Previous company name
JSC ‘OLAINE CHEMICAL-PHARMACEUTICAL PLANT
Name change date
OlainFarm A.S. is an active publicly quoted company primarily engaged in the production of pharmaceutical preparations. The company was established in 1972 as a state enterprise, Olaine Chemical-pharmaceutical Plant. The main objective of the company’s establishment was to supply all Soviet Union plants manufacturing finished drug forms with pharmaceutical substances and intermediates. The company was incorporated in 1991. The company has a registered office located in Olaine, Latvia.
OlainFarm is a joint stock company. OlainFarm is one of the largest companies in the Baltic States with more than 30 years of experience in the production of medicaments, active pharmaceutical ingredients, and chemical substance. The activities of the company can be divided into the following two main categories: manufacturing of approximately 80 finished forms of medicaments with the following effects (cardiological, neurologic, diuretic, spasmologic and antiallergic drug preparations, medicaments treating the digestive system, antibiotics and food supplements) and the manufacturing of approximately 40 active chemical ingredients and raw chemical materials.
Olainfarm is one of the leading representatives of the pharmaceutical sector in Latvia and Baltic States. The company is provided with the modern international practice technologies and certified in accordance with the requirements of the European Union Good manufacturing practice (GMP), USA inspection standards (FDA), Environmental management standard ISO 14001:2004. Some of the company’s brand names include Etacizin, Furagin, Furamag, Gripoflex, Noofen, and Nozepam.
OlainFarm’s vision is to become the leading manufacturer of finished drug forms and chemical-pharmaceutical products in the Baltics and made its products known and available worldwide. The company’s partners include Sanofi Aventis, Degussa, Johnson & Johnson, MERZ, and Inter Chen.
A significant scientific base and cooperation with leading scientific institutes in Latvia and Russia made it possible to form a portfolio of products finding ready markets in 30 countries of the world, including the CIS, the USA, Europe, the Scandinavian countries, Africa, the Arabian countries, and others. The company has representative offices in Russia, Uzbekistan, Belarus, and Lithuania. There are permanent cooperation partners of the company in Kazakhstan, Poland, Ukraine, Georgia, Moldova, Estonia, and Azerbaijan.
Core business activity of the company is manufacturing and distribution of chemical and pharmaceutical productsles.
Description and history
The main activities of the company are the production of biologically-active and other chemical compounds through organic synthesis, both for the existing products and customised orders (contract manufacturing); production of finished pharmaceuticals from self-synthesised, as well as purchased substances, mostly in the form of tablets and capsules.
Olaine Chmical-Pharmaceutical Plant was established in October 10, 1972 as a state enterprise in the Republic of Latvia. At the beginning, the factory manufactured only biologically active substances. Later it also started manufacturing finished pharmaceuticals, and the factory became one of the largest chemical-pharmaceutical enterprises in the Soviet Union producing more than 25 products.
The Cabinet of Ministers of Latvia decided to privatise the State enterprise Olaine Chemical-Pharmaceutical Plant (Olainfarm) in 1994. The company was registered as the Public Joint-Stock Company Olaine Chemical-Pharmaceutical Plant, on March 27, 1997. Its controlling stake was acquired by Olmafarm Ltd. Moreover, JSC Olainfarm has sold shares to western companies, making itself one of few Latvian enterprises which have issued Global Depositary Receipts (GDR). In 2000 a part of state and local municipal taxes was capitalized, which resulted in the reduction of tax liabilities by LVL 1,150,000 and increase of company’s share capital by LVL 1,069,149. Finally, the enterprise has received ISO 14001 quality certificate, which indicates a high quality of its production.
The main export markets for the company are the CIS states (Russia, the Ukraine, Byelorussia etc.) accounting for more than half of total output. Export of products to the European Union is less than 10%. Russian crisis of 1998 created the need for reorientation of market priorities, as it had a substantially negative effect on the company’s performance and its shares’ prices. In 1998 the company started the actual re-orientation towards the Western markets. At present contracts for manufacturing of chemical intermediates are concluded with several Western companies.
Established as a state enterprise, Olaine Chemical-pharmaceutical Plant
Production of pharmaceutical preparations
ERNST & YOUNG BALTIC SIA
US SIC Code
5, Rupnicu str.
City province or state postal code
Phone: +371 7013701
Fax: +371 7013777
Country address: LATVIA
Website url: www.olainfarm.lv