Continuing the company's development and focusing on Western markets, JSC “Olainfarm” has obtained the marketing authorization for a new medicine used in urology and successfully submitted several cardiological and anti-inflammatory products in decentralized procedure (further – DCP) in 2023. This will allow JSC “Olainfarm” to significantly expand its product portfolio in areas of relevance to European citizens’ health. The DCP submission has been initiated in a total of 10 European Union (EU) countries.
JSC “Olainfarm” has already finalized the DCP and obtained the marketing authorization for the new antibacterial urological preparation in five countries – Latvia, Lithuania, Estonia, the Czech Republic, and Slovakia. Two cardiological products – a hemostatic agent and an antithrombotic agent – have been submitted for registration in 10 EU Member States: France, Spain, Italy, Germany, Poland, Latvia, Lithuania, Estonia, the Czech Republic, and Slovakia. Meanwhile, the registration of a serum lipid modifying agent is under way in Latvia, Lithuania, Estonia, France, Slovakia, and Spain. The DCPs for an anti-inflammatory, anti-rheumatic and endocrine therapy product have been initiated in nine countries (Latvia, Lithuania, Estonia, Poland, Germany, Spain, Italy, the Czech Republic, and Slovakia).
““Olainfarm” aims to become one of the top-10 pharmaceutical companies in Europe in the next five years, offering medicines in key areas of public health. Cardiovascular disease is the leading cause of death worldwide, creating a growing demand for cardiological products. Also, in the context of high incidence of prostate cancer and urinary tract infections, interest in urology products is increasing. The development and registration of new products on international markets in these therapeutic areas is an important step towards strengthening the company's position on Western markets. At present, the “Olainfarm” portfolio includes over 60 finished dosage forms and 25 active substances – the basis of pharmaceutical raw materials. By using them to produce new finished pharmaceutical products, we will gain greater independence from market volatility and supply chain disruptions,” says Juris Bundulis, Chairman of the Board of JSC “Olainfarm”.
In the pharmaceutical industry, launching the production of new drugs takes several years, which is why in accordance with its long-term development strategy, JSC “Olainfarm” plans to develop and make products that will be needed and in demand also in the future, placing the emphasis on pharmaceutical products whose patent protection expires in the coming years. The company plans to offer them on the Baltic, European, and possibly also on the American market. At the same time, attention is being turned also to Central Asian countries – Kazakhstan, Turkmenistan, Uzbekistan, which are markets showing a positive dynamic.
As part of the ambitious EUR 100 million investment plan approved by JSC “Olainfarm” shareholders, it is planned to invest almost EUR 32 million in the company's development in the coming years: development and registration of new products, modernization and expansion of production, digitalization, acquisition of new equipment and technologies, upgrading of the IT system and other activities. The aim of the investment is to significantly increase the company’s production capacity and export potential in Western and Asian markets, so that it became one of the 10 leading pharmaceutical companies in Europe in the next five years.
About JSC “Olainfarm”
JSC “Olainfarm”, a subsidiary of JSC “AB City”, is one of the largest enterprises in the Baltic states with 50 years of experience in the production of pharmaceuticals and chemical-pharmaceutical products. The company produces high quality, safe and effective products for Latvia and the whole world. “Olainfarm” products are exported to more than 60 countries. In 2021, Olainfarm Group generated EUR 137.7 billion in consolidated turnover. The company employs 840 people, ensuring an uninterrupted 24/7 production process. Olainfarm has been awarded the Gold Category in the Sustainability Index and is recognized as a Family Friendly Company.
More information: www.olainfarm.com.