Grindeks on the move
Riga – Latvian pharma manufacturing firm Grindeks has announced it will significantly increase revenues to EUR13.5m this year. Issued in mid-June, the prognosis was based on good sales in eastern European markets in the first five months of 2010. Sales in Grindeks’ home market were up 30%, but exports also rose to countries like Moldova (+66%) and Ukraine (+30%). The firm’s net profit rose by 12% in the first quarter of this year (see EuroBiotechNews 5-6/2010).
Exports accounted for more than 90% of the manufacturer’s revenues. According to Grindeks’ Chairman Janis Romanovskis, the company is planning further expansion into countries in southeastern and northern Europe, and has recently begun marketing finished products to Finland, Sweden, Albania, Kosovo, Romania and Slovakia.