65-acre plot allocated to SPMC to initiate Horana pharma investment zone

The Cabinet nod was granted this week to allocate a 65-acre land plot from the Horana Industrial City Development Project, located in Millewa, to State Pharmaceuticals Manufacturing Corporation (SPMC) to kick-start the construction of the first phase of the Horana pharmaceutical investment zone.

Earlier, SPC signed a memorandum of understanding (MOU) with the Urban Development Authority (UDA) to acquire the relevant land plot.

Accordingly, with the concurrence of the management board of the UDA, Prime Minister Mahinda Rajapaksa on Monday, as Urban Development and Housing Minister, sought the approval of the Cabinet of Ministers to transfer 65-acre and 17.66-perch land block to SPMC, from the Horana Industrial City Development Project in Millewa.

With an estimated Rs.8 billion investment, SPMC plans to produce orthopaedic and neurosurgical equipment, anti-cancer drugs, pills and capsules, surgical instruments and lenses.

As per the Government Information Department, the relevant land block is to be transferred to SPMC on a long-term lease basis and five production facilities are being planned on the land block.

The government aims to source up to 80 percent of the country’s demand for medicine locally, within the next four years.