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Latvia Pharmaceuticals and Healthcare Report Q3 2008
Business Monitor International, Sep 2008, Pages: 59
In the Business Environment Ranking matrix for Q308, Latvia is found in an impressive second position, where it is ranked alongside Bulgaria, as well as the more mature market of the Czech Republic, out of the 17 countries surveyed in the Emerging Europe region. Latvia’s score was improved in relation to previous quarters, when the country was ranked in the middle of the table, due to the forecast growth over the next five years, despite the small size of the overall market, limited by the 2.3mn population and some question markets over broader economic worries.
By the end of 2012, the pharmaceutical market is expected to be worth around US$703mn, which is a growth of some 55% on the 2007 levels. In the meantime, the government will continue promoting generics as a means of containing healthcare costs, with the segment forecast to represent some 38% of total market value by 2012, up from around 35% in 2007. Similarly, the over-the-counter (OTC) market value will improve, as non-prescription products gain some 3.5 percentage points at the expense of prescription medicines in the course of the forecast period.
In terms of industry developments, Latvia's largest pharmaceutical company – Grindeks – continued to expand abroad in a bid to escape the constraints of the small domestic market. In April 2008, Grindeks opened a representative office in Uzbekistan, illustrating its commitment to operations in the former Soviet republics. The office will be responsible for dealing with registration and marketing of Grindeks’ 10 products presently registered in Uzbekistan.
In 2007, total exports to the country exceeding LTL0.5mn in 2007, with 2008 and beyond figures set to be boosted by exports of Grindeks’ flagship product, the cardiovascular drug Mildronate. Shortly before, Grindeks signed a collaboration agreement with Russian pharmaceutical company Pharmstandard. Under the deal, which came into force in February 2008, the Russian pharmaceutical company acquired exclusive rights to distribute and promote Grindeks’ Mildronate. Although the company is highly dependent on the product, which generated 73% of total sales in 2006, Grindeks is investigating Mildronate in combination with nucleotide reverse transcriptase inhibitors for the treatment of HIV/AIDS.
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