Grindeks anticipates at least 10% turnover increase in 2018

| By | Drug Manufacturing, Export of Medicines, Grindeks

Joint Stock Company “Grindeks” informs, it is expecting to reach at least 10% increase in turnover in 2018, comparing with the results of 2017. In 2018, Grindeks will strategically focus on complex solutions to meet the needs of patients.

The turnover growth this year will be reached by raising export volume to the EU countries, Russia and other CIS countries, the U.S., Canada, Japan and Vietnam, and, also, entering new markets. The strategic markets for business development in 2018 will be the European Union and Southeast Asia countries. In addition to entering new markets Grindeks also is planning to make significant investments in development.

Kirovs Lipmans, the Chairman of the Council of JSC “Grindeks”, remarked: “The major factor to boost production is increase in demand. This raises the issue of necessary production capacity; therefore, this year we will invest at least 7 million euro in our manufacturing facilities in Latvia, Estonia and Slovakia.”

Grindeks is an international, vertically integrated pharmaceutical company. Main fields of action are research, development, manufacturing and sales of original products, generics and active pharmaceutical ingredients. The Group of Grindeks consists of five subsidiary companies in Latvia, Estonia, Russia and Slovakia as well as representative offices in 12 countries. Company specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur®. Currently Grindeks produces 23 active pharmaceutical ingredients.

In 2016 the company’s products were exported to 71 countries and it comprised 91% of the total turnover. To increase production capacity and develop infrastructure, the company has accomplished many significant investment projects, investing over 90 million euro over the last 15 years.