The leading pharmaceutical company in the Baltics – JSC Olainfarm – has devoted all its efforts and resources for the past two years to prepare a portfolio of products suitable for the markets of Western countries, as well as to register these products in the markets of Western Europe as soon as possible. Currently, more than 50 new products have already been approved, 17 out of which the have started the registration process this year, while the registration process for another 20 products will start in 2024. In 2022 and 2023, the total investment in new products reaches 12 million euros, but in 2024 it is planned to invest at least another 22.25 million euros and in 2025 – 16.2 million euros.

“With the change of shareholders, we completely reviewed the development strategy of JSC Olainfarm, setting the goal of becoming a European TOP 10 pharmaceutical company in its therapeutic groups. Only less than two years have passed, but we have already approved more than 50 new products and actively started the registration process in a number of Western markets. We include patent-free medicines in our product portfolio, which also cover new therapeutic groups for us, such as urology, oncology and diabetes medicines.
 This year, for the first time in the history of Olainfarm, we have also performed successful transfer of technologies for the production of four cardiology preparations, which, upon completion of the registration process, we will introduce into permanent production right here in Latvia. Next year, this number will increase, as will our investments in further development,” says Juris Bundulis, the Chairman of the Board of JSC Olainfarm.

During this period, the company has made investments both in the development of the product portfolio, as well as in the modernization of production, increasing capacity and wider use of green energy. Besides, in accordance with the vision of the shareholders of the company on the need to strengthen the production of medicines and medical products in Latvia, changes were made to the structure of JSC AB CITY group by adding the producer of herbal medicinal products JSC Rīgas farmaceitiskā fabrika to the group of companies JSC Olainfarm. It already includes LLC Silvanols, LLC Tonus Elast and clinics DiaMed and OlainMed. Thus, resources and competences are gradually being consolidated within the AB CITY Group, which will ensure faster development of pharmaceutical companies both in export as well as in Latvia.

“This autumn, the transition period after the change of the majority shareholders of JSC Olainfarm at the end of 2021 has completely ended. With the support of shareholders and a clear strategic vision, the company is being prepared for long-term expansion in the Western European and global markets. Strong and reliable foundations have been laid for the pharmaceutical industry in a very short time, which will allow Olainfarm to present itself at a completely different level. Our own, national pharmaceutical industry and the local capital companies that make it up are a huge asset and provide the opportunity for Latvia to rapidly develop also internationally,” says Jānis Buks, the Chairman of the Board of JSC Olainfarm.

JSC Olainfarm primarily develops its portfolio of medicines in such areas as neurology, cardiology, urology, oncology, as well as for the treatment of such diseases as diabetes, allergies and infections, specializing in the segment of patent-free medicines. The Baltic States, the Czech Republic, Poland, Slovakia, Germany, Italy, Spain, France, Georgia, and the United Kingdom are defined as priority export markets where new products are registered. The focus of development is also the work in Canada and the USA, where market research and negotiations with potential partners about the form of cooperation are currently underway.

Like it was reported, at the end of November, the meeting of shareholders of JSC Olainfarm made a decision to increase the share capital of the company by 4.9 million euros, reaching 35 million euros. This will enable JSC Olainfarm to establish new subsidiaries in several EU markets.

The strategy of JSC Olainfarm, which was developed at the same time with change of the majority shareholders of the company, provides for JSC Olainfarm to reach the level of TOP 10 European leading pharmacy companies in its therapeutic groups, making voluminous investments in the development and expansion of investment products, covering also new therapeutic groups, such as oncological and antidiabetic medicines. More than 50 new products have already been approved, which will be gradually introduced to the market in the coming years in accordance with the requirements. For example, this year JSC Olainfarm has registered a new medicine used in urology and started registration for several cardiology and anti-inflammatory products in a number of Western European markets, including Germany, Italy, Poland, the Czech Republic, France, Slovakia, the United Kingdom, etc. The registration of a new medicinal product for endocrine system has also been completed in Latvia, and it is expected that the registration of this medicine will be completed in seven more EU countries in the coming months. In total, shareholders of the company have approved investments of more than 100 million euros for the next five years.