“Olainfarm” might create a chain of pharmacies in Latvia and expands into Asia
Olainfarm might create a chain of pharmacies in Latvia. Depending upon the developments of Latvian Law On Pharmaceuticals, it might consider either creating a new network or purchasing one of the existing ones.
This year Olainfarm plans to establish a representative office in Bangkok, which in future will be servicing the entire South-East Asia. Also this year the first shipments are planned to Vietnam and it is planned that in future sales to this market will be comparable to that of Belarus with volume of about 3 million euros.
“To fully enter the market of an Asian country it takes about 8 – 10 years, but for the Chinese market it would be at least 15 years,” says Valerijs Maligins, Chairman of the Board of Olainfarm.
Over the last few years Neiromidin has become a leading product of Olainfarm. Last year it was sold for more than 4 million lats. This product continues growing and this year sales of it might be considerably bigger.
In 2010 Olainfarm plans to maintain the level of sales growth achieved in 2009 and to earn higher profits than previous year. In 2009 net profit of Olainfarm was 2.56 million lats (3.64 million euros), while the sales reached 22.4 million lats (32 million euros).
AS „Olainfarm“ is one of the largest companies in Baltic countries with nearly 40 years of experience in production of medicines and chemical and pharmaceutical products. The key principle of company#ins_quot2#s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Currently products of “Olainfarm” are being exported to more than 30 countries worldwide, including the Baltics, Russia, other CIS, Europe, North America, Asia, Australia
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