In August of the current year the leading pharmacy company in Baltic States JSC Olainfarm by Paul Brummell CMG, the Ambassador of Great Britain to Latvia, and Aldis Celms the Business Development Advisor of the Embassy.
"The strategic target of JSC Olainfarm is to significantly expand the presence in the European markets and Great Britain is one of our key target markets. Currently we make voluminous investments in the expansion of the product portfolio and registration of new products in the European markets, in order we would be able to offer new products to the European markets in compliance with all requirements as soon as possible. Our purpose is to become one of 10 leading pharmacy companies in our product categories in Europe and we carefully work on this target. The pharmacy industry has an important role in the Latvian economy, science and society in general both today as well as in the future, therefore we are satisfied that also the Ambassador of Great Britain ascertained on that and assessed in person," says Juris Bundulis, the Chairman of the Board of JSC Olainfarm.
"It was a real pleasure for me to visit Olainfarm and see for myself how the company is developing and contributing to the vitally important global challenge of providing affordable, appropriate and effective medicines to the inhabitants of the world. I wish the company success on this mission! It was pleasant to hear also about the plans of the company to develop cooperation with the market of the United Kingdom," emphasized Paul Brummell, the Ambassador of Great Britain to Latvia.
During the meeting, the parties discussed the development plans of JSC Olainfarm in the European markets, the main investment directions, which envisage investing at least 100 million euros in the next five years, as well as the overall situation and requirements for the registration of medicines in the European Union (EU) and also in Great Britain. The process of development, licensing and registration of medicinal products is strictly regulated and time-consuming, but already in March of this year Olainfarm concluded the registration of a new medicine used in urology in several European markets, and there are several more products in the registration process in total of at least 10 EU countries. Currently, there are approximately 50 new products in the development process, which will enable the company to expand its product portfolio in accordance with the needs of the markets of Western countries.
JSC AB City, the shareholders of JSC Olainfarm, have approved investments of 100 million euros for the next five years. They are intended both for the development of new products and the transfer of technologies, as well as for increasing the production capacity of finished medicine forms, expansion of the production of active pharmaceutical substances, modernization of quality control laboratories, creation of research and development laboratories, expansion and modernization of warehouses, automation projects and the reconstruction of wastewater treatment plants and networks. Besides, investments are also planned for sustainability initiatives and wider use of green energy in production.
About AS Olainfarm
JSC Olainfarm, the subsidiary of JSC AB City, is one of the largest companies in the Baltic states with 50 years of experience in the production of medicines and chemical pharmaceutical products. The company manufactures high-quality, safe and effective products for Latvia and the whole world. In general, the products manufactured by Olainfarm is exported to more than 60 countries. Approximately 840 employees work in the company on a daily basis, ensuring constant manufacturing process of products in the 24/7 mode. In 2023 JSC Olainfarm won the Gold category again in the Sustainability Index and has been rated as a family-friendly company.