Group’s major strategy development directions are:
1) range increase of the active pharmaceutical ingredients and the final dosage forms;
2) expansion in the new markets – European Union countries, US, Japan, South Korea, Australia and New Zealand;
3) enlargement of the manufacturing infrastructure in Latvia;
4) development of the subsidiary JSC Kalceks.
JSC Grindeks strategy assumes the company to continue the focus on expanding the product range of cardiovascular, central nervous system, oncology and diabetes medications. It is expected, that in 2025 product range of mentioned therapeutic groups will consist of 105 final dosage form units, which will be exported to 97 countries around the world. To strengthen the positions in being competitive and independent regarding the foreign active pharmaceutical ingredient manufacturers, it is planned to expand “Grindeks” range of active pharmaceutical ingredients to at least 40 substances in 2025.
As increasing the active pharmaceutical ingredients and final dosage forms production capacity will be an important condition for Grindeks Group’s growth, the development plan foresees the construction of the new plant in Latvia. The development of the project, as well as identification of investment amount needed, has been started. The project implementation is expected in several phases.
Chairman of the Council of JSC Grindeks Kirovs Lipmans: “We have reached the Grindeks Group development phase where important strategic investment decisions are vital for the future of the company. In order to increase the Group’s competitiveness in European and global markets and to achieve ambitious targets, we must increase the final dosage form and active pharmaceutical ingredient production capacity. For me as a shareholder and a patriot of Latvia it is important that industrial manufacturing and export develop in this country. Our project aims to create a new world-class pharmaceutical plant, which will also bring a high return to the Latvian economy and will contribute to increase the country export.”
The Grindeks Group long-term strategy assumes targeted development of the subsidiary company JSC Kalceks, specialising in hospital segment medications. It is expected that the Kalceks sales amount by 2020 will reach 40 million euro.