Grindeks: EU-funded Competence Centres Program is important to the development of Latvia’s national economy

Grindeks: EU-funded Competence Centres Program is important to the development of Latvia’s national economy


JSC Grindeks informs that the Company takes part in two EU-funded competence centres – “Pharma and Chemistry Competence Centre” and “Environment, Bioenergetics and Biotechnology Competence Centre”.

Grindeks is one of the founders of “Pharma and Chemistry Competence Centre” and one of the funders of the Centre’s research program. The Centre has launched international studies that are significant fort he pharmaceutical and chemical industry.

Chairman of the Board of JSC Grindeks Juris Bundulis: “Without this Centre our ability to develop new medications would be reduced, and the winner would be no one – neither the company nor the patients. “Pharma and Chemistry Competence Centre” is valuable not only as a research-friendly organization, but also proves that for the pharmaceutical companies in Latvia it is advantageous to cooperate in the conquest of international markets and certain competencies are more advantageous to unite rather than to maintain them in each company separately.”

Grindeks is a co-funder of “Environment, Bioenergetics and Biotechnology Competence Centre” and last October in cooperation with the Latvian scientific organizations it launched a study on the pharmaceutical industry wastewater biological treatment efficiency by using specific microbial communities. The study aims to find and implement effective chemically contaminated wastewater biological treatment methods, which includes both optimization of existing systems and new, unique solution application. It is planned that the obtained experienceand knowledge will provide science-based recommendations also for other Latvian and foreign companies on how the application of selected microbial groups improves the degradation of target compounds in industrial effluents.

Chairman of the Board of JSC Grindeks Juris Bundulis: “Environmental pollution reduction measures are becoming increasingly important worldwide, including Latvia. For our Company, which conforms with principles of good governance in environmental protection, these issues are highly regarded, therefore a variety of innovative solutions are searched to neutralize environmentally harmful pollution as efficiently as possible without causing damage to nature. It is important that the knowledge, experience and results gained in this project will be useful in practical solution of real, complex water treatment problems, not just for the participants of the specific project, but also to other interested companies.”

The EU-funded Competence Centres Program was recently suspended, thus creating uncertainty, if and how the planned studies will be continued.

Chairman of the Board of JSC Grindeks Juris Bundulis: “Judging from the information at my disposal, the Ministry of Finance of Republic of Latvia has raised questions about the return from competence centres. During February answers to these questions have to be found, and at the moment there is no indication that these projects will no longer be continued. If, however, I willbe mistaken, Grindeks will look for its source of funding to continue the initiated. All projects, which we are involved in, are important to Latvia’s national economy and to the development of the pharmaceutical and chemical sector of because with comparatively lower investment all may come to a good result. If the Competence Centre Program is withdrawn, it is a nationally irresponsible step.”

About Grindeks

Grindeks is the leading pharmaceutical company in the Baltic States. Its main fields of action are: research, development, manufacturing and sale of original products, generics and active pharmaceutical ingredients. The Group of Grindeks consists of four subsidiary companies in Latvia, Estonia and Russia, as well representative offices in ten countries.

Grindeks specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur® and more than 100 forms of effective and safe generics included therein. Currently Grindeks produces 22 active pharmaceutical ingredients.

Products of the company are exported to 50 countries and its export comprises more than 95% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, Germany and the Netherlands. In 2010 The Ministry of Economics of Republic of Latvia and Investment and Development Agency ofLatvia awarded Grindeksas the most export potential company of Latvia.
During the last years the company realized many considerable investment projects in purpose to increase production capacity and develop infrastructure and invested 32.7 million lats within five years.

JSC Grindeks shares are listed in the Official List of „Nasdaq OMX Riga”. Major shareholders of JSC Grindeks are Kirovs Lipmans – 33.29%, Anna Lipmane – 16.69%, „AB.LV Private Equity fund 2010” – 11.38%, „Skandinaviska Enskilda Banken” – 11.01%, „Swedbank” AS Clients Account – 9%.

Further information:

Laila Kļaviņa
Head of the Communications Department, JSC Grindeks
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505
[email protected]

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