The company's development strategy is to grow from a regional player into an international pharmaceutical company, Olpha said in its statement.
The rebranding will take place gradually, as the pharmaceutical industry is highly regulated and changes will also be made to the registration certificates of all medicines, which take time due to procedures at the supervisory authorities, the company said.
"As part of its new development strategy, Olpha has already invested tens of millions of euros in developing its product portfolio, modernizing its production facilities and increasing capacity [..]. We have worked carefully on the new brand to reflect our new development story and to help us expand into new markets and new development paths," said Juris Bundulis, Chairman of the Board of Olpha.
Meanwhile, the Russian subsidiary Olainfarm RUS has no plans to change its name and is to be liquidated. Bundulis said that the number of employees there had been reduced to 4-5. However, when asked when the liquidation was planned, the Olpha CEO said that the "political situation in the Russian Federation was very difficult and did not allow for a quick exit from the market".
Olpha's strategic plan until 2030 foresees an even stronger focus on research and development, with new finished dosage forms and active pharmaceutical ingredients added to the product portfolio every year. It also envisages an ambitious multi-phase international expansion into other emerging markets in Western Europe, the Middle East, North Africa and North America.
Given the regulatory requirements for the manufacture, registration and circulation of medicines, the rebranding will take place gradually. Until the necessary changes are made, all products will carry the previous Olainfarm brand on their packaging and registration certificates. The company will carry out the process in a step-by-step manner and in strict compliance with all requirements.
