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| Sunday, 24 November 2002 |
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STC General Trading forms pharmaceutical subsidiary STC General Trading Co. Ltd. has ventured into the pharmaceutical trade with the launch of STC Medical Ltd. at the STC complex in Colombo 2. "The company was launched to reduce retail pharmaceutical prices through generic drugs and by parallel imports of expensive life saving drugs", said Commerce and Consumer Affairs Minister Ravi Karunanayake, the chief guest at the opening ceremony. He said pharmaceutical prices could not be controlled under an open economy due to the presence of various branded drugs as well as generics in the market. "Therefore, we adopt open market competition as our strategy to stabilise pharmaceutical prices in the long run", the Minister said. STC Medical Chairman Prof. Lal Chandrasena said the company would initially function as a generic importer and a supplier to major pharmaceutical distributors and later diversify into other areas such as health care products, orthopaedic products and medical equipment. He said the new company would start commercial operations from January with initial imports of five widely used generic drugs. |
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