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Olainfarm plans to replace Russia and Belarus with Western markets with new portfolio of medicines

Latvian drug manufacturer JSC Olainfarm plans to replace Russia and Belarus with the Western market with a new portfolio of medicines, Janis Buks, Chairman of the Supervisory Board of the company, said in an interview to Latvian Radio.

He explained that the company has operated in the Russian and Belarusian markets for a long time, but now the company is working to create a new portfolio of medicines that would allow it to move into the Western market, completely leaving the countries that are currently directly or indirectly involved in the war against Ukraine.

Buks stressed that such a portfolio would take at least four to six years to build, and the matter why Olainfarm has not tried to withdraw from trading with Russia earlier was made by other decision-makers in the company.

As reported, Olainfarm Group’s turnover in 2022 was EUR 120.249 million, which is 9.9 percent more than a year before, while the Group’s profit increased by 66.5 percent and amounted to EUR 21.161 million. At the same time, Olainfarm itself had a turnover of EUR 113.537 million and a profit of EUR 18.143 million in 2022. Financial data for 2023 have not yet been made public.

Olainfarm, registered in 1991, belongs to Repharm Group’s parent company AB City.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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