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Olainfarm (0J1O)

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Wednesday 09 December, 2020

Olainfarm

Olainfarm medicines reach patients in Russia according to new medication verification regulations

Olainfarm medicines reach patients in Russia according to new medication verification regulations

Olainfarm medicines are successfully reaching patients in Russia. The first batch of serialised products were successfully shipped and accepted by wholesalers in October, now it has reached patients ensuring the continued availability of Olainfarm's products in the market. The first medicines that have reached the patients, were serialized according to the new regulations, are cardiology products.

Olainfarm is committed to improving patient quality of life, including in one of the largest markets– Russia. We believe that the introduction of medication serialization and tracking regulations ensure better tracking of product circulation and protection of patients against counterfeit medication. Olainfarm worked hand in hand with international software suppliers, IT experts and Russian experts on the introduction of the medication verification system. At the moment, the process is complete – verified, approved and assessed as secure and reliable. First, high-quality heart disease drugs have been successfully introduced to the market and reached patients,” says Elena Bushberg, member of the Management Board of  JSC Olainfarm, CEO of Olainfarm, a part of Olainfarm Group of companies.

Additionally, as a long-term investment, Olainfarm has established a subsidiary in Russia, which allows it to get insights from the medical community and market research so that the efforts are relevant and current to customer needs. Olainfarm's new subsidiary has put in place a strong digital communication, patient support programs discussing anxiety, and educational platforms for healthcare professionals reaching already 7000 subscribers since September 1.

At the end of June this year, Olainfarm sent products worth EUR 8 million to cooperation partners in Russia, thus ensuring the continued availability of these medicines during the transition to new Russian medication verification and anti-counterfeiting regulations. Medicines are gradually being made available for sale, thus reducing supplies to Russia in the second half of this year.

Introduction of a special medication serialization and tracking system means huge investments for the manufacturer in preparing manufacturing lines. For this purpose, JSC Olainfarm ceremonially opened its new manufacturing complex a year ago in October. Investments in its construction and the purchase of equipment accounted for approximately EUR 3.6 million.

JSC Olainfarm is one of the largest companies in the Baltic States with more than 45 years of experience in the production of medicines and chemical pharmaceutical products. JSC Olainfarm is ranked as a TOP14 manufacturing company in Central and Eastern Europe. Currently, the products of JSC Olainfarm are exported to more than 50 countries, including Russia and other CIS countries, as well as countries of Europe, North America, Asia and Australia. The basic principle of the company's operations is to produce sustainable healthcare products and services leveraging on manufacturing and commercial expertise.

Additional information:  
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: [email protected]



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