June 28, 2017 (LBO) – Celogen Lanka (Pvt) Ltd has opened a new pharmaceuticals manufacturing plant with an investment value of 6.6 million dollars at the BOI Kandy Industrial Park at Pallekelle.
The manufacturing facility, a joint venture between Sri Lankan and India, was formally opened by President Maithripala Sirisena, the Board of Investment said issuing a statement.
The plant 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 and D.
Currently Sri Lanka imports approximately one billion dollars worth of pharmaceutical products and is almost entirely dependent on imports.
The Government target is to reduce imports of pharmaceuticals by 70 percent by 2020, the statement added.
“The manufacture of pharmaceuticals is a target sector of the Government of Sri Lanka for import substitution and is also a thrust sector of the BOI and is actively promoted by the Board.”