Grindeks
| Company type | Public joint-stock company |
|---|---|
| Industry | Pharmaceutical |
| Founded | 1946 |
| Headquarters | Riga , Latvia |
Area served | Worldwide (over 90 countries) |
Key people | Kirovs Lipmans (Chairman of Supervisory Council), Juris Hmelnickis (Board Chairman), Janis Romanovskis (CFO), Andrejs Liberts (Commercial Director) |
| Products | Proprietary medicines, generic drugs, active pharmaceutical ingredients (focus on cardiovascular, central nervous system, oncology, diabetes treatments) |
JSC Grindex (marketed as Grindex), also known as Grindeks, is a Latvian pharmaceutical enterprise with global operations, headquartered in Riga, Latvia. Its product range encompasses proprietary medicines, generic drugs, and active pharmaceutical ingredients, with a primary emphasis on treatments for cardiovascular, central nervous system, oncology, and diabetes conditions. Grindex holds the position of the foremost pharmaceutical manufacturer in the Baltic States and distributed products to more than 90 nations in 2021.
The Grindex Group consists of JSC Grindex alongside four affiliated companies: JSC Kalceks (Latvia), HBM Pharma Ltd. (Slovakia), JSC Tallinn Pharmaceutical Plant (Estonia), and Namu apsaimniekošanas projekti Ltd. (Latvia).
1946–1990
- Established in 1946 under the name Vitamin and Hormones Plant, initially functioning as an experimental pharmaceutical production site.
- Integrated into the Organic Synthesis Institute (OSI) in 1957, serving as its experimental manufacturing division focused on research-based production.
- During the late 1950s, began manufacturing chemical compounds including fenilin, furazolidone, furadonin, and TioTEFA; initiated efforts in developing anti-cancer medications.
- Set up production lines for final dosage forms and tablet manufacturing.
- In 1966, created the production technology for the anti-cancer active substance Ftorafur®.
- By 1965, fully transitioned to producing organic synthetic products, developing approximately 30 pharmaceuticals and associated technologies throughout the 1960s.
- Entered into collaboration agreements in 1972 with Japanese companies Iskra Industry and Taiho Pharmaceutical to supply the anti-cancer drug Ftorafur®, greatly enhancing the facility's international recognition; Ftorafur continues to be a principal export item.
- Initiated synthesis of its hallmark compound Mildronate®.
- Throughout the 1980s, OSI’s Experimental Plant was responsible for one out of every four new medicinal preparations introduced in the former USSR, producing over 60 new drugs including 17 patented innovations.
1991–2000
- Following Latvia’s restoration of independence in 1991, Grindeks was formed from the Experimental Plant and named in honor of Davids Hieronims Grindelis, a distinguished Latvian pharmacist and scientist.
- Grindeks was officially registered as a public Joint Stock Company in 1997.
- Acquired a controlling interest in Tallinn Pharmaceutical Plant in March 1998.
- Commenced trading of Grindeks shares on the Riga Stock Exchange starting 1 June 1998.
- Obtained Good Manufacturing Practice (GMP) certification from the UK Medicine Control Agency for tablet and capsule production in 2000.
2001–2010
- In 2003, Grindeks became the first Latvian pharmaceutical firm to secure GMP certification from the Latvian State Agency of Medicines.
- Implemented ISO 9001:2000 quality management standards in 2001.
- Achieved ISO 14001:1996 environmental management certification by September 2001.
- The US Food and Drug Administration (FDA) acknowledged compliance with international manufacturing and control standards for Grindeks' active ingredient oxytocin in November 2001.
- Joined both the UN Global Compact initiative and Responsible Care program in 2002.
- Established an Active Pharmaceutical Ingredients Analytical Scale-up Laboratory in 2007 and constructed a crystallization facility for Mildronate® with an annual capacity of 250 tons.
- Launched a new final dosage forms manufacturing plant conforming to global pharmaceutical standards in 2009.
2011 – present
- In 2011, Grindeks launched new manufacturing facilities dedicated to anti-cancer and UDCA active pharmaceutical ingredients.
- The following year, the company inaugurated one of the Baltic region's most advanced ointment and gel production units.
- Also in 2012, Grindeks completed the full acquisition of HBM Pharma s.r.o. based in Slovakia.
- By 2013, Grindeks had obtained OHSAS 18001 certification alongside Russian GOST ISO 9001-2011 quality accreditation.
- In 2020, the company revealed intentions to construct a new multifunctional manufacturing plant.
Supervisory Council
The Supervisory Council at Grindeks consists of five members. Since 2003, Kirovs Lipmans has served as the council's chairman. Additional members are Anna Lipmane, Filips Lipmans, Arkadiy Vertkin, and Janis Naglis.
Board
Grindeks’ Board is made up of three individuals: chairman Ph.D. Juris Hmelnickis, Chief Financial Officer Janis Romanovskis, and Commercial Director Andrejs Liberts.
Subsidiaries
- The Grindeks Group encompasses four subsidiary companies:
- JSC Tallinn Pharmaceutical Plant located in Estonia
- JSC Kalceks headquartered in Latvia
- Namu apsaimniekosanas projekti, Ltd., based in Latvia
- HBM PHARMA, Ltd. operating in Slovakia
Offices
As of 2021, Grindeks maintains a network of 10 international offices situated in Lithuania, Estonia, Belarus, Ukraine, Azerbaijan, Georgia, Uzbekistan, Moldova, Kazakhstan, and Kyrgyzstan.
Liplat Holding, Ltd. owns a dominant 96.78% stake in the Grindeks Group.
Products
Grindeks offers a diverse range of original and generic pharmaceuticals as well as active pharmaceutical ingredients. Their therapeutic emphasis lies on cardiovascular diseases, central nervous system disorders, and oncology treatments. In 2009, scientists at Latvia’s Institute of Organic Synthesis discovered GX-EG, a cardioprotective compound with potency approximately 40 times greater than Mildronate®, which is produced and exported by Grindeks. The company secured exclusive rights for GX-EG’s development and commenced phase 1 clinical trials in 2020.
Original products
- Ftorafur®
- Mildronate®
Generic
Grindeks manufactures over 60 finished dosage form (FDF) pharmaceuticals that are distributed to more than 90 countries worldwide. Their portfolio includes both innovative and generic FDFs spanning solid dosage forms, injectable solutions, ointments, and syrups.
Final dosage form
Active pharmaceutical ingredients
Corporate social responsibility
Grindeks places great importance on corporate social responsibility as a key element of its growth strategy. Besides pursuing annual business objectives, the company commits to continuous advancements in CSR, emphasizing three core areas:
- ensuring health and safety for both patients and staff;
- safeguarding the environment;
- upholding ethical standards to promote integrity within the pharmaceutical industry.
2020
The year 2020 marked Grindeks Group’s most significant surge in revenue and earnings. The turnover climbed to €187.0 million, reflecting an increase of €45.6 million (32%) compared to 2019. Net profit grew by €5.6 million (42%), reaching €19.0 million.
Revenue from finished dosage forms amounted to €173.6 million, representing a 31% rise from the previous year, while sales of active pharmaceutical ingredients expanded by 46% to €12.5 million.
The Group broadened its international presence, exporting products valued at €176.1 million to 93 countries worldwide.
2021
Preliminary figures for the first half of 2021 indicate record-breaking turnover and profitability for Grindeks Group. Turnover totaled €115.6 million, an increase of €21.1 million (22%) over H1 2020, while profit surged by €7 million (55%) to €19.8 million.
This growth was fueled by heightened demand for medications targeting cardiovascular conditions, central nervous system disorders, and hospital care, including offerings from the subsidiary JSC Kalceks.
Exports during this timeframe reached €109.6 million across 91 countries.