In February of this year, Olainfarm made a strategic decision and established a subsidiary in Moscow, Russia. Russia is one of Olainfarm key focus markets and strategic priority for market presence. The new entity will enable Olainfarm to conduct in-depth market research and collect customers’ insights, better respond to customer needs and manage promotion and trade processes. Until now, JSC Olainfarm did not have direct market access and provided products to the markets of CIS countries through partnership agreements.
“The Olainfarm brand is well known in Russia, our products are important to patients’ health, especially in neurology, psychiatry, and urinary tract infections. Based on market research agencies, every year about 1,8 million of Russian patients use Olainfarm medications to treat various health conditions including inflammation, pain, depression, cognitive disorders in order to be able to enjoy life again,” explains Elena Bushberg a member of the Management Board and CEO of OlainFarm, a part of Olainfarm Group of companies.
The Russian subsidiary will be managed by a professional expert in sales, marketing, and commercial excellence with more than 20 years of experience in international pharmaceutical companies.
“This is a strategic step for Olainfarm long-term presence in Russia demonstrating our commitment to Russian healthcare needs and patients well-being. Our aim is also to ensure sustainability and transparency of all operations, enhance the good reputation for Olainfarm, and create value for our employees, business partners, society, shareholders and the organization as a whole,” adds Elena Bushberg. “We are currently actively recruiting for our new sales and marketing organization and looking for young and ambitious talents to join our Russian team”.
In 2019, Olainfarm group’s sales reached 137 253 thousand EUR, which is an increase by 10% or 12 997 thousand EUR. Profit for the last quarter of 2019 was 8 245 thousand EUR, which is an increase by 152% in comparison with the same period 2018. Olainfarm sales if compared to 2018 results – sales to Russia increased by 23%, Latvia by 5%, Belarus by 10%, the Central Asian region by 13%, the EU countries by 12%, sales to Other countries by 10%.