8 November 2024 12:20 am Views - 93
| Hari Kiran Chereddi |
By Nishel Fernando
India-based HRV Global Life Sciences and New Horizon Global Pharma is exploring possible expansion into Sri Lanka, which is emerging as a strategic growth market in South Asia.
HRV Global Life Sciences & New Horizon Global Pharma is a leading manufacturer, seller & market expansion company for a wide range of Active Pharmaceutical Ingredients, Advanced Pharma Intermediates, Pellets, Food Grade Chemicals, Food Additives and Food Ingredients across the world.
In a recent interview with Mirror Business, CEO and Pharmapreneur Hari Kiran Chereddi discussed HRV’s interest in Sri Lanka as a potential growth market.
“HRV Global LifeSciences is India’s first virtual API (Active Pharmaceutical Ingredient) firm and the fastest market expansion company. From our home base in Hyderabad, Telengana state, we have so far expanded to 5 other global locations – Switzerland, Lithuania, UAE, Türkiye and USA. We are keen on looking at opportunities in our neighborhood, and we are examining the Sri Lankan market too,” Chereddi stated.
He pointed out that Sri Lanka stands out in South Asia due to its growing population, strategic location, and bustling Port of Colombo, which supports significant container throughput in the region.
In particular, he emphasised that Port of Colombo is becoming an attractive gateway for pharmaceutical logistics in the region.
“In terms of container throughput, Colombo Port has one of the highest volumes in South Asia. As of recent years, it has handled around 7 million TEUs (Twenty-foot Equivalent Units) annually, making it a major transshipment hub in the Indian Ocean. Its capacity and strategic location enable it to serve as a key point for shipping lines, facilitating trade not just for Sri Lanka but for several neighbouring countries as well. The port continues to expand and modernise to accommodate growing trade demands,” he added.
When asked about potential collaborations with Sri Lankan pharmaceutical companies, research institutions, or healthcare providers, Chereddi expressed interest.
“Why not? Definitely, this would be an area of great interest for us,” he noted.
HRV Global sees various promising opportunities in Sri Lanka, such as addressing growing healthcare needs, expanding generic pharmaceuticals, biosimilars, and OTC products as well as Digital Health Solutions, Regulatory Environment, Export Potential, Partnerships and Collaborations, R&D Investment and Sustainability and Green Pharmaceuticals.
HRV Global LifeSciences believes it could support Sri Lanka to navigate current challenges in the pharmaceutical and healthcare sectors enabling the country to increase local pharmaceutical production and become self-sufficient.
“HRV Global LifeSciences could potentially support this transformation by contributing to a sufficient supply chain, sourcing and training talent from pharma, and by sealing partnerships with local research and development firms. HRV Global can also help Sri Lankan firms to reach out to the lucrative Indian market.
We anticipate that once political stability is restored in the country, the pharmaceutical and healthcare sectors will be on top of the agenda of any government,” Chereddi elaborated.