A seasoned entrepreneur who has faced failure with fortitude, to repeatedly recover and recoup, Mr. Sarath Samarakoon, the Managing Director at Senri Bio Packing & Medicare Pvt Ltd. says that sustainability is the key to successful entrepreneurship.
While his businesses have been through many challenges to survive throughout its quarter century of existence, Mr. Samarakoon's decision to diversify into a totally new sector of business was based singularly on sustainability. Using his vast experience, technical skills, knowledge and contacts, Mr. Samarakoon went into a partnership with the Ministry of Health to supply pharmaceutical equipment to Sri Lanka’s large base of government hospitals. Being in the manufacturing business of pharmaceutical supplies to the domestic market guarantees a steady market for his business. It is an essential service where demand is largely static, with potential to grow and is less dependent on other market conditions.
Launched just three months ago in a joint venture with Glosnte Pvt. Ltd., Senri Bio Pvt. Ltd. has the capacity to manufacture a variety of pharmaceutical equipment.This is an initiative of Sri Lanka Pharmaceutical Manufacturing Association (SLPMA) and the Government to enter into buyback agreements with local pharmaceutical manufacturers to supply the local demand. This would save foreign currency to the country as currently more than 80% of the supply is imported. Their factory in Seeduwa produces IV infusion sets and Silicone Foley catheters, supplying the total demand of the state medical sector, through the Government Medical Supply Division (MSD) with whom the company has secured a 15-years buyback agreement.
They have five more pharmaceutical items in their pipeline, which will begin production in stages with the financial backing of the Business Revival and Rehabilitation Unit (BRRU) of the Bank of Ceylon (BOC). The BRRU’s customer centric approach has gained the trust and confidence of this enterprise and its owner, Mr. Samarakoon, who refers to the BRRU as our partners in business.
“ Their professional business revival strategies are multi-tiered. The team appointed to work with us gives a ready ear to our problems and issues, analyze or investigate how we got into troubled waters and offer their advice and guidance on the most appropriate path to rebuild our business. They stand by us steadfast in their support and do not let us fail or fall. ”
Understanding the added benefits to the economy through this new venture, Mr. Samarakoon says that his company is saving valuable foreign exchange and generating employment with a 300 staff workforce. “ Over the years, Sri Lanka has got accustomed to a trade economy ”, Mr. Samarakoon said. “ Entrepreneurs fear to tread the unknown and therefore lose golden opportunities for success. A herd instinct, not desiring to think out of the box and fear of failure makes many entrepreneurs operate in safe or comfort zones with limited success. Entrepreneurship is about taking challenges. I came from a rural background and we as youth were ready to take challenges. Today’s youth do not like challenges”. Mr. Samarakoon’s core business Teshan Engineering Pvt. Ltd. is a total service provider for mobile telecommunication networks and major supplier of steel products.
