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Latvian JSC „Grindeks” receives the Russian ГОСТ (GOST) certificate of quality

Grindeks multilang-releaseThe management system of JSC „Grindeks” has received the Russian ГОСТ (GOST) certificate of quality ISO 9001-2011. This was reported by representatives of the company.

Audit of the company took place in two stages, and was conducted by the "Russian Research Institute of Certification." At its first stage Russian auditors inspected 20 different regulatory documents of the company. After the recognition of their respective quality standards, the Commission inspectors conducted an on-site audit, visiting the enterprise. The inspection lasted for two days, assessing all processes related to quality assurance and control, as well as personnel management. Considerable attention was also paid to quality assurance in the production of active pharmaceutical ingredients, finished dosage forms, as well as in the laboratories of the research and development of new products. Also the audit assessed the organization and management of logistics processes of modernization projects.

Chairman of the Board of JSC „Grindeks” Juris Bundulis: "In the current market environment of a wide range of offered products, the highest competitiveness is achieved by providing the highest quality. This is especially relevant in the production of medications, since the manufacturer is responsible for the safety and health of the patient. Russia is the largest country of „Grindeks” export business, so the recognition of the high quality of management system in this country is particularly important for our company. "

According to the representatives of the company, the recognition of auditors and received ISO 9001-2011 Quality Standard certificate will speed up the process of customs declaration, as well as reduce the amount of customs duties paid importing JSC „Grindeks” products in Russia. According to company`s estimates, yearly savings on fees could exceed 50,000 euros.

According to 2012 data, the volume of exports of JSC „Grindeks” products to Russia amounted to 55.5% of the total turnover of the company, and was estimated at 65.3 million euros.

About „Grindeks”

„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. The Group of „Grindeks” consists of four subsidiary companies in Latvia, Estonia and Russia, as well as representative offices in 13 countries.

„Grindeks” specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur® and more than 100 forms of effective and safe generics included therein. Currently „Grindeks” produces 24 active pharmaceutical ingredients.

Products of the company are exported to 55 countries and its export comprises more than 95% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, Germany, the Netherlands, Japan and the U.S.

To increase production capacity and develop infrastructure, since 2002 the company has accomplished many significant investment projects, investing 45.6 million lats over the years.

JSC „Grindeks” shares are listed on the Official List of “NASDAQ OMX Riga”. Major shareholders of JSC „Grindeks”are Kirovs Lipmans – 33.29%, Anna Lipmane – 16.69%, “AB.LV Private Equity fund 2010” – 11.38%, “Skandinaviska Enskilda Banken” (nominal holder) – 10.02%, “Swedbank” AS Clients Account (nominal holder) – 8.84%.

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