Vertically integrated pharmaceutical
company in the Baltic States

Latvian Minister of Health Ingrīda Circene visits JSC «Grindeks» [0]


JSC «Grindeks» informs that «Grindeks» today, on 1 March, was visited by the Latvian Minister of Health Ingrīda Circene, who met with the management representatives – Chairman of the Board Juris Bundulis, Board Member and Director of the Final Dosage Forms Manufacturing Lipmans Zeligmans, Board Member and Chief Finance and Administrative Officer Vadims Rabša, Director of the Active Pharmaceutical Ingredients Business Structure Andris Jegorovs.

In «Grindeks», Minister of Health Ingrīda Circene visited manufacturing units of  active pharmaceutical ingredients and final dosage forms, as well as industrial waste water treatment plant. During the meeting, a discussion on health and pharmaceutical sector topical issues was held, focusing on the promotion of development of the national pharmaceutical industry, pharmaceutical business environment arrangement and activity of competence centres, in which also «Grindeks» is actively participating. 

Latvian Minister of Health Ingrīda Circene:  “Today, I was convinced once again that the basis of the competitiveness is efficiency and quality. The leading pharmaceutical company in the Baltic states «Grindeks» is the pride not only in the scale of Latvia, but also a great example for many European companies. It with its activity confirms that the pharmaceutical manufacturing is one of the best export sectors in Latvia.” 

Chairman of the Board of JSC «Grindeks» Juris Bundulis: “From manufactured medications and active pharmaceutical ingredients «Grindeks» exports 95%, but for us it is very important to provide with high-quality products the local patients. Despite that the local pharmaceutical manufacturing companies total market share in Latvia is less than 5%, «Grindeks» is optimistic about development opportunities. We have the capability to grow in Latvia and in the Baltic states as a whole. Therefore we strongly support the Health Ministry initiatives that promote business environment arrangement in the pharmaceutical sector, observing the principles of high ethics and fair competition.”   

About «Grindeks» 

«Grindeks» is the leading pharmaceutical company in the Baltic States. Its main fields of action are: research, development, manufacturing and sale of original products, generics and active pharmaceutical ingredients. The Group of «Grindeks» consists of four subsidiary companies in Latvia, Estonia and Russia, as well representative offices in ten countries.  

«Grindeks» specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur® and more than 100 forms of effective and safe generics included therein. Currently «Grindeks» produces 22 active pharmaceutical ingredients.  

Products of the company are exported to 50 countries and its export comprises more than 95% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, Germany, the Netherlands, Japan and the USA. In 2010 the Ministry of Economics of Republic of Latvia and the Investment and Development Agency of Latvia awarded «Grindeks» as the most export potential company of Latvia. During the last years the company realized many considerable investment projects in purpose to increase production capacity and develop infrastructure and invested 32.7 million lats within five years.  

JSC «Grindeks» shares are listed on the Official List of “NASDAQ OMX Riga”. Major shareholders of JSC «Grindeks» are Kirovs Lipmans – 33.29%, Anna Lipmane – 16.69%, “AB.LV Private Equity fund 2010” – 11.38%, “Skandinaviska Enskilda Banken” – 11.01%, “Swedbank” AS Clients Account – 9%. 

Further information:  Laila Kļaviņa
Head of the Communications Department, JSC «Grindeks»