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Monday 23.07.2018 | Name days: Magda, Magone, Mērija
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Olainfarm: Latvia’s pharmaceuticals industry is the leading one in Baltics

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULatvian chemists and pharmacists are in high demand in Latvia and foreign countries. In addition, pharmacy is one of the rare industries where Latvia is notably ahead of its Baltic neighbours, said Olainfarm Board member Salvis Lapiņš in an interview to BNN.

What are some of the most notable recent events in your sector?

The pharmacy sector has not seen any major events or changes in legislation in recent times.

Can you say economic conditions are improving and there is a lot of potential for economic growth in the market?

We do feel a certain degree of pressure in regard to salaries of employees. This demonstrates growing demand for skilled specialists.

How would you describe the government’s economy policy aimed at improving the economic situation in the country?

Looking at it in a long-term perspective, decisions that were made were mostly justified, because the country continues to recover from the deepest economic crisis in its history. The price we pay for this recovery is very high as well – the level of economic emigration is rather high.

How is the industry affected by Latvia’s policy? What changes to legislation would you like to see? What helps? What makes things more complicated?

Latvia’s overall policy is predictable. It is not likely that there will be any rapid and major changes added to legislation in the near future. We would like to see an increase of the country’s service provision efficiency by means of reducing unnecessary bureaucratic processes. One such step would be the simplification of re-registration process for SIA companies between owners. Latvian entrepreneurs benefit from the fact that there is belief in the government that business, especially export, contributes to the country’s development. It improves cooperation and support.

How would you describe the industry’s position on the Baltic market? What about competition with Lithuania and Estonia?

Pharmacy is one of the rare industries where Latvia has notable lead in the Baltic market.

What can you can your ‘trump card’? What is your ‘Achilles’ heel’?

Our trump card is pharmaceutical manufacturing and scientific development potential, where labour force and energy expenses do not have that much of an impact. With that, there is no critical competition pressure from countries where these expenses are cheap – China and India.

Our Achilles’ heel is the fact that pharmacy is a very socially sensitive industry. This is why populist government have a very big desire to over-regulate things there.

Can you say there is a lack of skilled workers in Latvia?

Latvian chemists and pharmacists are in high demand in Latvia and foreign countries. This is why we cooperate with leading Latvian education institutions in the field of chemistry and pharmacy. We provide scholarships, practice opportunities and research opportunities to motivate students and consider making a career in Olainfarm.

What do you predict for the next five years? With the economic situation in the industry improve, worsen or stay the same?

Because of the tension between Ukraine and Russia, there is tension increasing across the world. This tension may end up having a big impact on all industries. This is why accurate predictions will only become available once there is some clarity on the situation.

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