Mr. Husein Esufally, Chairman of Hemas Holdings PLC, says that a bright future which had been foreseen for Sri Lanka’s pharmaceutical industry did not come to pass largely due to “misguided government policy.”
He was speaking during the launch of ‘Morison PLC’, the new identity of J.L. Morison Son & Jones (Ceylon) PLC (JLM), the largest pharmaceutical manufacturer in Sri Lanka and a subsidiary of Hemas Holdings PLC, with the unveiling of its new logo, signifying a rejuvenated course of direction for the company.
“It was foreseen that the need for pharmaceuticals was going to be something that was ever increasing and it could have been a great story for the industry and the company itself. Unfortunately that didn’t come to pass, largely because of misguided government policy, in my view.”
“And we in Sri Lanka began to rely on imported pharmaceuticals in order to take care of the healthcare needs of our nation,” Mr. Esufally said, addressing the gathering at the event.
He stated that it is contrasting to the direction Sri Lanka’s neighbors took and that today not only do Indian pharmaceutical companies satisfy almost the entirety of that country’s demand, but they have also become a global powerhouse in pharmaceuticals.
He stated that they provide lots of investment, jobs, scientific and are buying companies all over the world and thereby contributing billions of dollars in export revenues to the country.
“And it’s not just India. If you take Pakistan, Bangladesh, Indonesia, the story is the same. With encouragement and support of the government they have been able to build their industries into what it is today,” the chairman said.
He stated that the re launch of the company under a new name is a “leap of faith” they are talking in the hope that the positive environment for pharmaceutical manufacture will continue as they go forward.
He also said that they hope that there would be a long-term strategy for the industry and that private sector will be able to engage in a collaborative and a transparent partnership which is extremely important going forward.
“We have a dream of not only to satisfy the healthcare needs of our people but also to account for the ever increasing share of the Sri Lanka’s exports.”
He stated that they want to conduct research and development and innovation and bring out products that are going to be not only the first in Sri Lanka but perhaps one day maybe something that is new to even the world itself.