Olaine, September 23, 2010

“Olainfarm” to reduce prices for most demanded medicines in Latvia

Management of AS “Olainfarm” has decided to lower the prices for 26 different medicines in nearly all therapeutic groups by 16% on average.  New prices will take effect by November 1st 2010.  One of the reasons for doing so is to at least to some extent compensate for the consequences of possible increase of VAT on medicines, as in company’s opinion, such an increase of VAT may have a very adverse impact on health condition of certain groups of population.

“During the several recent months we have received very worrying information about the health behaviour or Latvian population.  Since the significant reduction if health funding, number of visits to health professionals has dropped significantly as the self treatment has apparently increased.  Although the self treatment is in no way a behaviour to be promoted and facilitated, in several cases a well prepared self treatment, especially for those chronically ill that are well aware of their health condition, provided at least some results as it prevents the condition from worsening and it is certainly a better alternative that doing nothing at all. “Olainfarm” is aware about the concerns of health professionals that if the reduced rate of VAT is cancelled and the prices of medicines increase by more than 10%, many of patients, which have so far been self treating themselves, may discontinue even this activity.  Impact of such decision on already poor health condition of the society may be dramatic.  We are Latvian company and do care about the health and sustainability of Latvian society, therefore „Olainfarm” decides not to wait for the consequences and to take pro-active steps.  We are reducing the prices for the most demanded medicines in Latvia," says Salvis Lapins, member of the board of „Olainfarm”.

AS “Olainfarm” will reduce the sales prices for different doses of the following medicines: Adaptol, Ambroksol, Bikarfen, Fenkarol, Furamag, Furasol, Gripofleks, Herpelans, Ibuprofens, Itranol, Neiromidin, Noofen, Ol-askofen, Omeprazol, Ranitidin, Remantadine, Amlodipin, Jogurt, Vagilac.

AS „Olainfarm“ is one of the largest companies in Baltic countries with nearly 40 years of experience in production of medicines and chemical and pharmaceutical products. The key principle of company's operations is to produce reliable and effective top quality products for Latvia and the rest of the world.  Currently products of “Olainfarm” are being exported to more than 30 countries worldwide, including the Baltics, Russia, other CIS, Europe, North America, Asia, and Australia

Information prepared by

Salvis Lapins

JSC "Olainfarm"

Member of the Board

tel. +371 6 7013717,

Cell: + 371 2 6448873

Fax. + 371 6 7013777

E-mail: slapinsh@olainfarm.lv