Colombo, June 27 (newsin.asia) – A mega Pharmaceutical company that will manufacture drugs to treat diabetes, high blood pressure and cholesterol was opened in Pallekelle, in Central Sri Lanka, in order to reduce dependence on imported tablets, a leading investment agency said here Tuesday.
The Board of Investments (BoI), in a statement said Celogen Lanka (Pvt) Ltd., a new plant to manufacture pharmaceuticals, was opened by President Maithripala Sirisena in the presence of Health Minister Rajitha Senaratne and other officials.
The BoI said the manufacturing facility was very significant because it is a joint venture between Sri Lankan and Indian entrepreneurs with an investment value of US 6.6 million dollars.
The pharmaceutical company 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 dollars worth of pharmaceutical products and is almost entirely dependent on imports.