Hemas Group eyes European market for pharma
The Hemas Group is in the process of obtaining EU GMP (European Union Good Manufacturing Practice), in a bid to venture into European markets with their locally-made medicines, a top official said.
EU GMP consists of stringent regulations that guarantee pharmaceutical products are consistently manufactured and controlled to meet high-quality and safety standards, and it encompasses quality management, personnel, premises, documentation, and production for medicines.
Ashish Chandra, Group CEO of Hemas Holdings PLC, expressed a desire to expand the medicine portfolio the company produces, in an interview with the Sunday Times Business. “With the EU GMP compliance, we can export whatever we produce to European countries. This compliance will help open up more markets to export abroad.”
Hemas Holdings’ pharmaceutical manufacturer, Morison Ltd, is now in the number two position in terms of manufacturing volume in pharma drugs, he said, noting that the company is the fastest growing in terms of local branded products that they manufacture. “We are growing 50 per cent year on year on the Morison-branded products that we make.”
Explaining the decision to manufacture its own branded products under the Morisons brand, Mr. Chandra said that more than 80 per cent of pharmaceutical drugs are imported into the country. “So, only 20 per cent of pharmaceutical drugs are locally made. Most companies manufacturing medicines are mainly doing so for the state sector. We realised that we would not be able to give the best medicines for Sri Lankans, which is where Morison’s branded products came in.”
He noted that one person out of 5 will be over the age of 60 years by 2030. “With an ageing population, the kind of health care requirement is quite different, as many beyond the age of 60 suffer more from noncommunicable diseases such as cardiac, respiratory, neuro, and diabetic issues. This means the long-term care and virtually every person takes medication their whole life.”
Having identified the areas the company needs to get into, which include matters such as age, profiles of elements in the country, Morison Limited started manufacturing products for cardio, diabetic, respiratory and neuro ailments, which are the biggest categories. “We started producing 12 combination molecules, and some are in the process of becoming market leaders in their respective categories,” Mr Chandra noted.
He added that if the government price regulation is applied next year, the pharmaceutical industry will see 20 per cent of the margin getting impacted at an operating level. Net margin in the industry will be impacted by about 10 per cent, he said. “The industry is working closely, with both the regulator and the ministry, to get the best possible scenario for the country. We are hopeful that with whatever the price reduction, the demand for medicines will go up, which in turn will cover the losses for the industry.”
He also added that Hemas Holdings PLC will be expanding hospitals beyond capacity, as with the ageing population, the private sector has a larger role to play in healthcare.
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