Colombo University receives royalty for its products

Managing Director, Fadna, Chamendra Somatunga presents the cheque to Colombo University Vice-Chancellor Prof. H.D. Karunaratne.

At a time when there are various opinions that scholars are leaving the country, the University of Colombo has successfully generated income by introducing the products discovered and improved through its scientific research to the market as commercial products.

At present, a separate unit has been set up to coordinate commercial production.

A ceremony was recently organised to present royalties to the University for medicines and cosmetics produced by the University of Colombo in the past.

Prof. Samira R. Samarakone of the Institute of Biochemistry, Molecular Biology and Biotechnology (IBMBB) of the University of Colombo, said that this amount is due to the scientific discoveries made by the research team led by Samaracon and several related products.

Fadna Life Science Company, a subsidiary of local company Fadna Group of Companies, has contracted with the University of Colombo for this purpose.

They recently presented a cheque related to the royalties to the University of Colombo from the profit obtained from the sale of the products.

Fadna Managing Director Chamendra Somatunga presented the cheque to Colombo University Vice-Chancellor Prof. H.D. Karunaratne.

Among the products produced by the University of Colombo, there is a nutritional drug with the ability to kill cancer cells and it is also significant that part of the income received by the University will be used for the cancer research fund set up in the Institute of Biochemistry, Molecular Biology and Biotechnology of the University of Colombo.