The Latvian pharmaceutical manufacturer JSC Olainfarm purposefully continues to expand its activities in the markets of Western Europe, both by establishing subsidiary companies and by submitting more and more new patent-free medicines for registration. JSC Olainfarm has already established subsidiary companies in France, Italy, Spain, Germany and Poland, where local managers have also started the work. In addition, in the first three months of this year, five more new products were submitted for registration on the European Union (EU) markets, bringing the total number of new products under registration to 26 medicinal products in various therapeutic groups.

“Pharmacy is an industry where it is not enough to invent a product, start producing it and sell it. Each new preparation should go through detailed development, research, demonstrate efficacy, quality and safety, be registered in each market, and meet a number of other requirements. This process requires huge investments and also time even for simpler preparations that already have analogues on the market. Besides, the competition in the pharmaceutical industry is very fierce, the market has distinct global leaders who are able to dictate its overall development to a large extent. However, Olainfarm has already proven that we are an important local manufacturer of medicinal products and that our products are able to compete with the offers of multibillion-dollar companies. By introducing ourselves to the EU markets with the new product portfolio, the first commercialization of which will start already this year, we see an opportunity to make an additional contribution to the growth of the entire Latvian economy,” says Juris Bundulis, the Chairman of the Board of Olainfarm.

Along with the change of the majority shareholders of the company, which took place only at the end of 2021, Olainfarm immediately changed its development strategy, setting the goal of becoming one of the ten European drug manufacturers in its therapeutic groups as its main priority. During this time, more than 50 new products have been approved in the product portfolio, 26 out of which have already been submitted for registration in the EU countries. The registration process for five new medicinal products has started this year, and it is planned to start this process for at least 16 more by the end of the year. The four new products, which cover cardiology, urology and oncology, have also received certificates of registration in several markets, so that their commercialization could start already this summer.

In general, mostly the medicinal products for the treatment of cardiovascular diseases have been submitted for registration – eight preparations. It is followed by neurology with six drugs and oncology with five new drugs. Three products each submitted for registration in urology and antidiabetic drugs. On the other hand, there is one new preparation in the anti-allergy therapeutic group.

The shareholders of Olainfarm have defined a clear setting and strategic goal – to create a portfolio of products suitable for Western and world markets in order to be able to develop more rapidly in these markets, reducing the influence of historical markets on the operations of the company. Reorientation to other markets, as well as disposal of historically established subsidiaries, is a complex and time-consuming process. To close the old door, you have to open the new one. We devote a huge part of our forces and resources for it. It is important to understand that even one small step in the production of medicines can take several years. These are not food products, luxury clothes or timber that can be easily and seamlessly loaded onto a transport and delivered to another destination. Large investments are also directed towards our development goal. The total volume of planned investments amounts to 100 million euros, which are invested in both, the new product portfolio as well as in the modernization, digitalization and expansion of production facilities, so that the company is even more competitive in international markets. All residents of Latvia will also benefit from it. Strong local manufacturers of medicinal products are one of the essential pillars of the national economy and health security, as they significantly reduce the risks that we will not be able to ensure the availability of basic medicines to Latvian patients in emergency situations. Local producers are crucially important in situations when international deliveries stop,” emphasizes Jānis Buks, the Chairman of  the Council of Olainfarm.