Olainfarm Consolidates Management to Boost Transition to Western Markets

Today, 22 September, the shareholders meeting of AS Olainfarm, the largest pharmaceutical company in the Baltics, endorsed the implementation of a more dynamic strategy with a more concentrated management team, to consolidate itself in Western markets through research and innovation. 

Juris Bundulis was appointed Chairperson of the Management Board at AS Olainfarm. In future the Board will operate with a team of three people instead of the four currently, with Andris Jegorovs and Jānis Leimanis working  in their leadership roles alongside the newly appointed Chairperson. Former Chairperson of the Management Board, Jānis Buks, who oversaw the successful transformation of the company from a listed to a private company and set optimization processes in motion, will now head up the company’s Supervisory Board of five members. This type of concentration of company leadership competencies in the Board and Council will allow for the more focused implementation of its strategic development in Western markets, announced late last year, and to invest comprehensively in the research and development of new products. 

 “In this new leadership model, I am honoured to be working with professionals in the pharmaceutical, financial, managerial and corporate management areas, who will be creating a new portfolio of products with their teams, expanding market share in Latvia and the whole Baltic region, as well as moving forward in Western European markets. Our goal is to be one of the ten largest manufacturing companies in Central and Eastern Europe in our sector. In our management structure up till now, we have prepared favourable preconditions for achieving our goals, and will be able to deliver on our commitments much better!” points out Juris Bundulis, Olainfarm’s new Chairperson of the Management Board.

Jānis Buks, new Supervisory Board Chairperson: “This year has been a turning point for us - company operations have become more efficient, we have delisted from stock-exchange and thus made our processes less rigid,and prepared the foundations for a dynamic period of development. We have developed a Science and Research Centre, improved our strategic activities, have introduced a world-class emergency response and resilience model, and outsourced nonessential company functions. Through this, we can address our operating activities with high added intellectual and industrial value in a more focused way, thereby building trust of people in the company’s stability and growth!” 

The Board – pharmaceutical and management heavyweights 

Juris Bundulis has several decades of experience in the leadership of the most important pharmaceutical companies in the Baltics, as well as in the highest level of public administration. Juris Bundulis has previously worked at AS Olainfarm, AS Repharm, AS Grindex, the Ministry of Health, the Ministry of Welfare, and in the scientific research field. Andris Jegorovs has many years of experience in the pharmaceutical field, undertaking management duties at AS Olainfarm and AS Grindeks, managing manufacturing and quality assurance processes, as well as representing the field in the pharmaceutical manufacturers’ association. Jānis Leimanis is a management and financial professional whose experience on boards and supervisory boards has developed over many years in a wide spectrum of companies – AS Olainfarm, SIA Clean R, VAS Latvia State Radio and Television Centre, SIA Rīgas namu pārvaldnieks and others. 

The Supervisory Board – corporate management and health care professionals 

Jānis Buks, who will now be leading the Supervisory Board of AS Olainfarm, has extensive managerial and corporate management experience at international companies – Luminor Latvija, Nordea, and Uni Credit Leasing. In future, Andrejs Leibovičs, Roberts Tavjevs and Vadims Telica will also be working alongside Jānis Buks on the AS Olainfarm Supervisory Board. Over the last thirty years, they have been strengthening healthcare field in Latvia, creating and developing systemically important private medical, laboratory and pharmaceutical companies that are vital for local communities.   

About AS Olainfarm

AS Olainfarm is one of the largest companies in the Baltic states with 50 years of experience in the manufacturing of medicines and chemical pharmaceutical products. The company manufactures reliable and effective products of the highest quality for Latvia and the rest of the world. The company achieved consolidated turnover of 105.5 million euros in its group in 2021. The company employs 840 people delivering continuous 24/7 product manufacturing process.  AS Olainfarm achieved the Gold Category in the Sustainability Index and has been ranked as a family friendly company. 

Further information - www.olainfarm.com