Published: 2020-09-22 15:54:05 CEST
Inside information

“Grindeks” Group strategy has identified four development directions

“Grindeks” Group strategy has identified four development directions   

JSC “Grindeks” informs of identifying four major strategy development directions of Group’s strategy until 2025:

1) range increase of the active pharmaceutical ingredients and the final dosage forms;

2) expansion in the new markets – European Union countries, US, Japan, South Korea, Australia and New Zealand;

3) enlargement of the manufacturing infrastructure in Latvia;

4) development of the subsidiary JSC “Kalceks”.

JSC “Grindeks” strategy assumes the company to continue the focus on expanding the product range of cardiovascular, central nervous system, oncology and diabetes medications. It is expected, that in 2025 product range of mentioned therapeutic groups will consist of 105 final dosage form units, which will be exported to 97 countries around the world. To strengthen the positions in being competitive and independent regarding the foreign active pharmaceutical ingredient manufacturers, it is planned to expand “Grindeks” range of active pharmaceutical ingredients to at least 40 substances in 2025.

As increasing the active pharmaceutical ingredients and final dosage forms production capacity will be an important condition for “Grindeks” Group’s growth, the development plan foresees the construction of the new plant in Latvia. The development of the project, as well as identification of investment amount needed, has been started. The project implementation is expected in several phases.

Chairman of the Council of JSC “Grindeks” Kirovs Lipmans: “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”, specialising in hospital segment medications. It is expected that the “Kalceks” sales amount by 2020 will reach 40 million euro.

 About JSC “Grindeks”

“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.

Further information:

Laila Klavina

Head of the Communications Department, JSC “Grindeks”

Phones: (+371) 67083370, (+371) 29256012

Fax: (+371) 67083505