Pharma Manufacturing Regulatory Assistance
Pharmaceutical industry was identified as one of the potential industries that could bring Sri Lanka enormous economic benefits as it could attract FDI, earn foreign exchange through exports and save foreign exchange by way of import substitution.
Medical and pharmaceutical expenditure of the country during 2020 was recorded at US$ 599.5 million. By 2022, the market is expected to reach a value of USD 750 million, posting a five-year compound annual growth rate (CAGR) of 4.1%.
We think about marketing for you to have a long success.
In 2019, medical & pharmaceutical products imports reached a value of USD 553 million which accounts for 2.8% of total imports and this is expected to reach $ 700 million by 2025, a CAGR of 4%. Currently, 85% of pharmaceutical needs are imported and about 15 local manufacturing plants including SPMC provide the balance 15% of the requirement with an estimated value of Rs 18 Bn annually. So, in 2020, the Sri Lankan government decided to establish pharmaceutical manufacturing zones in the country. They set up 400 acres in the southern coast of Hambantota and invited global and Local pharmaceutical companies to set up companies within the zone. All infrastructure facilities will be supplied by the Sri Lanka Board of Investment.
Please talk to one of consultants
Government approvals of import engineering goods and raw materials for setting up a plant and starting production will be complicated and e-visible has a team who could help you to build all this documentation. We have the network and knowledge for proper approvals from the Board of Investment of Sri Lanka, NMRA, Import control and Sri Lanka customs.