Laugfs to set up pharmaceutical plant

Laugfs Pharmaceutical (Pvt) Ltd launched construction work on Sri Lanka's largest pharmaceutical manufacturing facility, with an investment of over USD 30 million at the Koggala Export Processing Zone.

Laugfs Holdings Ltd and Premium International (Pvt) Ltd have formed a joint partnership to build and operate an Oral Solid Dosage (OSD) pharmaceutical manufacturing facility, which is expected to be the first internationally certified plant in Sri Lanka to export products to the world. Construction work is expected to be completed in 16 months.

Premium International will be the lead technical consultant of the project.Laugfs Chairman W.K.H. Wegapitiya said, "Being a home grown Sri Lankan conglomerate, we are proud to diversify further into the healthcare sector. Compared to our neighbouring countries, Sri Lanka's dependency on pharmaceutical imports is extremely high with only 10% of the needs manufactured locally."

"We see tremendous prospects in the export market, where there are lucrative opportunities for contract manufacturing. With our favourable patent protection regulations compared to some of our neighbouring countries, Sri Lanka is a more attractive destination to MNCs for contract manufacturing," he said. Group Managing Director, Laugfs, Thilak de Silva said,

"This venture will secure multiple benefits to our country and our people. We'll be able to make high quality pharmaceuticals freely available and accessible to Sri Lankans, creating affordable healthcare to all. The local manufacturing of critical medication at the facility will also enable its timely availability at hospitals, preventing shortages commonly encountered with imported medication."

"These investments will significantly contribute to create new employment opportunities through our value chain, and provide skill and knowledge enhancement for local professionals through hands-on training and exposure to international industry standards," he said.

Managing Director and CEO of Premium International, Prasantha Kularatna said, "Once commissioned, the state-of-the-art pharmaceutical complex will have the capacity to manufacture complex formulations and molecules."

"Designed and engineered by a consortium of global consultants and technical experts, the facility is expected to meet and comply with strict international industry standards," he said.