Technology Assessment of Herbal Products Industry in Sri Lanka

Abstract

Production of herbal product is not only a local business but also has global market opportunities. Therefore manufacturing with proven quality and consistency is an important aspect. The manufacturers should gain technological competence to ensure authenticity and efficacy, complying the quality and safety regulations, enhanced productivity and efficiency. In the competitive market environment technology assessment is a tool which can be used in projecting future trajectories of technology as well as current performance level of the organization. Out of the available models and frameworks for technological assessments, this study has used inputs from two models namely, the Technology Audit Model by Garcea – Areola and Outline of Innovation Management Audit by Tidd et al. these inputs have been used to develop a single model that can be effectively adaptable to herbal products industry. There are two main objectives of the study. Firstly, develop a model which includes guide lines for technology assessment of the herbal products industry in Sri Lanka. Secondly, assessment of the level of technology position of LNP Ltd using the model and presenting recommendations for future improvements. To accomplish the objectives, the study has identified five broad areas of technology, namely Technological Environment, Technological Strategy, Innovations and Technology Development, Technology Component and Technology Transfer, against which the LNP Ltd has been analyzed. A check sheet to cover these elements has been used to guide through the assessment process. The elements using a three of the point scale ranging from High to Low (High -3, Low-1). The score of 3 for each element will represent the industry standard practice against which the other practices are measured.