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Demand for Latvian-made Mildronate grows in Latvia, Russia

BC, Riga, 11.03.2016.Print version
The demand for Mildronate, an anti-ischemic drug produced by Latvia's Grindex pharmaceutical company that has just been included in the list of banned substances by the World Anti-Doping Agency, has risen considerably in Latvia and Russia, informs LETA.

Media attention to Mildronate was drawn after Russian tennis star Maria Sharapova's admission that she had tested positive for the newly-banned substance after competing in the Australian Open. The drug called meldonium is sold under the brand name Mildronate.

 

The demand for Mildronate has significantly grown on Russian online pharmacy chain apteka.ru, Anatoliy Tencer, Business Development Director of Katren company, said in an interview with pharmvestnik.ru portal. Sales of Mildronate on the online pharmacy chain has grown 15-20 times since March 7-8.

 

Grindex spokeswoman Laila Klavina told LETA that this week there had been an increase in Mildronate sales also in Latvia.

 

Mildronate is a registered trademark of the Grindex. Its active substance is meldonium. Grindex, however, has a firm conviction that meldonium should not be included in the list of banned substances. Grindex also noted that inclusion of meldonium in the list does not change the fact that it is a drug of high quality, safety and efficacy. Until now it has been available to everyone, including athletes, to prevent the negative effects caused by physical and psycho-emotional overload.

 

Grindex does not reveal the share of Mildronate sales in its total turnover. Mildronate's main markets are Russia and CIS countries, also Latvia and Lithuania.

 

The company's turnover in 2015 was EUR 82.9 million, decreasing by EUR 5.6 million or 6.3 percent from 2014. The group’s net profit, attributable to shareholders of the parent company, was EUR 1 million in contrast to a net loss of EUR 2.5 million in 2014, according to the company’s unaudited consolidated financial report.

 

Grindex is an international, vertically integrated pharmaceutical company. Main fields of action are research, development, manufacturing and sales of original products, generics and active pharmaceutical ingredients. The Group of Grindex consists of five subsidiary companies in Latvia, Estonia, Russia and Slovakia as well as representative offices in 13 countries.

 

Grindex 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. Currently Grindex produces 25 active pharmaceutical ingredients.






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