News & market updates

Sri Lanka College of Endocrinologists and Morison Ltd launched the second batch of their Certificate Training Course in Diabetes Care on October 13, 2024, with more than 60 general practitioners enrolled. The program aims to upskill GPs in diabetes management to ease specialist workload amid a rising national diabetes burden.

HKTDC and Sri Lanka's Export Development Board held a Roadshow at The Kingsbury Hotel, Colombo on 11 Oct 2024 to boost exports to Hong Kong; around 80 Sri Lankan firms from apparel, tea, food, electronics and ICT sectors attended.

Fadna held the 49th Fadna Arunella health camp at Kesbewa, providing free medical counseling and health screenings with Haritha Mithrathwa Padanama and co-sponsorship from Durdans Hospital; Fadna plans to continue and expand the program.

Sri Lanka will receive a US$17 million Pandemic Fund grant over three years beginning January 2025 to bolster pandemic preparedness. The funding will support surveillance, laboratory capacity and health workforce improvements under the country’s One Health proposal.

Author urges restructuring of Rs.372+ billion in annual pension spending to develop Sri Lanka's 'silver economy' and expand elder-care services. Recommends more hospitals, community-based elder care, state-supervised social security and policy updates ahead of the 2024 election.

The SLIBC led a business promotion mission to Indonesia (6–11 Oct 2024) with 14 Sri Lankan delegates, including Hayleys, Sunshine Holdings, Aitken Spence and LOLC, to pursue trade, investment and partnerships across food & beverage, pharmaceuticals, IT, travel and logistics.

Nawaloka Hospitals PLC has appointed Virann de Zoysa as an Independent Non-Executive Director. De Zoysa holds an undergraduate degree in Finance and Accounting and an MBA, and is a director at Associated Motorways with experience in finance, project management and hospitality.

Nawaloka Hospitals PLC launched South Asia’s first AI-powered Radiology Centre in September 2024, introducing AI-driven diagnostics and patient services to improve diagnostic accuracy, operational efficiency and personalized care.

Janashakthi Limited (JXG.N0000) held a Breast Cancer Awareness Month webinar with Asiri Health in October 2024 to educate employees; the initiative was extended across group units including Janashakthi Insurance.

Sri Lanka's cabinet approved a one-year plan for the Health Ministry to buy medical supplies from 49 local companies covering 454 items, including medicines. The move raises import substitution to 40% from 20% and continues prior 'buy back' procurement arrangements.

Sri Lanka used only 36% of its 2024 capital investment budget in Jan–Aug (389.6 billion of 1,259.8 billion rupees). Ports used just 3% of their allocation, Power & Energy 10.8% and health 18.9%, while the road sector accounted for about 47% of its sector allocation.

Nawaloka Hospitals Plc reported FY ended 31 Mar revenue of Rs.10.0bn (+11.54% YoY) and PBT of Rs.576.2m (+178.61%); operating profit swung to Rs.1.02bn and EPS rose from -0.46 to 0.41.

Cabinet approved expanding buyback agreements with local pharmaceutical manufacturers to supply medicines, aiming to cover 40% of public sector medicine needs via one-year contracts; the Health Ministry identified 49 local firms able to supply 454 items and a pricing committee was appointed.

Mangala Wijesinghe took office as the 16th Chairman of the Export Development Board, targeting $30bn in export income by 2030 and $5bn in ICT exports by 2030. He called for a review of the National Export Strategy, diversification into electronics and pharmaceuticals, and digitalisation of approval processes.

The Cabinet approved a six-month contract awarding L.R.D.C. Ltd. the provision of security services to hospitals and institutions under the Health Ministry, effective 1 October. The award followed the Standing Procurement Committee recommendation and had bids from Rakna Arakshaka Lanka Ltd., the Civil Security Department and regional bodies.

Nawaloka Hospitals PLC reported FY2023/24 revenue of Rs.10.0 billion and Profit Before Tax of Rs.576.2 million, up 11.54% and 178.61% YoY respectively. Operating profit rose to Rs.1.32 billion (from a Rs.73.4m group loss) and EPS improved to 0.41, aided by AI diagnostic hubs, upgraded radiology and a new Corporate Center.

Mangala Wijesinghe assumed duties as the 16th Chairman of the Sri Lanka Export Development Board on the 16th, pledging to diversify exports into high‑tech industries and services and to simplify approvals. He highlighted targets including $5bn ICT exports by 2030 and $30bn total export income by 2030, noting services earned $3.1bn last year (69% growth).

Hemas Hospitals has launched 'BreastOber 2024', an awareness campaign offering a 40% discount on mammograms and free daily consultations at its Wattala and Thalawathugoda clinics to promote early breast cancer detection.

COYLE led a trade delegation to South Korea, signing MoUs with the Chuncheon and IMA Chambers and matching 200 Korean companies with 32 Sri Lankan representatives. Meetings with firms including POSCO International, LG CNS and Samsung Biologics targeted investment, technology transfer and market access for Sri Lankan SMEs in IT and healthcare.

Sri Lanka will host the 53rd International Seminar on Cardiovascular Disease Epidemiology and Prevention (ISCEP) in Colombo from 13 to 24 October 2024, co-hosted by RemediumOne and the University of Kelaniya. The ten-day seminar will bring 36 global fellows and 10 international experts for hands-on training in epidemiology and CVD prevention, with focus on LMICs.

Colombo market was mixed as the ASPI rose 0.09% to 12,258 while the S&P SL20 fell 0.20%; turnover was about Rs.1.85–1.9 billion and foreigners were net buyers of Rs.139.7 million, led by net foreign buying in John Keells (Rs.240.9m) and net selling in Dialog.

COYLE led a trade delegation to South Korea, signed MoUs with major Korean chambers and matched 200 Korean companies with 32 Sri Lankan representatives to open trade and investment channels. The delegation held meetings with firms including POSCO International, LG CNS and Samsung Biologics to explore investment, technology transfer and SME market access.

One in four people worldwide now suffer loneliness, which the WHO has declared a global health threat and experts link to higher risks of heart attack, stroke, dementia and Type 2 diabetes; the article warns loneliness is especially prominent among older adults and strains health services.

China announced stimulus measures and a package of policies to strengthen and legally protect the private sector, including a draft private-sector law, permissions for wholly foreign‑owned hospitals and biotech activities in pilot zones, and plans for ultra‑long treasury bonds; consumer goods, car and appliance sales have rebounded.

The Sri Lanka-Indonesia Business Council completed a business promotion mission to Indonesia (6–11 Oct 2024) with a 14-member delegation from F&B, logistics, pharmaceuticals, apparel, travel, IT and recreation sectors, attending INASCA and Trade Expo and meeting Indonesian business bodies to boost trade ties.

Hayleys PLC and John Keells Holdings are platinum sponsors of CA Sri Lanka's 45th National Conference, held 14–16 October. Other shortlist companies sponsoring the event include Nations Trust Bank (exclusive banking partner), Nawaloka Hospitals PLC (exclusive healthcare partner), LB Finance, Capital Alliance, DIMO, Sunshine, C. W. Mackie and Lanka IOC.

The Sri Lanka–Indonesia Business Council completed a business promotion mission to Indonesia (6–11 Oct 2024) with 14 Sri Lankan delegates across F&B, logistics, pharmaceuticals, apparel, travel and IT, attending INASCA and the Trade Expo and meeting APINDO and KADIN. The trip, coordinated with the Sri Lankan Embassy and Indonesian ministries, aimed to strengthen trade links and included an MM2100 industrial visit and networking events.

IPS said household healthcare costs rose 48% between 2020 and 2021 and national access to primary healthcare fell from 95% in 2019 to 82% in 2022/2023. The IPS recommended expanding social health insurance, reducing out-of-pocket costs, and strengthening primary care and telemedicine.

IPS's State of the Economy 2024 finds VAT revisions and removed exemptions have hit lower-income households — the bottom 10% now pay about 10% of their income in VAT. The report also notes public health spending is only 8-9% of public expenditure and primary healthcare access fell from 95% (2019) to 82% (2022/23).