Boston, MA -- (SBWIRE) -- 08/28/2013 -- 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 improved macroeconomic conditions. Meanwhile, the country's manufacturing sector should benefit from its anticipated membership of the eurozone, which remains on track.

Headline Expenditure Projections

- Pharmaceuticals: LVL222mn (US$409mn) in 2012 to LVL231mn (US$434mn) in 2013; +4.1% in local currency terms and +6.2% in US dollar terms. Forecast broadly unchanged from previous quarter.
- Healthcare: LVL946mn (US$1.74bn) in 2012 to LVL997mn (US$1.88bn) in 2013; +5.4% in local currency terms and +7.5% in US dollar terms. Forecast broadly unchanged from previous quarter.

Risk/Reward Rating: Latvia remains in 17th position out of the 20 countries surveyed in the Central and Eastern Europe (CEE) region in Q413. Latvia's new composite Reward score is considerably lower than previously, indicating the country's challenging business environment, particularly in terms of potential industry rewards.

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Key Trends And Developments

- Latvia-based Grindeks has reported that, in accordance with its budget and plan for 2013, it is planning to invest at least LVL4mn (US$8mn)in development in 2013. The firm commented that most of the investment will be directed towards product quality assurance. The largest investment project, already under way, is the renovation of Grindeks' microbiology laboratory, including upgrading it with new technological equipment. In 2013, the planned cost of the project is LVL1mn (US$2mn). During the year, the company also plans to buy a number of product licences, to launch the registration of these products and to implement relevant clinical trials. In order to increase production capacity, Grindeks is going to invest in acquisition and installation of certain manufacturing equipment. The company added that no concrete decision has yet been taken regarding the establishment of new production units outside Latvia.
- Latvia firm Olainfarm's preliminary consolidated sales increased 7% year-on-year (y-o-y) to LVL3.38mn (US$6.44mn) in May 2013. The company achieved its biggest sales increases in Kyrgyzstan, Uzbekistan and Georgia, with sales rising 152%, 111% and 108% respectively in the three regions over the month. The company's preliminary consolidated sales rose 7% y-o-y to LVL19.68mn (US$37.49mn) in the January-May 2013 period. Olainfarm achieved its most rapid May sales increases in the Netherlands, Spain and Tajikistan, with sales growing 1,982%, 233% and 129% in the three countries in the month. Olainfarm's major sales markets in May were Russia, Latvia and Belarus.

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