Grindeks introduced seven APIs (active pharmaceutical ingredients) last year, bringing its portfolio up to 22 products. The expansion helped the Grindeks API unit post a 24 per cent jump in full year sales.
Juris Bundulis, chairman of Grindeks, said the expansion is “quite a good success”. Established APIs zopiclone and oxytocin, for which Grindeks has market shares of 25 and 30 per cent respectively, were the most in demand products.
The main markets for Grindeks’ APIs were Germany, the Netherlands, Japan, and the US. Adding to its presence overseas is a goal for Grindeks this year. Bundulis said: “In 2012, Grindeks will also pay special attention to strengthening the position of the foreign representative offices in all markets.”
While Grindeks biggest API markets cover Western Europe, Asia, and the US, its finished dosage form sales are far more localised. From its base in Latvia it ships most of its finished products to Russia and Eastern European countries, such as Georgia.
Sales to these key markets were up three per cent last year and Grindeks is looking to other nations for faster growth. Revenues from Baltic States and other European countries were up 15 per cent but still account for less than one-fifth of total finished dosage form sales at Grindeks.
Total sales were up seven per cent but net profit dipped year-on-year. Bundulis said Grindeks “invested in new manufacturing sites” and new products last year to equip it for the future.