News

JSC “Olainfarm” awaits its 48th anniversary with a growth strategy

on October 14, 2020

This week JSC “Olainfarm” celebrates its 48th anniversary by continuing to sustainably deliver healthcare products and services to patients in the CIS, Europe and beyond, moving forward with the new five-year strategy.

“Thank you to our shareholders and partners, but especially to the team of “Olainfarm” for their contribution to the company’s development and public health by providing patients around the world with effective, high-quality treatment and disease prevention. The company has clear plans for the future – to expand its influence in Latvia, promote manufacturing and introduce the latest technologies. Our goal in celebrating this anniversary is common – to become one of the TOP 10 pharmaceutical companies in the CIS, Europe and abroad,“ says Gundars Bērziņš, the Chairperson of the Supervisory Board of JSC “Olainfarm”.

Interesting facts about “Olainfarm”

  • Currently “Olainfarm” unites more than 1,600 employees in Latvia. If all the company’s employees were choir singers, “Olainfarm” would occupy 1/10 of the stage of the Latvian Song and Dance festival closing concert.
  • The average work experience of an employee is around 12,5 years, that is the same number of years the average student spends on the school bench.
  • The company has been located in Olaine from the very beginning, in an area of 48,000 square meters, which is almost as many as 90 football fields placed next to each other.
  • One of the farthest destinations for the products of “Olainfarm” is Mexico. Measured in a straight line, those are more than 10 000 km, which is almost six times the length of the border of Latvia.

“Our manufacturing and commercial expertise of pharmaceutical products and the strengths of the company – vertical integration and full control over the production cycle – allows us to look in the future resolutely. Today a pharmaceutical company like “Olainfarm” needs to expand its product portfolio for sustainable growth, both through its production and the acquisition of pharmaceutical licenses. At present we have more than 30 new product designs, of which 14 products are in the first development phase. We expect the first products from our R&D to be commercialized as of 2023 and onwards. Our goal is to expand the product range offered by “Olainfarm” with about 5 new products every year. To achieve any goal, time and energy must be dedicated to it. During the period of strategy, we plan to devote 15 % of total revenue to investments, which is a significant part of it,” says Jeroen Weites, the Chairperson of the Management Board of JSC Olainfarm.

In recent years “Olainfarm” has strengthened its position in the Russian market by opening a subsidiary, and we are working to open another one in Ukraine in the near future. We have implemented several development projects by absorbing European Union funds, as well as have reached historically highest turnover in 2019. The anti-tuberculosis drug “PASS sodium” of the company is included in the programs of the World Health Organization (WHO) in countries where tuberculosis is prevalent. In 2019, a new manufacturing building was opened, in the production and equipment of which approximately 3,6 million euros were invested.

“Olainfarm” is committed to strengthening its position in the therapeutic areas of the central nervous system, cardiology, urinary, allergy and alimentary by bringing both, already existing and new affordable products to patients seeking treatment. This goal makes JSC “Olainfarm” an important and attractive employer in Latvia where our manufactory is situated. We want to expand our activities here considering the high environmental requirements set by the European Union.

JSC “Olainfarm” awaits its 48th anniversary with a growth strategy