Morison PLC, the largest oral solid dosage pharmaceutical manufacturer in Sri Lanka and a subsidiary of Hemas Holdings PLC, ceremonially opened their new state-of-the-art manufacturing plant and research & development facility in the presence of Prime Minister Mahinda Rajapaksa yesterday.
Several Cabinet ministers and dignitaries also graced the event as special guests, including Minister of Health Pavithra Wanniarachchi; State Minister of Production, Supply and Regulation of Pharmaceuticals, Prof. Channa Jayasumana; State Minister of Skills Development, Vocational Education, Research and Innovation Minister Dr. Seetha Arambepola and Secretary to Minister of Trade Dr. Sunil Navaratne. Located within the Sri Lanka Nano Technology Park in Pitipana, Homagama this is the second manufacturing facility of Morison PLC. The factory is ready to commence validation batches and is expected to start commercial production early next year, supporting the government’s aim to manufacture essential medicines locally.
Morison is committed to increase access of high quality, affordable medicines to all Sri Lankans and enables it with the new plant, with a capacity to supply over 20% of Sri Lanka’s tablet needs. A pioneer in the local manufacture of pharmaceuticals, Morison’s new facility with an investment of USD 18.5 million reaches a major milestone in Sri Lanka, being the first European Union-Good Manufacturing Practice (EU-GMP) compliant oral solid dosage manufacturing plant in Sri Lanka.
Speaking at the ceremony, Murtaza Esufally, Managing Director, Morison PLC said, “The launch of the new state-of the-art manufacturing facility marks a new era for Morison PLC, continuing our 80-year long mission to offer the highest quality products at affordable prices. This investment is supported through the guaranteed buy-back agreements that will help us to build economies of scale and be more competitive in global markets. Continued government support will enable us create a stronger footprint in exports and begin contract manufacture partnerships with global pharma companies, helping Sri Lanka earn valuable foreign exchange as we look to the future.”
GMP compliance requires that medicines are of consistent high quality and are appropriate for their intended use. EU GMP is an essential requirement to be a credible pharmaceutical manufacturer and exporter to global, regulated markets.
“We at Morison continue to look forward to delivering the highest quality products by partnering with global pharmaceutical leaders, with whom Hemas is privileged to have strong, legacy relationships. We will explore this new phase of growth in conformance with global protocols and regulations, through the formulation of new products and the development of opportunities in new markets”, Esufally continued. “Our partnership with SLINTEC will advance our strides in formulation research through the deployment of nano and advanced technology” he added.
Morison produces 75 different formulations of medicine and intends to grow that portfolio in the coming years to address Sri Lanka’s growing medicinal needs, especially in the sphere of non-communicable diseases. Its new plant has an annual production capacity of 5 billion tablets and 10 million bottles of medicine working at peak capacity on double shift, and aims to improve employment opportunities with the creation of 250 skilled jobs. The strength of the factory lies not only in its manufacturing capabilities. It also lies in its ability to create more skilled jobs and uplift the Homagama community through exposure of pharmaceutical sciences to the schools in the area and by working with higher educational institutions for internships and joint research.
The new plant is designed for minimum human intervention to prevent human error and includes cutting edge equipment such as the fully automated liquid manufacturing and packing lines, fully-fledged chemical and microbiology labs, separate air handling units to control environment conditions and is a also equipped with Enterprise Resource Planning software. The plant also has the first zero liquid discharge waste water systems in the country.
New IPS report on ‘Elasticity Estimates for Cigarettes in Sri Lanka’
• New study finds that increasing taxes on cigarettes will have twin advantages of reducing cigarette consumption and increasing government revenue.
• Calculated tax and price elasticities of demand for cigarettes show that smokers are price sensitive: increasing cigarette taxes by 10 per cent will reduce consumption by 8 per cent.
• A simulation exercise shows that when cigarette taxes are raised in line with inflation and streamlined between 2020-2023, government excise tax revenue will increase by LKR 37 billion by 2023 and 140,000 premature deaths from cigarette consumption can be prevented in the future.
The Institute of Policy Studies of Sri Lanka (IPS) has released a report which provides a comprehensive assessment of Sri Lanka’s historical and current tobacco tax policies to assess whether they are in line with the World Health Organization’s (WHO) recommended best practices. The new report ‘Elasticity Estimates for Cigarettes in Sri Lanka’ is authored by Dr. Nisha Arunathilake, Harini Weerasekera and Chamini Thilanka, and is part of a series of IPS research focusing on health and education.
According to the WHO, significant increases in tobacco taxes are the best means of controlling tobacco consumption. High taxes are an incentive for quitting tobacco, reducing consumption, and for not initiating smoking. The report finds that although cigarette prices have gone up over time, cigarettes are still affordable for smokers as tax increases have not kept up with inflation and income increases. Further, the tax structure is not streamlined, and tax policy changes have been implemented in an ad-hoc manner.
The report provides an estimate of price and income elasticities of cigarettes, and uses these to assess the effectiveness of tax increases on smoking prevalence in the country by conducting a simulation analysis. The results show that increasing cigarette taxes by 10 per cent will reduce consumption by 8 per cent. Finally, the study used the estimated tax elasticities to model the health and fiscal benefits of moving to inflation-adjusted and uniform excise tax system over 4 years.
DFCC Bank and AIA virtually recognise CEO Club award winners
Launched in 2018, the ‘CEO’s Club’ Awards organized annually by AIA Insurance for DFCC Bank staff, has since been held in grand style each quarter. The event is intended at recognizing and celebrating DFCC’s staff on their exceptional achievements in providing protection to the bank’s customers by introducing AIA’s insurance solutions.
Despite the limitations posed by the Covid-19 pandemic, the management of both DFCC and AIA were determined to continue the tradition of much deserved recognition for the DFCC staff who have excelled in providing insurance solutions to customers. As the first ever virtual AIA-DFCC CEO’s Club Awards Night, the event was held on Microsoft Teams. This pioneering event connected fifteen locations simultaneously, taking digital adoption to a new level, to celebrate award winners.
AIA CEO Nikhil Advani congratulated the winners, while commenting on the long-standing partnership between AIA and DFCC; “AIA are pioneers in Bancassurance in Sri Lanka and DFCC is one of our most valuable partners. Together over the years we have created a strong bond, driven by the common goal of providing protection and financial security to our customers. We are constantly defying odds and challenging the status quo and that is why we were able to take digital to the next level and ensure that these merited recognitions and celebrations took place, uninterrupted.”
DFCC CEO Lakshman Silva also applauded the winners and commented; “DFCC Bank, one of the oldest development banks in the country and now a full-service commercial bank, has had many trail-blazing initiatives. We entered into a partnership with AIA with the objective of enhancing our customer value proposition- and over the years have complemented each other, bringing exceptional value to customers. It was great, that together we were able to overcome the challenges posed by the Covid-19 pandemic and create an opportunity out of it, in creating a first of its kind digital event. This is what great partnerships do.”
Fifty-four CEO’s Club winners from across the island were recognized at the virtual Awards Night, for their achievements in 2019, with six others getting special recognition for their contribution as well. The top ten performers were Samitha Jayathilake ( Kottawa Branch) , Chamindu Anjana (Hikkaduwa Branch) , Dilini De Silva (Moratuwa Branch), Dinusha Jayathilaka (Anuradhapura Branch), Nuwan Abeywickrama (Kiribathgoda Branch), Anjalina Kumarihamy (Piliyandala Branch), Dilanka Jayawardena(Kaduwela Branch) , Lahiru Madushan(Central Sales Unit ) , Paskaranathan Ghengatharan (Kotahena Branch) and Lakshman Thambiraja (Batticaloa Branch ).
Tokyo Cement and Chevron Lubricants quarterly results boost market
By Hiran H.Senewiratne
The CSE turned positive yesterday with the releasing of impressive second and third quarter results by two investor favourite counters, Tokyo Cement and Chevron Lubricants, stock market analysts said.
It is said that Tokyo Cement’s second quarter results recorded Rs. 2.1 billion profit, which was a 183 percent increase compared to the corresponding quarter for year 2019, while Chevron Lubricants recorded Rs. 803 million in profits, which was a 29 percent increase compared to the corresponding quarter the previous year. Therefore, Chevron Lubricants announced a dividend of Rs. 3.50 per share for its shareholders yesterday.
Tokyo Cement’s impressive growth plus Chevron Lubricant’s dividend announcement removed the negative sentiment from the share market, which witnessed negative sentiments as a result of the government’s announcement of the three day Covid 19 curfew from today, market analysts said.
Amid those developments, the market experienced a day full of fluctuations and both indices moved upwards, i.e., the All Share Price Index was up by 126. 39 points and S and P SL20 went up by 51.82 points Turnover stood at Rs. 1.64 billion with a single crossing reported in JKH. The latter’s 1.26 million shares crossed for Rs. 157 million and its share was traded at Rs. 130.50.
In the retail market top five contributors to the turnover were, Tokyo Cement (Non Voting) Rs. 234.7 million (4.4 million shares traded), Tokyo Cement (Voting) Rs. 176.6 million (2.8 million shares traded), Expolanka Rs. 162.6 million (9.1 million shares traded), Dip Products Rs. 117.9 million (382,000 shares traded) and Chevron Lubricants Rs. 78.2 million (900,000 shares traded). During the day 55.1 million share volumes changed hands in 16138 transactions.
Further, two finance companies are going to merge to meet the co-capital requirement of the Central Bank, which is, Rs. 2 billion; they are Nation Lanka Finance and Sinhaputhra Finance. With the merger the surviving entity would be Sinhaputhra Finance. At present both companies are struggling to meet co-capital requirements of the Central Bank. Once the merger happens they will be able to meet the requirement, stock market analysts said.
Sri Lanka rupee was quoted at 184.25/40 to the US dollar on Thursday while bond yields were largely unchanged, dealers said. The rupee closed at 184.25/35 against the greenback on Wednesday. Bond markets were dull with little activity, dealers said.
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