In 2021, Latvia sold EUR 94.5 million worth of pharmaceutical products to Russia. Last year it was almost EUR 76 million, which is about EUR 10 million more than in 2024. These are the data of the Central Statistical Office.
The Association of Drug Manufacturers points out that the export growth is related to inflation and price changes in Russia. The market share and product range have not been expanded, the executive director of the Latvian Association of Drug Manufacturers, Signe Jantone, has specified.
Pharmaceuticals are not included in the sanctions list
There are two large pharmaceutical companies operating in Latvia – Grindex and Olpha. Both export to Russia. The companies do not specify how much they have reduced their exports to Russia and when they plan to stop exporting to Russia. They also do not disclose what share of their income is provided by exports to Russia.
Industry experts point out that pharmaceuticals are not on the sanctions list, so other pharmaceutical companies continue to cooperate with Russia.
Economy Minister Viktor Valainis is convinced: companies are reorienting the market. But this cannot happen overnight.
“These companies, including those in Latvia, compete with those operating in Europe and around the world, which also operate on the Russian market,” Valainis is quoted by Delfi portal. – . Essentially, pharmaceuticals is a field in which there are no restrictions for any company in the world.”
“Since Europe does not prohibit, international companies will strengthen,” Signe Yantone said. -They export a lot and participate in state tenders in Russia and Belarus. And if we have an export ban without a transition period, companies will be weakened and the European market will not.”
