Grindeks has decided to leave the Latvian Employers' Confederation (LEC), strongly arguing that the management of LEC and specifically its president Vitalijs Gavrilovs essentially breach the business ethics.
Confederation has to act according to the interests of Latvia and to promote the local business environment. The way in which LEC President V. Gavrilovs sold his Grindeks shares to the Russian company “Pharmstandard” is incompatible with the reflected LEC’s mission and principles.
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. Grindeks specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups.
Group consists of four subsidiary companies in Latvia, Estonia and Russia, as well representatives and representative offices in fourteen countries. Products of the company are exported to more than 40 countries and its export comprises more than 96% of the total turnover. The main markets are: the Baltic States, Russia and other CIS countries, Japan, USA. JSC Grindeks shares are listed in the Official List of “Nasdaq OMX Riga”.
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