Press briefing of Cabinet Decision taken on 2017-03-21

Development of Pharmaceutical Manufacturing Industry

- The Pharmaceutical Manufacturing Industry has been identified as one of the potential industries which could contribute to boost the economic growth of the country. As such, the improvement of the capacity of the pharmaceutical producers in the country is imperative to meet the domestic pharmaceutical needs, in order to provide qualitative pharmaceuticals at an affordable price, and to minimize the dependence on imported pharmaceuticals. Presently, 15% of the country's total pharmaceutical needs are produced locally and the expectation of the Government is to increase it up to 80%. Accordingly, with a view to providing the facilities needed, the proposal made by Hon. Ranil Wickremasinghe, the Prime Minister in his capacity as the Minister of National Policies and Economic Affairs, for the modernization and expansion of the local pharmaceutical manufacturing industry, for promoting competitiveness to gain entry into the export market, for exemption of taxes applicable to imports of raw materials, packing materials, equipment and accessories and the machinery used by the pharmaceutical industry and to expedite the establishment of the Bio Medical Zone to attract investment, was approved by the Cabinet.