Indian pharma mulls JVs with local counterparts | Sunday Observer

Indian pharma mulls JVs with local counterparts

23 July, 2023

The Indian Drug Manufacturers’ Association (IDMA) signed a Memorandum of Understanding (MoU) with the Sri Lanka Pharmaceutical Manufacturers Association (SLPMA) to provide the active pharmaceutical ingredient (API) towards local pharma manufacturing.

President, IDMA, Dr. Viranchi Shah said that the API can be used in the manufacture of local pharmaceuticals and this substance in not available in Sri Lanka. “We will also look at Joint Venture manufacturing with local companies and will also provide technical support towards the local industry.”

He said that several decades ago India was relaying on imports like what Sri Lanka is doing now. But, today they are near self sufficient. “We also please to see that Sri Lanka to have made a good start by having local manufacturing with exports in mind.”

India’s pharmaceutical exports revenue was $25.3 billion in fiscal year 2022–23 and equally we have a very robust domestic pharmaceutical market was estimated to be $41 billion local.

Minister of Plantation Industries Dr. Ramesh Pathirana said that he too was involved in the industry before taking to politics and today was happy to note the manufacturing progress that industry is making.

President of SLPMA Kalana Hewamallika said that today Sri Lanka has 23 local manufactures in different segments and the MoU with IDMA will pave the way to speed of local pharmaceutical manufacturing and look at more exporters.