Latvian manufacturers sold medicines and other products worth 132 million euros in 2015

Latvian manufacturers sold medicines and other products worth 132 million euros in 2015

According to the data gathered by the State Agency of Medicines (SAM) regarding operation of medicines manufacturers, the total turnover of the products of Latvian medicines manufacturers once again experienced a slight decrease in 2015. The total turnover of the manufactured products (medicines and other products) was 132 million euros (excluding VAT) and that is 2% less than in 2014. In 2015 the proportion of production sold in the local market increased by 4 percentage points and made up 14% of the total products manufactured. Thus, 86% of the manufactured products were exported. In comparison with 2014, last year the amount of medicines sold in Latvia increased by 32% and the amount of medicines sold abroad decreased by 4%.

Director of the State Agency of Medicines Svens Henkuzens, 'The contribution and presence of local medicines manufacturers is felt not only by every patient who has medicines manufactured in Latvia in their first aid kit at home, but also by the national economy. Even though the total production amount has slightly decreased in 2015, it still remains a great benefit for Latvia.'

JSC Olainfarm has maintained its position as a leader among local medicines manufacturers regarding the total amount of medicines sold, but JSC Grindeks has increased the amount of medicines sold in the local market by 56%, thus, maintaining the leading position according to the turnover of medicines sold in Latvia.

¹ excluding manufacturers that carry out only re-packaging and import of medicines.
More information regarding statistics on medicines consumption is available on SAM website (in Latvian).

Data source: reports submitted by companies that have licence for manufacturing of medicinal products