Sri Lanka, Sept. 28 -- Sri Lanka's pharmaceutical industry is dominated by imported products meeting over 80% of market demand while local manufacturers are struggling to penetrate the private market.

The Buy Back Agreement signed between the local manufacturers and the Ministry of Health has helped them immensely to develop the local industry.

The current Buy Back Agreement has come to an end and extension up to 2030 will pay dividends to the country in the years ahead.

"By extending the buyback agreement the total market share of the local manufacturers will increase from the current 20% to 40% and meet the Government's requirement of pharmaceutical products from the present 35% to 75% in the next five years," Sri Lanka Pharmaceutica...