Business
Ensuring sustainability in the pharma industry: key focus for 2021 says slcpi
The Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) reiterated their commitment towards ensuring the availability of efficacious, safe and good quality medicines to the general public, in the incoming year. When the COVID-19 pandemic forced the country into lockdown earlier this year, many industries, including pharmaceuticals, found themselves facing multiple challenges, which inevitably turned into valuable lessons for the year ahead.
Member companies of SLCPI were forced to act quickly to ensure the uninterrupted supply of medicine. They witnessed their business models change in real-time and at an unprecedented pace, which prompted the collaboration of various stakeholders to ensure that patients were always given priority.
From supply chain disruptions to the adaptation of new technology, SLCPI as an organisation is fully geared to face the year ahead and has identified several key areas that are seen as essential if the industry remains sustainable in the long run.
Creating a resilient supply chain
Locally and globally, one of the biggest lessons learnt during the pandemic for pharma-companies was managing pharmaceutical supply chain disruptions in response to COVID-19. With sudden changes to air routes and temporary interruptions to sea freight earlier this year, many companies had to formulate contingency plans to ensure an uninterrupted supply of medicine to the market. SLCPI member companies were quick to respond with critical adjustments made to its business processes, which resulted in a more agile and patient-centric supply chain.
Establishing effective communication across all departments; reaching out to principals from the very start of the lockdown to ensure that there was adequate inventory; and, working closely with government authorities was an essential element in creating a resilient supply chain.
Throughout this process, priority was given to patients’ with NCDs’ and essential medicine. SLCPI is thankful for members who worked tirelessly to ensure that adequate stocks of essential medicines were made available to patients and hospitals.
Towards sustainable pricing
Another top priority for the Chamber in the coming year is the implementation of a fair pricing mechanism, to ensure the availability of efficacious, safe and good quality medicines, medical devices and borderline products to the general public.
At present, the government and regulators depend on ad-hoc price controls on medicine and pharmaceuticals to keep prices in check. This mechanism has proven to be unsustainable in the long run.
Presently, the National Medicine Regulatory Authority of Sri Lanka (NMRA) has imposed a price ceiling on 73 molecules with the intention of making these medicines more affordable and accessible to patients.
The lack of a proper mechanism for the regulation of prices along with high regulatory fees has only negatively impacted the industry, which is already burdened by fragile market conditions owing to COVID-19 and a depreciating rupee, making importing drugs more expensive.
“What we need right now is a rational mechanism that is simple & workable. Pharmaceutical poricing is complex as we are dealing with medicines, patients and the country’s healthcare needs. It is essential to take a collaborative approach between the industry and regulators on the best way forward” stressed SLCPI Vice President Sanjiva Wijesekera.
The World Health Organisation (WHO) states that strong pharmaceutical pricing policies in countries can improve pharmaceutical products’ affordability when carefully planned, carried out, and regularly checked and revised according to changing conditions (WHO guideline on country pharmaceutical pricing policies, 2020).
Essential to the Pharma Industry’s sustainability is the implementation of an ethics framework, to maintain standards and uniformity in the industry. The Chamber recognises the need for self-regulation, which is pivotal to address non-ethical practices in the healthcare industry. SLCPI is committed to working with stakeholders within the medical fraternity to promote ethical marketing, prescribing medicines, and creating awareness on a subject that impacts the image of the healthcare industry as a whole.
Over the years, SLCPI has hosted workshops and courses to promote ethical pharmaceutical practices among pharmaceutical representatives to ensure they are well trained on the rules, regulations and industry codes. Meanwhile, several SLCPI member companies have gone as far as to provide training to pharmacists on dispensing medicines to customers.
“The focus in the year ahead is to work with doctors and healthcare professionals to standardise the behaviour of medical representatives, minimise complaints received by hospitals and collaborate with governmental partners to implement and action, an ethics framework,” said SLCPI Vice President Sanjiva Wijesekera.
COVID – 19 has been a defining year for the industry, forcing companies in all sectors to accelerate the digitisation of their customer and supply-chain interaction and their internal operations by three to four years (Mckinsey, 2020).
What does the future hold?
Vice President of SLCPI Sanjiva Wijesekera says that emerging technologies are transforming the pharmaceutical sector, and members are integrating new technology in their day to day operations.
“The pharma industry is striving to maintain a balance between the need for novel medicinal drugs, improved operational efficiencies, and innovation in areas such as precision medicine, wearables, and digital therapeutics—all of which can directly impact the pharma value chain,” said SLCPI Vice President Sanjiva Wijesekera.
With a rapidly ageing population and rise in non-communicable diseases (NCD) in Sri Lanka, the demand for pharmaceuticals and medical care too is increasing.
“SLCPI is committed to its vision of making available quality medicines for all Sri Lankans, and we need to enhance our systems to ensure that we make this possible. At a consumer level, there is also more that can be done to educate the public about the impact that their lifestyle choices can have on the quality of life. By adopting a holistic strategy that addresses all stakeholders, I believe that we can arrive at a truly progressive outcome for all,” Wijesekera added.
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SLT-Mobitel, the nation’s ICT and Telecommunications Service Provider recently partnered with Spotify, to mark their launch in Sri Lanka. Spotify is a paid premium music streaming app which allows subscribers to listen to music to their hearts content. Both, SLT-Mobitel Post-Paid and Pre-Paid customers will now be able to enjoy Spotify by activating a monthly recurring subscription or one-time subscription plan and access unlimited music streaming and downloading facilities.
The subscription charges will get added to the user’s customary billing, where payment will be deducted in real time. Starting from the payment date, the user will be able to access Spotify and download their favourite songs, for the next 30 days. Users who sign up for their first monthly subscription will receive an additional one month, courtesy of Spotify. The one-month subscription plan is not applicable with one-time subscription plans. SLT-Mobitel data rates, depending on the user’s respective broadband charges, will apply.
Spotify also has some exciting features that will provide SLT-Mobitel customers with the opportunity to listen to ad-free music, access millions of uninterrupted music under one platform, play any song they like, anywhere they go, and also be able to enjoy their music offline.
SLT-Mobitel customers can select their preferred premium package under four categories; Individual, Duo, Family, Student. Each category has recurring and non-recurring plans. After one month of free streaming, the package will activate once the offer period terminates. While both, the Individual and Student premiums are limited to one account user, the Duo package offers two accounts and the Family premium is accessible through six accounts. To view Spotify plans, users can log on to https://spoti.fi/3aLWvce
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by Sanath Nanayakkare
Anyone conversant with the elements of a political economy would know that Sri Lanka is using its ‘sovereign power’ to manage the different dynamics of the economy in a sustainable manner, Professor W. D Lakshman Governor of the Central Bank said on Wednesday.
“Some critics are saying that we adopt a so-called modern monetary theory. That’s not the case. In fact, Sri Lanka is using its sovereign power in a number of economic aspects to honour its external debt repayment commitments as well as to reduce its debt burden in the medium term as well as achieve resilient growth in the medium to long term, he said.
“We make policy decisions to boost our gross foreign reserves, meet our external debt servicing, to facilitate monetary expansion, to boost our GDP growth, to strengthen our current account balance and manage our domestic and external economic variables in a sustainable manner. This is not a modern monetary theory. This is an age-old tool used by central banks around the world when the circumstances demand it, he said.
“Certain trade-offs will be necessary when dealing with an economy which has a big fiscal gap to bridge. There are efforts to push Sri Lanka towards the IMF again which would in turn have influence on our policymaking. We have taken policy measures to stabilize the economy and we have adequate reserve levels to meet our debt repayments. Meanwhile, we are in negotiations with overseas central banks and multilateral agencies to further boost our reserve level and it would materialise within a matter of weeks,” he noted.
“One of the tools the Central Bank has introduced is in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lankan rupees in order to strengthen the foreign exchange situation of the country,” he said.
The Governor made these remarks while delivering the keynote speech at a webinar organised by the Veemansa Initiative led by its Managing Director Luxman Siriwardene – the former Executive Director of Pathfinder Foundation.
The webinar revolved round the topic ‘External debt situation in Sri Lanka: Are we heading for a resolution or crisis?’
Professor Sirimal Abeyratne, Prof. Sumanasiri Liyanage, Dr. Nishan de Mel and Dr. Ravi Liyanage were the other speakers on the panel.
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By Hiran H.Senewiratne
CSE produced signs of a rebound yesterday with both indices closing positive, though turnover remained low. Central Bank Governor W.D Lakshman’s recent statement on managing foreign reserves gave some boost to the market yesterday, stock market analysts said.
The index experienced a zigzag movement within the early hours of trading; thereafter, it recorded a slight up-trend as it reached its intraday high of 7,439. Later, the market witnessed a down-trend at mid-day, followed by a sideways movement and closed at 7,372, gaining 43 points during the month of February, market sources said.
It is said the banking sector dominated turnover with a contribution of considerable parcel trades in Sampath Bank, Commercial Bank and HNB.
Further, the Commercial Bank’s impressive quarterly results during the recent turbulent period also built investor confidence. Commercial Bank was able to register a18 percent net interest income when other banks were reporting a decline. Its share price increased by Rs. 3 or 3.5 percent. On the previous day, its shares started trading at Rs. 85 and at the end of the day they moved up to Rs. 88. Due to the positive growth results, the bank announced a Rs. 4.40 dividend per share, plus a Rs. 2 script divergent for every share.
Further, Sampath Bank shares also appreciated in both crossing and retail. In crossings its shares appreciated by Rs. 1.At the end of the day they moved up to Rs. 154.50. In the retail market, its shares moved up by Rs. 2 or 1.3 percent. Previously, its shares fetched Rs. 154 and at the end of yesterday they moved up to Rs. 156.
Amid those developments, both indices moved upwards. The All Share Price Index went up by 104.48 points and S and P SL20 rose by 67.78 points. Turnover stood at Rs. 3 billion with four crossings. Those crossings were reported in Sampath Bank, where 3.9 million shares crossed for Rs. 602.2 million, its share price being Rs. 154.50, HNB 375,000 shares crossed for Rs. 39.4 million, its shares traded at Rs. 105, Pan Asia Power 9.5 million shares crossed for Rs. 33.2 million, its shares traded at Rs. 3.50 and Access Engineering 1.2 million shares crossed for Rs. 28.2 million; its shares traded at Rs. 24.
In the retail market top five companies that mainly contributed to the turnover were, Expolanka Rs. 450 million (10 million shares traded), JKH Rs. 205 million (1.3 million shares traded), Browns Investments Rs. 199 million (34.9 million shares traded), Sampath Bank Rs. 191 million (1.2 million shares traded) and Dipped Products Rs. 137.7 million (2.8 million shares traded). During the day 101 million share volumes changed hands in 18046 transactions.
During the day, Expolanka, the biggest contributor to the turnover, saw its share price appreciating by Rs. 6.20 or 15 percent. Its share price quoted on the previous day was Rs. 41 and at the end of trading yesterday it moved up to Rs. 47.
Sri Lanka’s rupee quoted wider at 193.50/195.50 levels to the US dollar in the spot next market on Thursday while bond yields remained unchanged, dealers said. The rupee last closed in the spot market at 194.50/195.00 to the dollar on Wednesday.
