Taking into account the trends in the spread of diseases and the possibilities of their treatment, it is not useful and also economically justified to produce medicines for only one market. Although the market for Latvian medicines is relatively small, the participation of national pharmaceutical companies in providing necessary medicines to patients must become significantly greater. Growing the volume of local medicines is also a matter of national security, so that in emergency situations, when supply chains are interrupted, as during Covid-19, the public is not left without vital medicines. By developing new pharmaceutical preparations and increasing their production volume, we will not only gain greater independence from market fluctuations and disruptions in logistics chains, but we will also quickly reorient ourselves to new markets,” emphasizes Juris Bundulis, chairman of the board of JSC “Olainfarm”.
The significant investments will be directed to the development of new products, strengthening the company’s competitiveness, modernization of production equipment, creation of new production lines of active pharmaceutical substances and a park of solar panels, as well as the reconstruction of electrical networks, heat supply and technological steam networks, and wastewater treatment systems.
The 50th anniversary of “Olainfarm” has come at a difficult time – following the Covid-19 pandemic and the war started by Russia in Ukraine. Attracting investments to this region during this period is not easy, national funding priorities have changed in favor of security aspects. Therefore, it is a special satisfaction that the company is able to mobilize funds for investments – attracting both its own funds and funding from the European Union Fund and the European Economic Recovery and Resilience Mechanism. It is important for Latvian companies to gain a foothold in the markets of the European Union and contribute to improving the stability of Latvia’s economy in order to increase the country’s preparedness in the pharmaceutical industry in potential threats and emergency situations,” the conference dedicated to the 50th anniversary of “Olainfarm” “Health. Safety. Pharmacy” was expressed by the Executive Vice President of the European Commission, Trade Commissioner Valdis Dombrovskis in his opening address.
In the near future, “Olainfarm” plans to significantly expand its presence in both European and Asian export markets, exploring new market regions with finished medicines, as well as continuing to supply active substances and their intermediates to international pharmaceutical companies. Development is planned in all areas important for public health.
