Boston, MA -- (SBWIRE) -- 12/24/2013 -- After several years of budget cuts, which have had an impact on the healthcare sector, Latvia's pharmaceutical market is re-emerging with steady growth forecast. Spending on pharmaceuticals will be driven by the strength of the private sector since the market has a high proportion of out-of-pocket expenditure. Meanwhile, the country's manufacturing sector should benefit from its anticipated membership of the eurozone, which remains on track.

Headline Expenditure Projections

- Pharmaceuticals: LVL221mn (US$307mn) in 2012 to LVL230mn (US$432mn) in 2013; +4.0% in local currency terms and +6.1% in US dollar terms. Forecast broadly unchanged from previous quarter.
- Healthcare: LVL946mn (US$1.74bn) in 2012 to LVL1.00bn (US$1.88bn) in 2013; +5.8% in local currency terms and +7.9% in US dollar terms. Forecast broadly unchanged from previous quarter.

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Risk/Reward Ratings: Latvia is ranked 15th out of the 20 countries surveyed in the Central and Eastern Europe (CEE) region in Q413. Despite an improvement of two places from the previous quarter, Latvia's composite score of 48.8 remains below the regional average of 51.8, indicating the country's challenging business environment, particularly in terms of potential industry rewards. Consequently, direct multinational operations are limited and domestic companies such as Grindeks have looked abroad for growth opportunities.

Key Trends And Developments

- In August 2013, it was reported that Grindeks was planning to build a pharmaceutical manufacturing plant in the Russian city of Ufa, according to Dmitry Sharonov, the deputy prime minister of the Republic of Bashkortostan.
- In July 2013, Grindeks successfully passed a US Food and Drug Administration (FDA) inspection. The FDA issued a certificate for a Grindeks facility, enabling them to export medicines to their US partners. Grindeks intends to export xylazine, xylazine hydrochloride and droperidol to the US, as well as continuing to supply oxytocine and detomidine to the US.

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