Mega Lifesciences elevating Sri Lanka’s healthcare sector with newest innovations

Mega Lifesciences Country Manager for  Sri Lanka Praveen Viswakumaran

The pharmaceutical industry in Sri Lanka is a critical sector of the economy playing an extremely important role in meeting the country’s healthcare needs. A growing demand for quality healthcare products across all age groups especially by the aging population is driving a rising level of health consciousness among the public along with the increased focus on preventive care.

With people becoming more aware of the importance of maintaining health and wellness, the industry is witnessing an increase in the consumption of supplements, vitamins and nutraceutical products.

Pioneering this product innovation in Sri Lanka is Mega Lifesciences, a globally recognised organisation with extensive expertise in the healthcare and pharmaceutical sector. Committed to the highest standards of quality, the company drives local sector growth together while enabling all Sri Lankans to access world-class healthcare solutions for healthier lifestyles.

Mega Lifesciences Country Manager for Sri Lanka Praveen Viswakumaran, recently sat down with the Daily FT to discuss the company’s significant contributions in advancing Sri Lanka’s healthcare landscape. Following are the excerpts of the discussion:

 Q: Can you give us a brief overview of Mega Life Sciences and its journey since its inception?

A: Mega Lifesciences was founded in 1983 with a humble beginning of just two manufacturing machines in Bangkok. Over the past 40 years, we have expanded our operations across 33 countries and built a workforce of over 6000 – 7000 employees. As a production company we have established manufacturing plants in Bangkok, Melbourne and Indonesia, with more in the pipeline in other countries. So, our progress showcases our commitment to quality and compliance with international standards such as the World Health Organisations GMP standards, Thai FDA approval, Australian TGA certification and German BfArM certification.

 Q: How would you describe your operations in Sri Lanka? What is Mega Lifesciences’ role in this country?

A: In Sri Lanka, our focus is on bringing innovative products to the local market with a first-mover advantage. Our extensive access to international markets allows us to introduce products that are way ahead of the curve. For example, one of our key products in Sri Lanka, Ginsomin which contains essential vitamins and minerals fortified with Korean panax ginseng was proven to have benefits in improving conditions like diabetes, fatigue and stress. Another example is Glow Collagen, which is a product with hydrolysed collagen peptides designed to promote skin health. It is a clinically proven product known for its effectiveness in increasing skin firmness and reducing wrinkles. 

 Q: What is your market share in Sri Lanka and how do you analyse your presence here?

A: Mega Lifesciences is among the top 50 companies in Sri Lanka. The pharmaceutical market in the country is valued at around $ 300 million and our business here accounts for a minor share of the market. We lead in several pharmaceutical categories, including the Ginseng, collagen and women’s health sectors. Our focus has always been on spreading human wellness and offering high-quality, time-tested products that have played a key role in our success.

 Q: What makes Mega Lifesciences stand out from other companies in the local pharmaceutical industry?

A: The uniqueness of our company lies in the quality of our products and the international expertise we bring to the local market. As a team, our organisation operates with honesty, integrity and respect for different backgrounds and ethnicities. We encourage our employees to be open, truthful and innovative. We also prioritise providing our consumers with exceptional products and services to ensure that their needs are met swiftly and effectively.

For example, REVITIZ was one of our hair care products that we developed in response to a growing demand from Sri Lankan women. This product was created based on their traditional hair care requirement which is now available in many other countries as well. 

 Q: We talked about the company’s global reach of 33 countries. How would you rate Sri Lanka compared to other global markets?

A: Sri Lanka is a market that has performed well for us, especially given the success of our products here. While each market is unique, we see significant potential. Currently 28 products are available in the local market but another 75-80 are in the pipeline. We’re excited to continue expanding our product offerings as approvals come through.

 Q: Sri Lanka is an island just coming out of one the worst economic crisis it has ever experienced. Tell us what motivated you to continue pursuing the market here in Sri Lanka, especially during the economic crisis?

A: Our investments and operations in Sri Lanka were always part of our long-term strategy. In a logistical sense we find it very lucrative to bring products from our manufacturing bases overseas and make them available in the Sri Lankan market. At the present our products are available in about 2,500 outlets across the island. While the economic crisis presented challenges, we continued to believe in the market’s potential and we are still committed to continuing our efforts to support it. 

 Q:  Could you tell us more about your future plans for Sri Lanka?

A: Currently, we are focused on spreading knowledge and educating consumers about our products. While we handle distribution through our local partners, our primary aim is to build a market by raising awareness of the value of our products. We also plan to introduce more products that are currently in the registration pipeline, including those in the medical and sports nutrition categories, as well as probiotics, which we believe have tremendous potential for improving mental health, skin health and heart health.

 Q: Tell us a little bit about your latest innovations in Sri Lanka.

A: Let me shortlist two of our two significant initiatives we launched in the aim of promoting overall well-being.

Firstly, we’ve launched the WeCare Mother and Child App which is available for free on Google Play Store and Apple App Store. This app is designed to support pregnant women by allowing them to track various health metrics such as weight, blood pressure and hydration levels. It also helps manage sleep patterns and provides a convenient platform for storing and accessing health data.

Secondly, we introduced the Wellness WeCare Project which was an initiative focused on lifestyle and dietary modifications. The program featured a panel of experts such as wellness specialists, physiotherapists and chefs who highlight the crucial role of nutrition in making healthy and informed dietary choices.