RIGA, March 26 (Xinhua) -- Latvian pharmaceutical companies sold 90 percent of their products in foreign countries, LETA news agency reported on Tuesday, citing data from the country's State Agency of Medicines.
Total drug sales by the Latvian pharmaceutical companies dropped by 6.6 percent year-on-year to 335.11 million euros (363.16 million U.S. dollars), excluding value-added tax, in 2023. Meanwhile, sales outside Latvia declined by 7.6 percent from 2022 to 275.47 million euros last year.
In 2023, Grindex emerged as Latvia's leading pharmaceutical company by total sales volume, followed by Olainfarm and Kalceks.
In 2022, the Latvian pharmaceutical companies achieved 298.06 million euros in export sales, the highest figure in at least four years, according to the drug authority's data. Through that year, Latvian medicines producers sold 358.68 million euros worth of drugs both domestically and internationally. (1 euro = 1.09 U.S. dollar) ■