Good for Business, Industry, Latvia, Medicine

He said that at the time when he took over management in Grindex, its turnover was about EUR 14 mln a year, but these results have been considerably improved by applying considerate decision. Last year the concern’s tunover in 2018 was EUR 145.5 mln, up 10% from 2017.

Lipmans said that a similar turnover growth is planned this year, and it is planned to achieve a EUR 300 mln annual turnover in five years.

One of the factors to promote growth is sales results of the new medical preparations. “We have resolved to launch four new preparations every year. Product portfolio is very important for pharmaceutical companies. If the medicines are good, turnovers are high,” he said.

He also noted export growth. “We continue work in Europe and Asia in order to diversify risks in relation to operations in Russia,” said Lipmans, adding that exports to Asian countries are not very high yet.

As reported, Grindex concern in 2018 posted EUR 145.5 mln turnover, up 10% from 2017, while the concern’s loss reached EUR 9.7 mln.

The Grindex group comprises the parent company, Grindex, and five subsidiaries in Latvia, Estonia, Russia and Slovakia.

Grindex is quoted on the Main List of Nasdaq Riga stock exchange.