Ayurvedic Drugs Corporation’s profits hit record high of Rs. 195mn in 2023 - State Minister

Sri Lanka Ayurvedic Drugs Corporation (SLADC) has made Rs. Rs. 195 million in profits in 2023, marking the highest-ever figure the institution has recorded since 2017, State Minister of Indigenous Medicine Sisira Jayakody said on Friday (Feb.02).

This achievement marks a significant turnaround for the SLADC, highlighting the positive impact of the new management’s strategies, the lawmaker commented further addressing a press briefing held at the President’s Media Centre (PMC).

The state minister, emphasizing the remarkable progress made by the SLADC under its new leadership. He attributed this success to the implementation of effective measures by the new management, which have revitalized the corporation’s operations and financial standing.

Further addressing the press briefing, Jayakody said government-owned vacant lands are being repurposed for cultivating medicinal plants, adding that this program holds multiple benefits – (1) addresses the concerns of government employees seeking higher income by offering them the opportunity to cultivate these plants, potentially earning more than their salaries; (2) fosters commercial cultivation of medicinal plants, contributing to a stronger domestic supply chain and potentially boosting profits.

Jayakody noted that this initiative is further bolstered by the success story of the Ayurvedic Drugs Corporation. “Once incurring losses, it achieved a remarkable turnaround under new management, securing a profit of Rs. 195 million in 2023.”

The state minister also spoke of the launch of a program to cultivate 01 million indigenous herbs across the island in celebration of the 76th National Independence Day. This national initiative will be jointly launched by the State Ministry of Indigenous Medicine, Department of Ayurveda and Ministry of Public Administration, with the aim of boosting domestic production of medicinal herbs and to reduce reliance on imports.

The program’s first phase began on 02 February and will continue until the 07 April. It focuses on all Grama Niladhari (GN) Divisions across the country, ensuring widespread participation and impact, the state minister said further.

“This initiative recognizes the abundance of medicinal plants in Sri Lanka and aims to address the long-standing issue of importing indigenous medicines. By promoting domestic cultivation, the program seeks to establish indigenous medicine as a viable commercial industry. It also aims to reduce the cost of imported raw materials used in medicine production, ultimately saving valuable resources and strengthening Sri Lanka’s self-reliance in the healthcare sector.”

Further, the state minister commented on the need to enhance the traditional indigenous medicine system in order to boost the revenue of our tourism industry. “By incorporating the indigenous medical system, we can maximize the profitability of the existing tourist hotels in our country. It is observed that tourists visiting our country tend to spend less money and often only visit a particular destination once or twice without returning”.