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| Sunday, 23 February 2003 |
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Business |  |
| News Business Features Editorial
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Newsmaker of the Week The drug importing company, STC Medical Ltd, was established on an initiative of Minister of Commerce and Consumer Affairs Ravi Karunanayake, to reduce the cost of drugs. Cabinet approval was granted to form the company in August 2002. It was registered in October the same year for procurement, and sale of pharmaceuticals, surgical and other allied items. A 10-member board has been appointed to the company. The Government presently spends Rs 16.8 billion to manufacture and import drugs. The Government hopes to save seven billion rupees by permitting parallel imports and pass the benefit to consumers. Chairman STC Medical Ltd "We will initially start by selling five varieties of medicines and expand to about 25-30 in the near future. We can import the same medicines and sell them at a lower price, thereby giving the benefit to the consumer. The price reduction of drugs imported by us will be between 35 and 83 per cent. We will import the medicines using a tender procedure and will sell through pharmacies at Sathosa outlets as well as through a private dealer network." |
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