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Olainfarm Might Create a Chain of Pharmacies in Latvia and Expand into Asia

on March 29, 2010

Olainfarm might create a chain of pharmacies in Latvia.  Depending upon the developments of Latvian Law On Pharmaceuticals, it might consider either
creating a new network or purchasing one of the existing ones.

This year Olainfarm plans to establish a representative office in Bangkok, which in future will be servicing the entire South-East Asia.  Also this year the first shipments are planned to Vietnam and it is planned that in future sales to this market will be comparable to that of Belarus with volume of about 3 million euros.

“To fully enter the market of an Asian country it takes about 8 – 10 years, but for the Chinese market it would be at least 15 years,” says Valerijs Maligins, Chairman of the Board of Olainfarm.

Over the last few years Neiromidin has become a leading product of Olainfarm.  Last year it was sold for more than 4 million lats.  This product continues
growing and this year sales of it might be considerably bigger.

In 2010 Olainfarm plans to maintain the level of sales growth achieved in 2009 and to earn higher profits than previous year.  In 2009 net profit of Olainfarm was 2.56 million lats (3.64 million euros), while the sales reached 22.4 million lats (32 million euros).

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:

Salvis Lapins
Member of the Board
JSC Olainfarm
Tel: +371 6 7013 717
Cell: +371 2 6448 873
E-mail: slapinsh@olainfarm.lv

 

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