Market value of products made by national manufacturers decreased by 9% in 2014

Market value of products made by national manufacturers decreased by 9% in 2014

The data collected by the State Agency of Medicines (hereinafter - SAM) regarding operating results of medicines manufacturers indicate a decrease in the total turnover of the products of Latvian medicines manufacturers in 2014. The total value of manufactured products (medicines and other products) sold was 135 million Euros (without VAT), which was decreased by 9% in comparison with 2013. The majority of the manufactured products (90%) were exported, but 10% of the manufactured products were sold in the local market.

Furthermore, in 2014 the amount of medicines sold in Latvia decreased by 8% and the amount of exported medicines - by 3% in comparison with 2013.

In 2014 JSC "Olainfarm" took over as the number one medicines manufacturer with the amount of its products sold in the local market in Latvia and abroad having increased by 12% and 19% accordingly, thus, surpassing the JSC "Grindex" - the leader in the previous years.

Total turnover of Latvian medicines manufacturers¹ in 2014

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¹ Excluding medicines manufacturers, where the manufacturing activity is repackaging and import;

Companies marked with * did not agree to the publication of data.