Business

Ensuring sustainability in the pharma industry: key focus for 2021 says slcpi

Published

5 years ago

2021/01/2

The Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) reiterated their commitment towards ensuring the availability of efficacious, safe and good quality medicines to the general public, in the incoming year. When the COVID-19 pandemic forced the country into lockdown earlier this year, many industries, including pharmaceuticals, found themselves facing multiple challenges, which inevitably turned into valuable lessons for the year ahead.

Member companies of SLCPI were forced to act quickly to ensure the uninterrupted supply of medicine. They witnessed their business models change in real-time and at an unprecedented pace, which prompted the collaboration of various stakeholders to ensure that patients were always given priority.

From supply chain disruptions to the adaptation of new technology, SLCPI as an organisation is fully geared to face the year ahead and has identified several key areas that are seen as essential if the industry remains sustainable in the long run.

Creating a resilient supply chain

Locally and globally, one of the biggest lessons learnt during the pandemic for pharma-companies was managing pharmaceutical supply chain disruptions in response to COVID-19. With sudden changes to air routes and temporary interruptions to sea freight earlier this year, many companies had to formulate contingency plans to ensure an uninterrupted supply of medicine to the market. SLCPI member companies were quick to respond with critical adjustments made to its business processes, which resulted in a more agile and patient-centric supply chain.

Establishing effective communication across all departments; reaching out to principals from the very start of the lockdown to ensure that there was adequate inventory; and, working closely with government authorities was an essential element in creating a resilient supply chain.

Throughout this process, priority was given to patients’ with NCDs’ and essential medicine. SLCPI is thankful for members who worked tirelessly to ensure that adequate stocks of essential medicines were made available to patients and hospitals.

Towards sustainable pricing

Another top priority for the Chamber in the coming year is the implementation of a fair pricing mechanism, to ensure the availability of efficacious, safe and good quality medicines, medical devices and borderline products to the general public.

At present, the government and regulators depend on ad-hoc price controls on medicine and pharmaceuticals to keep prices in check. This mechanism has proven to be unsustainable in the long run.

Presently, the National Medicine Regulatory Authority of Sri Lanka (NMRA) has imposed a price ceiling on 73 molecules with the intention of making these medicines more affordable and accessible to patients.

The lack of a proper mechanism for the regulation of prices along with high regulatory fees has only negatively impacted the industry, which is already burdened by fragile market conditions owing to COVID-19 and a depreciating rupee, making importing drugs more expensive.

“What we need right now is a rational mechanism that is simple & workable. Pharmaceutical poricing is complex as we are dealing with medicines, patients and the country’s healthcare needs. It is essential to take a collaborative approach between the industry and regulators on the best way forward” stressed SLCPI Vice President Sanjiva Wijesekera.

The World Health Organisation (WHO) states that strong pharmaceutical pricing policies in countries can improve pharmaceutical products’ affordability when carefully planned, carried out, and regularly checked and revised according to changing conditions (WHO guideline on country pharmaceutical pricing policies, 2020).

Essential to the Pharma Industry’s sustainability is the implementation of an ethics framework, to maintain standards and uniformity in the industry. The Chamber recognises the need for self-regulation, which is pivotal to address non-ethical practices in the healthcare industry. SLCPI is committed to working with stakeholders within the medical fraternity to promote ethical marketing, prescribing medicines, and creating awareness on a subject that impacts the image of the healthcare industry as a whole.

Over the years, SLCPI has hosted workshops and courses to promote ethical pharmaceutical practices among pharmaceutical representatives to ensure they are well trained on the rules, regulations and industry codes. Meanwhile, several SLCPI member companies have gone as far as to provide training to pharmacists on dispensing medicines to customers.

“The focus in the year ahead is to work with doctors and healthcare professionals to standardise the behaviour of medical representatives, minimise complaints received by hospitals and collaborate with governmental partners to implement and action, an ethics framework,” said SLCPI Vice President Sanjiva Wijesekera.

COVID – 19 has been a defining year for the industry, forcing companies in all sectors to accelerate the digitisation of their customer and supply-chain interaction and their internal operations by three to four years (Mckinsey, 2020).

What does the future hold?

Vice President of SLCPI Sanjiva Wijesekera says that emerging technologies are transforming the pharmaceutical sector, and members are integrating new technology in their day to day operations.

“The pharma industry is striving to maintain a balance between the need for novel medicinal drugs, improved operational efficiencies, and innovation in areas such as precision medicine, wearables, and digital therapeutics—all of which can directly impact the pharma value chain,” said SLCPI Vice President Sanjiva Wijesekera.

With a rapidly ageing population and rise in non-communicable diseases (NCD) in Sri Lanka, the demand for pharmaceuticals and medical care too is increasing.

“SLCPI is committed to its vision of making available quality medicines for all Sri Lankans, and we need to enhance our systems to ensure that we make this possible. At a consumer level, there is also more that can be done to educate the public about the impact that their lifestyle choices can have on the quality of life. By adopting a holistic strategy that addresses all stakeholders, I believe that we can arrive at a truly progressive outcome for all,” Wijesekera added.

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Business

New policy framework for stock market deposits seen as a boon for companies

Published

10 hours ago

2026/01/14

Sahan Weerasooriya

Eardly Kern: ‘CSE experiencing strong revival

The government’s new policy framework to allocate a maximum interest rate for stock market deposits would pave the way for companies and investors to plan their future business activities, a senior stockbroker said.

‘Accordingly, the Colombo Stock Exchange (CSE) has entered a period of strong revival, supported by economic stabilization and rising investor confidence while significant market reforms would support the new policy framework on interest, Assistant Vice President Softlogic Stockbrokers, Eardly Kern, told The Island Financial Review.

He said that the imposition of maximum interest rates for stock market deposits would prevent the interest rates from moving upwards, thus paving the way for investors to invest in stocks with a lot of confidence.

Kern added: ‘The CSE outlook would provide expanding opportunities for investors as Sri Lanka positions itself for market-led investor platforms.

‘Improving macro fundamentals, such as lower interest rates, rising corporate earnings and historically attractive valuations, have been key catalysts in driving investment into the equities market.

‘These tailwinds, together with ongoing economic reforms, have helped re-establish confidence among both local and foreign investors.

‘Over the past two years, the number of CDS accounts has surpassed 949,000, with digital on-boarding through the CSE mobile app driving the latest surge.

‘Further, foreign inflows for 2024 amounted to USD 66.5 million, while Rs 175 billion was raised through capital market activity, including 16 new listings. With a target of 20 IPOs on the horizon, the CSE anticipates several new companies entering the market by early 2026.

‘The All Share Price Index (ASPI) delivered an impressive 49.7 percent return in 2024, ranking the CSE as the second-best performing market in Asia for the year. By November 2025, the index had risen a further 45.65 percent amounting to an extraordinary two-year return of approximately 95 percent.

‘The S&P SL20 Index recorded a parallel recovery, gaining 58.5 percent in 2024 and 31.84 percent so far in 2025.

‘ Despite the rally, the CSE continues to trade below its 10-year average PER and valuations remain significantly more attractive than in regional markets, such as, India, Malaysia, Vietnam, and China.

‘ Turnover has surged to Rs 1.06 trillion in 2025 (as of mid-November), nearly doubling the figure recorded in 2024. Market capitalization grew 34 percent n 2024, despite only around 40,000 active investors capturing most of the gains—highlighting the potential for broader participation.

‘ Corporate earnings have also strengthened markedly. After generating Rs 686 billion in earnings during 2024—a 50% year-on-year increase—listed entities are projected to deliver between Rs 775–800 billion in 2025. Earnings for the first half of 2025 have already grown 57 percent year-on-year.’

By Hiran H Senewiratne

Business

Dialog reinforces commitment to heritage through Kelaniya Duruthu Festival

Published

10 hours ago

2026/01/14

Sahan Weerasooriya

Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, has reinforced its enduring commitment to preserving national culture by sponsoring the Kelaniya Duruthu Festival, aligning long standing patronage with purposeful community engagement to honour religious heritage, support cultural continuity, and strengthen shared values.

The annual Kelaniya Duruthu Festival, one of Sri Lanka’s most significant religious and cultural observances, was held on 8th, 9th and 11th January 2026, marking a congregation of thousands of devotees and visitors at the historic Kelaniya Raja Maha Vihara. As a long-term patron, Dialog continues to provide sponsorship support, enabling the seamless organisation of the festival while uplifting traditions deeply rooted in the nation’s cultural identity.

Through its continued support of the Kelaniya Duruthu Festival, Dialog underscores its role as a responsible corporate citizen dedicated to safeguarding Sri Lanka’s cultural and religious heritage for future generations. This commitment is further reflected in Dialog’s long-term patronage of national events such as the Kandy Esala Perahara, Nawam Maha Perahara at Gangaramaya, Katharagama Esala Perahara and Gatabaru Esala Perahara. Complementing these efforts, Dialog has also undertaken heritage preservation initiatives including the construction of the vestibule at Dimbulagala Aranya Senasanaya, the launch of a website and directory of Amarapura Maha Nikaya Temples, and the restoration of the Anuradhapura Maha Vihara Sannipatha Shalawa.

Business

Sri Lanka launches its first-ever Smart Bus Ticketing System

Published

10 hours ago

2026/01/14

Sahan Weerasooriya

Advancing public transport with digital bus ticketing — CBA, in partnership with SLTB and Nimbus Venture.

A National Breakthrough in Public Transport Digitalization Powered by Ceylon Business Appliances with Nimbus Ventures.

Sri Lanka has taken a historic step forward with the launch of its first Smart Bus Ticketing System, enabling passengers to pay fares using contactless cards, digital wallets, and QR payments. This advancement places the country among global leaders in smart mobility.

The initiative was made possible through collaboration with the Government of Sri Lanka, leading banking partners, and the technology leadership of Ceylon Business Appliances (CBA) and Nimbus Ventures, who serve as the Technology, Software, Hardware, and Operational Partners behind the nation’s first Open Loop Transit Payment System.

For decades, CBA has been at the forefront of Sri Lanka’s digital transformation efforts—bringing modern, global-standard technologies that have strengthened the nation’s digital infrastructure.

Speaking to the media at the launch, Sardha Fernando, Managing Director of CBA, stated:

“This is not just a ticketing upgrade—it is a complete digital evolution of public transport in Sri Lanka. For years, CBA has been committed to introducing advanced technologies to the country, and today, we are proud to bring a globally recognized, secure, and seamless smart transit solution to our people. With every tap, we are enabling convenience, transparency, and a more connected future for all Sri Lankans.”

He added:

“This milestone reflects our ongoing mission: to help build a digitally empowered Sri Lanka that is ready to embrace the technologies shaping the world.”

‘Ruwath Fernando, CEO/Director of CBA, highlighted:

“This project demonstrates that Sri Lanka is ready to adopt and operate on par with global smart mobility technologies. Our commitment has always been to bring the world’s best software systems and innovations into Sri Lanka—solutions that are secure, scalable, and built to international standards.”

He continued:

“By introducing a state-of-the-art open-loop transit payment platform, we are proving that Sri Lanka can not only embrace but also successfully operate advanced digital ecosystems. This is a defining moment in positioning the country as a technology-proof nation prepared to trial and adopt global digital advancements.”

CBA extends heartfelt congratulations to the banking partners who trusted this vision—

Sampath Bank, Commercial Bank, Bank of Ceylon, People’s Bank, and DFCC Bank— on the successful launch of their new ticketing application.

This application integrates seamlessly with the PAX A910S ticketing device, powered by a robust CBA– Nimbus ventures software solution, engineered for scale, reliability, and national deployment..