Medicines manufacturers of Latvia raise turnover – 19% increase in 2016

Medicines manufacturers of Latvia raise turnover – 19% increase in 2016

In 2016 the total turnover of the products (medicines and other goods) manufactured by medicines manufacturers of Latvia was 157.39 mln EUR (excluding VAT), which is a 19% increase comparing to 2015.

The majority of the produced goods, comprising 87% of the total volume, was sold outside of Latvia. The value of the products sold in EEA countries was 25.94 mln EUR, but the value of products sold in the so called “third” countries (countries outside of the EEA) – 110.90 mln EUR.

During the previous year, 13% of the manufactured products were sold in the local market for the value of 20.55 mln EUR, which is a 15% increase in comparison to 2015. The amount of medicines sold in Latvia increased by 18% and reached the value of 16.91 mln EUR, but the amount of medicines sold outside of Latvia increased by 22% and comprised the value of 122.68 mln EUR.

In 2016, JSC “Olainfarm” maintained its position as the leader among medicines manufacturers with regard to the total amount of products sold, but JSC “Grindeks” increased the amount of products sold in the local market by 25%, maintaining its leader position with regard to the turnover of products sold in Latvia.