Sri Lanka: Pharmaceutical Market Expenditure Projected to Hit US$443mn in 2011

July 11, 2011 - PRLog -- According to the report ‘Sri Lanka Pharmaceuticals and Healthcare Report Q3 2011’  although Sri Lanka is an emerging pharmaceutical market, it boasts a comparatively well established healthcare infrastructure and coverage. Despite this, Sri Lanka's low spending on medicines will remain one of the key brakes on the growth of the country's pharmaceutical market, even with a steady population increase and economic development. Still, the longer-term expectations that private sector will play an increasingly important role in healthcare financing should stimulate market growth.

The report states that a total of 10 Indian drug companies were blacklisted by Sri Lankan authorities, although their names have not been disclosed. This comes after the companies were found to be violating tender procedures, supplying substandard products and disregarding delivery schedules, which are requirements stipulated for their registration with the ministry. The minister had ordered the Director General of Health Services to cancel the tenders awarded to the companies and acquire drugs from other countries to counter the shortage of quality drugs in government hospitals, despite India's moves to avert the ban.

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