Latvian medicines manufacturer Olainfarm JSC plans to change its name to Olpha, as confirmed by Olainfarm board chairman Juris Bundulis.
“Re-branding in the highly regulated pharmaceutical industry is a huge step and also a testament not only to the company’s ambitions, but also to its willingness to invest in the future development of the company and the country’s economy,” said Buldulis.
Olainfarm continues expanding operations in western export markets and developing of new new products to expand its portfolio of generic medicines. It is the company’s objective to become one of the ten leading pharmaceutical companies in Europe in their therapeutic groups, significantly increasing turnover in increasingly new export markets.
The first sales of new products on European markets are planned to commence this summer.
Bundulis said that since the change of shareholders, the company remains on a productive path towards development. The shareholders have a lot of experience in healthcare and pharmacy, so come with a clear vision of what they want to achieve.
The company has an ambitious product portfolio and ambitious plans to overwhelm the world. The first priority is Europe. Over 50 new products approved in a short time to launch on the European market, he said.
It was previously reported that the turnover of the Olainfarm Group in 2022 was EUR 120.249 million, which is 9.9% more than a year earlier, while the Group’s profit increased by 66.5% and was EUR 21.161 million. At the same time, Olainfarm itself worked with a turnover of 113.537 million euros and a profit of 18.143 million euros in 2022. Financial data for 2023 have not yet been published.
Olainfarm is engaged in the production of finished pharmaceutical formulations, pharmaceuticals and food supplements, as well as chemicals and active pharmaceutical ingredients. Olainfarm was registered in 1991 and currently has a share capital of EUR 34 965 315.