Latvian pharmaceutical company Grindeks to build new plant

On September 22, in a statement to Nasdaq, pharmaceutical manufacturer JSC Grindeks identified major strategy development directions until 2025.

The stategy includes product range increase, market expansion, new manufacturing facilities and subsidiary development.

JSC Grindeks strategy assumes that in 2025 product range will consist of 105 final dosage form units, which will be exported to 97 countries around the world. It is planned to expand Grindeks range of active pharmaceutical ingredients to at least 40 substances.

According to the statement, the development plan foresees the construction of a new plant in Latvia. The development of the project, as well as identification of investment amount needed, has been started. 

Chairman of the Council of JSC Grindeks Kirovs Lipmans was quoted in the statement: “We have reached the Grindeks Group development phase where important strategic investment decisions are vital for the future of the company. In order to increase the Group's competitiveness in European and global markets and to achieve ambitious targets, we must increase the final dosage form and active pharmaceutical ingredient production capacity.

For me as a shareholder and a patriot of Latvia it is important that industrial manufacturing and export develop in this country. Our project aims to create a new world-class pharmaceutical plant, which will also bring a high return to the Latvian economy and will contribute to increase the country export.”

The Grindeks Group long-term strategy assumes targeted development of the subsidiary company JSC Kalceks, specializing in hospital segment medications. It is expected that the Kalceks sales amount by 2020 will reach 40 million euro.

Grindeks is an international pharmaceutical company focused on research, development, manufacturing and sales of original products, generics and active pharmaceutical ingredients. The Group of Grindeks has four subsidiary companies in Latvia, Estonia, and Slovakia, as well as representative offices in 11 countries.

Grindeks specializes in the heart and cardiovascular, CNS, anti-cancer and anti-diabetes medicines. A range of products covers a combination of original products Mildronate® (meldonium) and Ftorafur®, generics and active pharmaceutical ingredients.

In 2019, products of the company were exported to 84 countries. The most important export markets of Grindeks are the EU countries, Russia and other CIS countries, the USA, Canada and Japan.

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