Norameda in Estonia. War in Ukraine has put us in a different dimension

Norameda in Estonia. War in Ukraine has put us in a different dimension

Reflecting on the year passing, the Head of Norameda’s branch in Estonia, Edit Pung, welcomes the return to normality after the last two pandemic years. And for Norameda, there is an expected 8% growth.

“We monitor growth in some areas, especially in asthma and respiratory segment. The OTC market is doing really well. There is a slightly lower but present growth with the prescription and hospital medicaments,” says E. Pung.

The leader of Norameda in Estonia is particularly pleased with the arrival of the new Italian brand Aboca, producing top-quality natural products.

“We never had such products before. And, as interest in natural products is very high, we hope for success,” says E. Pung.

Still, she pinpoints the war in Ukraine had put everyday life into a different dimension.

“On one hand, we could work all year round: no close down of the hospitals or pharmacies. But emotionally, it has been tough. The war in Ukraine has touched everyone personally, and, of course, the economy has suffered,” says E. Pung.

Every person is under economic pressure as the inflation rate reached its highest in Estonia (20-22%). Therefore, according to E. Pung, though the overall numbers of the pharmaceutical market show growth, it is due mainly to the first quarter’s results.

Also, the high inflation rate affected introduction of the premium-priced brand Equazen.

“It is a challenging segment, and it becomes even more complicated to introduce it in difficult times. Still, I’m thrilled we opened Norameda’s online pharmacy this year, and this was a very successful move as we had around 60% of Equazen sales there,” says E. Pung

The Head of Norameda in Estonia thanks her team for their loyalty and high motivation, as 2022 was challenging and required more effort than usual.

“Every day of active sales, many seminars, online conferences, etc. And it is more difficult to focus because of the devastating situation in Ukraine. But I’m blessed with highly motivated people working for us here and have high hope for the next year”.

Norameda in Latvia: stable growth from year to year despite crises affecting Europe

Norameda in Latvia: stable growth from year to year despite crises affecting Europe

“It has been a great year marked by high sales; we managed to achieve our strategic goals. As a result, I expect around 20% growth by the end of the financial year,” says Ervins Groms, leading the Norameda branch in Latvia.

The oncology line was the main contributor to the positive results for Norameda in Latvia. Not to be surprised, oncology medicine is the main driver for the pharmaceutical market worldwide.

Groms also mentioned the successful process of the new launches in 2022. But as always, well-maintained and long-term relationships with partners and consumers are one of the main factors for the year-to-year growth.

“Though one might say it was a challenging year, the most important thing for us is the market’s stability. There have been no serious market changes this year, and it helps to maintain stable growth,” says the head of the Norameda branch in Latvia.

According to E. Groms, in Latvia, the health system recovered from the pandemic relatively quickly and had no significant impact on Norameda’s performance. However, a new COVID wave is expected soon.

“War in Ukraine is devastating, and all European countries are affected to a greater or lesser extent. For example, we in Latvia have a shortage of some drugs, prices are growing, especially of OTC, we also experiencing supply disruption, but it is no different to the rest of CEE,” points out E. Groms.

The growth of OTC and dietary supplement prices are expected for the next year as well. A serious inflation rate in Latvia might be one of the biggest reasons for that.

Still, the leader of the Norameda branch in Latvia is optimistic – he expects further stable growth.

“We already know we will have some new launches next year. Our distributors are growing; relations are getting stronger with both partners and doctors. So yes, despite the overall situation, I feel strong for Norameda in Latvia and hope to add some additional value and have nice figures,” says E. Groms.