On 2 September, the Management Board of JSC Olainfarm presented the company’s strategy FORWARD during Nasdaq Baltics webinar, outlining the goals and directions of the company for the next five years: sustainable Y-o-Y double digit growth in the business segments prescription drugs, over-the-counter products and Active Pharmaceutical Ingredients (API).
“Every day, Olainfarm products help improve the quality of life for millions of patients from more than 50 countries and territories around the world by caring for patients with health problems related to pain, inflammation, cardiovascular disease, mental health and others. Our mission is to improve the lives of our customers and create value for the company by providing sustainable healthcare products and services leveraging on our manufacturing and commercial expertise. We also want to transform the culture to an entrepreneurial can-do-mindset, in which our specialists are ready to make bold decisions and are able to react quickly,” said Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm.
A critical strategic lever for JSC Olainfarm is to optimize both Business Development and R&D fueling our portfolio each year with new Final Dose Form (FDFs) and new APIs. Olainfarm will expand on its manufactory footprint in Latvia leading to an increase of its production activities, put innovative technologies in place and bring new skills. JSC Olainfarm has set an ambitious goal to be amongst the top 10 manufacturing companies in Central and Eastern European sustainably delivering healthcare products and services in specific therapeutic disease areas in CIS, Europe and other global markets by the year 2025. Olainfarm is one of the largest technology and knowledge intensive export oriented companies in Latvia and from a wider public context, the new Olainfarm strategy successfully supports such key initiatives as improved innovation capacity and strengthening the technological base outlined in the Latvian National Industrial Policy.
In addition, the Management Board made changes in the leadership team of the daughter companies SIA Latvijas Aptieka (pharmacy segment) and SIA Tonus Elast (compression materials segment) to implement strategy with a focus on new channels and an optimized portfolio to improve performance and net profit contribution to the group.
In the first six months of 2020 Olainfarm Group successfully continued its operations in the core markets and ensured growth of medicines supplied within its primary therapeutic areas, which allowed the Group to reach EUR 66 million sales, a similar amount of sales compared to the same time period last year. The Group’s main market in the first half of 2020 was Russia, representing 30% of total sales.
JSC Olainfarm is one of the largest companies in the Baltic States with more than 45 years of experience in the production of medicines and chemical pharmaceutical products. The basic principle of the company’s activity is to produce reliable and efficient products of the highest quality for Latvia and the whole world. Currently, the products of JSC Olainfarm are exported to more than 50 countries and territories of the world, including the Baltic States, Russia, other CIS countries, Europe, North America, Asian countries and Australia.