By investing 100 million euros over five years and developing ten new products per year, AS Olainfarm intends to become one of the top 10 pharmaceutical companies in Central and Eastern Europe.
“We are starting Olainfarm’s 50th year of activity in great shape and with ambitious plans. The company’s team has mobilized its forces for the development of new products and the strategic conquest of new markets, while improving the efficiency of the company’s operations and working to attract investment ”, explains the president of the AS Olainfarm board of directors. Janis Buks.
AS Olainfarm, which achieved sales of 66.671 million euros and profits of 7.668 million euros for the first half of the year, was overall more productive by 17.5% than other companies operating in the industry. pharmaceutical. In terms of average productivity or turnover per employee, Olainfarm was more than 2.5 times more productive than its competitors in the pharmaceutical production sector in Latvia.
“Olainfarm’s drug marketing model, already operational in 15 countries, has resulted in a 10% increase in sales, including, for example, in Russia, where growth in the first eight months of this year s ‘is 19%, while in Ukraine it was 20% ”, reports AS Olainfarm board member Elena Bušberga. She added that in the company’s main sales markets – Latvia, Russia, Ukraine, Belarus, Uzbekistan and Kazakhstan – and in its most important finished medical product groups, AS Olainfarm reported 11% better performance indicators compared to the average growth within the industry.
The company’s success in the finished medical products market during the Covid-19 period is attributable to the creation of its digital platforms “Open Olainfarm” and “Academy of Doctors”. Meanwhile, sourcing volumes of active pharmaceutical ingredients and chemical ingredients increased by 17% as the company successfully attracted valuable business partners in Italy, the United States, Germany, Japan and elsewhere.
“The only way to accelerate Olainfarm’s growth is to expand its product portfolio in a targeted manner. Currently, filling gaps in product development over the past few years, during different planning and development phases, 23 new products have already been approved, but we do not intend to stop there. We have set ourselves the objective of developing ten new products per year ”, reveals the Chairman of the Supervisory Board of AS Olainfarm. Juris Bundulis. Most of the products already approved are developed in therapeutic areas, where Olainfarm has traditionally been most successful, such as urology, neurology, cardiology and allergy treatment. In addition, the development of new products has already been approved for the treatment of diabetes mellitus and oncological diseases.
The investments required to achieve the company’s objectives over the next five years amount to 100 million euros, which are required for the development of new products and technology transfers, as well as the extension of the lines of production of finished drugs, development of the production of active pharmaceutical substances lines, modernization of quality control laboratories, creation of research and development laboratories, expansion of warehouses and reconstruction of a wastewater treatment plant and networks. This funding is expected to be achieved through increased efficiency and reinvestment of profits, as well as securing additional funding.
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About AS Olainfarm
AS Olainfarm is one of the largest companies in the Baltic States with 49 years of experience in the production of chemical drugs and pharmaceuticals. In 2020, the conglomerate’s consolidated turnover reached 122,157 thousand euros. The basic operating principle of the company is to produce reliable and efficient top quality products for Latvian and global markets. Currently, AS Olainfarm products are exported to more than 50 countries and territories around the world, including the Baltic States, Russia, other CIS countries, Europe, North America, countries of ‘Asia and Australia. For more detailed information, please visit: www.olainfarm.com.