Sri Lanka pharma market to grow 1.6% by 2024

Local firms will benefit from the government support to improve capacity and supply.

A report from Fitch Solutions has predicted that the pharmaceutical market in Sri Lanka will reach a value of $625m, which would involve a five-year compound annual growth rate (CAGR) of 1.6% by 2024. The report also forecasted the market to reach $710m by 2029, observing a 10-year CAGR of 2.2%.

Fitch Solutions attributed this growth mainly to the government’s goal of localising pharmaceutical production to meet half of local medicine demand by 2024. In line with the decision, the Sri Lankan government has created a new State Ministry dedicated to pharmaceutical manufacturing. It has also established a number of new manufacturing zones with the pharmaceutical sector being a key focus.

But the environment still remains challenging for foreign drugmakers, as the country offers limited commercial rewards, the report added. The government's emphasis on reducing imports thus poses a risk, particularly for low value treatments.

More complex pharmaceuticals, are unlikely to face a significant threat, given that Sri Lanka will not have the capabilities to manufacture such products in the medium term, according to Fitch Solutions.

Also Read

Dental radiology equipment market to grow by $2.45b by 2028

What to expect with Australia’s $739m Frankston Hospital Redevelopment?

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit