News & market updates

Dialog Axiata's Doc990 has launched Sri Lanka's first comprehensive Wellness Marketplace, allowing customers to purchase medical packages (check-ups, home care, cosmetic and weight-loss services) from hospitals including Asiri and Nawaloka via the Doc990 app.

Sri Lanka outlines a roadmap to strengthen the rupee toward 1 USD = 100 LKR, noting the mid-2023 rate was >300 LKR/USD, reserves ~$3bn and external debt ~$46bn. Recommended measures include tight inflation targeting, boosting reserves/exports/FDI and debt restructuring.

AIA’s Director of Group Healthcare Dr. Christian Wards spoke at the Sri Lanka International Insurance Summit 2024, highlighting shifts toward value-based healthcare, digital and analytics-driven risk management, and insurer-provider integration in medical insurance. He urged insurers to become proactive health partners offering personalized, preventive services.

Bank of Ceylon opened a new limited-service branch at Nawaloka Hospitals PLC premises to provide banking and digital services for healthcare staff, patients and the local community.

IPS Executive Director Dushni Weerakoon, launching 'Sri Lanka: State of the Economy 2024', urged fiscal austerity to protect debt sustainability and warned foreign reserves may be insufficient for 2028 repayments. The report also flags unequal VAT burdens, low public healthcare spending, need for renewable energy investment, export (tea) growth and IT/skills gaps.

Nawaloka Hospitals PLC won the Merit Award in the Hospital Sector at the National Business Excellence Awards 2024. The hospital has performed 542 kidney transplants to date (2012–June 2024), including 500 completed this year.

MGM Healthcare in Chennai says it successfully performed posterior deformity spine corrections on three patients from Sri Lanka and has completed 10 similar critical cases, with patients reportedly returning to normal activities.

IFC acquired a 14.73% stake in Sunshine Healthcare Lanka for Rs. 3.27 billion; Sunshine Holdings PLC holds the remaining 85.27% after 1.9 million shares were issued on 3 October.

India reaffirmed support for Sri Lanka, offering to modernise Kankesanthurai port with a $61.5m grant, convert $20m of LOC payments into grants and gift 22 diesel locomotives. India also pledged continued development assistance across energy, tourism, dairy, digital infrastructure and debt-restructuring support.

Asiri Hospital Holdings (ASIR.N0000) said Asiri Laboratories has installed the Mindray BC-6800Plus haematology analyzer at its flagship Colombo lab, capable of processing up to 200 samples/hour and automated ESR at 120/hour. The unit, plus QR-coded reports, will be rolled out across its network to speed diagnostics and patient care.

An IMF delegation led by the Asia-Pacific director is in Sri Lanka to discuss the new government's reform objectives and progress under the EFF; the IMF says program performance is strong but important vulnerabilities remain. President Dissanayake signalled plans to cut VAT and income tax and alternative approaches will be discussed; dates for the Third Review will be announced later.

Italy will offer an extra 10,000 migrant work visas next year for caregivers of the elderly and disabled, added to the 452,000 work visas announced for 2023–2025. The decree also tightens anti-fraud checks on migrant visas and increases oversight of sea-rescue NGOs.

Dialog Axiata's subsidiary Digital Health launched Sri Lanka's first AI-powered health scan on the Doc990 app, enabling users to monitor blood pressure, heart rate, heart rate variability and stress via their smartphones. The feature is also positioned for corporate wellness and insurance use cases.

A delegation from the University of Jaffna Medical Faculty visited Singapore to mobilize support and partnerships with SingHealth to advance healthcare services in Northern Sri Lanka, focusing on day surgery and maternal and child health. The visit is part of the Jaffna Regional Collaborating Centre partnership with SingHealth Duke-NUS and included meetings with the Sri Lanka High Commissioner and Singapore health officials.

AIA Group Healthcare Director Dr. Christian Wards spoke at the Sri Lanka International Insurance Summit 2024, highlighting trends like a shift to value-based healthcare, digital solutions and analytics, and integration of insurance with healthcare to deliver personalised, preventive services.

Ceylon Hospitals resolved to amalgamate with its subsidiary Durdans Heart Centre via a share swap of 0.2933 CHPLC shares per DHC share, with a Rs33 cash option; trading in CHL shares was halted pending the disclosure. The Colombo bourse closed higher (ASPI +1.16%), led by gains in banking stocks including HNB, JKH, Commercial Bank, DFCC and Sampath.

Mediwave showcased its AI- and AR-powered end-to-end emergency response suite at EMS World 2024, with live demos reporting over 99% accuracy in AI-assisted ePCR charting. Its technology powers Sri Lanka’s 1990 Suwa Seriya ambulance service, which reports national response times under 12 minutes.

Japan will restart work on 11 stalled Japan-funded projects in Sri Lanka, including Kandy City water management, Phase II BIA development, TV broadcast digitisation, national transmission and distribution, Anuradhapura North and Kalu Ganga water supply, rural infrastructure and health service upgrades.

Nawaloka Hospitals PLC (NHL.N0000) will face LOLC Holdings PLC (LOLC.N0000) in the final of the NDB Trophy MCA 'C' Division 50 Over League on Sep 29, with Nawaloka unbeaten in the league round (3 wins, 1 no-result).

AIA Insurance donated funds to HelpAge Sri Lanka to sponsor 10 cataract surgeries, funded by pledges from its AIA Piyavara Pooja crowdsourced digital Vesak initiative.

Nawaloka Hospitals PLC signed an MoU with the National Insurance Trust Fund to provide cashless admissions, waived admission fees, discounts on OP/IP services and free ambulance access to NITF Agrahara members.

IIHS is expanding internationally recognised nursing education to train rural Sri Lankan youth for local and international healthcare jobs, targeting youth unemployment. Programs include vocational and bachelor's degrees with partner-supported soft loans and job placement links abroad and locally.

Dr. Harini Amarasuriya was sworn in as Sri Lanka's 16th Prime Minister and given multiple portfolios including health, justice, labour, education, trade, industry and more. President Anura Kumara Dissanayake appointed a three-member cabinet while retaining key portfolios such as Finance, Defence, Economic Development and Energy.

International Institute of Health Sciences (IIHS) is inviting recent O/L and A/L students to pursue healthcare programs (Nursing, Physiotherapy, Biomedical Sciences, Paramedic Sciences, Psychology, Nutrition & Dietetics, Health Services Management, Digital Health, Radiography), highlighting state-of-the-art facilities and international partnerships for globally recognised qualifications.