In an effort to promote the Sri Lankan pharmaceutical industry in Vietnam, the Sri Lanka Embassy in Vietnam, in collaboration with the Sri Lanka Export Development Board (EDB), organized a webinar on the “Sri Lankan Pharmaceutical Industry” for Vietnamese pharmaceutical companies ahead of the Medipharm Expo 2024 in Ho Chi Minh City.
The webinar aimed to raise awareness and highlight the potential of the Sri Lankan pharmaceutical sector to leading importers and manufacturers in Vietnam. It was attended by over 100 pharmaceutical companies in Vietnam, the Drug Authority of Vietnam, the Vietnam Pharmaceutical Association, and Sri Lankan pharmaceutical companies participating in Medipharm Expo 2024.
Sri Lanka’s Ambassador to Vietnam, Prof. A. Saj U. Mendis, in his welcome remarks, acknowledged that while pharmaceutical manufacturing in Sri Lanka is modest compared to Vietnam, the quality of drugs produced is high, adhering to international standards such as ISO, WHO, and EU GMP. He emphasized that Sri Lankan pharmaceutical companies are eager to collaborate, engage in joint ventures, and export to the Vietnamese market. Ambassador Mendis highlighted that Vietnam has a large pharmaceutical market, valued at over USD 10 billion, and is projected to reach USD 16 billion within the next few years. He noted that Vietnam is one of the fastest-growing economies in the world, with a population of 100 million.
Given that Vietnam imported goods and services worth over USD 350 billion in 2023, it is strongly expected that Sri Lankan pharmaceutical companies will be able to enter the Vietnamese market and engage in commercial ventures and joint ventures. Ambassador Mendis pointed out that Sri Lanka’s pharmaceutical market is around USD 750 million, with 85% of the products being imported and 15% locally produced. The Government has allocated 200 acres in Hambantota for pharmaceutical manufacturing zones to attract FDIs and joint ventures, offering many incentives to increase domestic production.
He urged Vietnamese companies to consider investing in the Sri Lankan pharmaceutical sector, highlighting the numerous trade agreements and FTAs with countries in the region. This would allow Vietnamese pharmaceutical companies to manufacture products in Sri Lanka at competitive costs and export to a market encompassing over 40% of the global population.
Chairman & CEO of EDB, Dr. Kingsley Bernard, stated that the pharmaceutical sector is one of Sri Lanka’s most promising and emerging industries. It is being developed both as an import substitution and an export-oriented industry, which could earn and save significant foreign exchange, benefiting both Sri Lanka and Vietnamese pharmaceutical companies. Currently, around 25 pharmaceutical manufacturing companies in Sri Lanka produce a variety of pharmaceutical products.
President of the Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA), Kalana Hewamallika, in his presentation on the “Pharmaceutical Industry of Sri Lanka,” stated that the SLPMA aims to meet 40% of local market requirements by 2030. He mentioned that Sri Lanka currently exports medicines to Myanmar, Cambodia, Maldives, Seychelles, Japan, and the Philippines, and is now targeting Vietnam as a new market.
General Manager of Astron Ltd., Rohan Karunathilake, and Managing Director of Morison Ltd., Dinesh Kumar Athapaththu, presented their companies’ objectives and products in the Vietnamese market. The webinar concluded with a Q&A session that addressed questions from the Vietnamese audience.
Minister (Commercial) of the Embassy, Kishani Wickramasinghe, in her closing remarks, invited Vietnamese distributors, agents, and importers to visit the Sri Lanka Pavilion at the Medipharm Expo 2024 and encouraged them to arrange B2B meetings with Sri Lankan companies.
