Kasturi Chellaraja Wilson, the new President of the Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI), called for a deeper commitment from the Pharmaceutical Industry to self-regulate and said, the industry is prepared to partner with the government to collaborate and implement a fair pricing mechanism, which would ensure sustainable supplies of quality products at affordable prices.
Wilson who is also the Managing Director of Hemas Pharmaceuticals, unanimously elected the new President of the SLCPI at its Annual General Meeting recently.
Thus, she became the first woman to hold this position. She replaced Sunshine Holdings Plc Executive Director Shyam Sathasivam, who held the post for the past two years. She earlier, served the Chamber in the capacity of Senior Vice President.
Addressing the AGM following her election, Wilson said, “As a nation, we have witnessed the growing incidence of Non-Communicable Diseases, coupled with an ageing population. So, as an industry, we have a significant role to play.”
“We continue to operate in a tough climate. Last year, we overcame extreme currency volatility, with the rupee registering significant devaluation. Furthermore, we were faced with banks and financial institutions looking at tightening the lending to the industry.”
She asserted that despite the rupee appreciating to a stable level over the recent months, there remained reasons to be vigilant over future currency pressures.
“On the financial side, things are only going to get tighter in the aftermath of the Easter Sunday attacks. You would find Banks tightening their exposure, purely because the capacity to lend seems to be under threat and NPLs (Non-performing Loans) are increasing. The Pharmaceutical Industry and our wholesalers and retailers are going to get further impacted purely due to the industry not currently considered attractive by Banks. They want to mitigate their risk and exposure,” Wilson explained.
She highlighted the heavy economic and social responsibility the industry bore as an employer of a quarter of a million people and a vital cog in the country’s healthcare apparatus.
She said to create value as an industry, they should have the ability to work together and create an ecosystem, where patients have access to quality drugs at affordable prices, where the regulator and the industry could collaborate to secure widening healthcare needs.
“The second area where we could actually create value, is if we as an industry, look inwards and self-regulate. We need to look at our core ethics and reinforce our value system.”
In this avenue, she said the Chamber’s Ethics and Compliance Committee, which has laboured diligently over the past year, would continue its good work to fortify the industry’s market practices.
“As a Chamber, we would continue to deliver accessibility and good quality medication to our citizens.
We are willing to work and collaborate with the Government to get a very fair pricing mechanism, ensuring patients sustainable access to good quality products at an affordable price. We should be fair with the patient as well as the different stakeholders within the industry.”
Wilson also praised the efforts of the Government and the National Medicines Regulatory Authority (NMRA), in ensuring equitable access to high-quality prescription drugs and medical devices.
She underscored that such endeavours should continue within a framework based “on principles of fairness and transparency” and should not compromise the country’s ability to attract newer and more innovative drugs for its citizens.
The establishment of a quality lab is a significant development for the entire healthcare industry, she added.
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