri Lanka.   
The medicine manufacturers claimed that large tax concessions granted to the pharmaceutical importers by the government are not given to them, thus not creating a fair ground for them to thrive in their trade.   
Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA) addressing a press briefing last week said all pharmaceutical imports to the country have been waived off from 18% VAT (value added tax) but the VAT remains intact for the raw materials imported for medicine production.   

President SLPMA Nalin Kannangara said five to 10% of the market share of the country’s pharmaceutical industry is owned by the local manufacturers whilst the rest is held by medicine importers.   
“We have a membership of 22 local pharmaceutical manufacturing companies presently, who are registered with the National Medicines Regulatory Authority (NMRA).   
They produce a large variety of medicines locally with many raw materials imported without a single tax concession and face hardships in gaining profits as compared to pharma importers who make massive profit margins.   
We request the government to grant us a level playing field by lifting the 18% VAT from imported raw materials for medicine production,” Kannangara said.