Celogen Lanka (Pvt) Ltd opened a news plant to manufacture pharmaceuticals, recently at the BOI Kandy Industrial Park at Pallekelle.
The new plant was formally opened by President Maithripala Sirisena, with Rajitha Senaratne - Minister of Health and Indigenous Medicine and Upul Jayasuriya, Chairman of Board of Investment of Sri Lanka.
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% by 2020.
Hence the manufacture of pharmaceuticals is a targets sector of the government for import substitution. It is also a thrust sector of the BOI and is actively promoted by the Board.
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