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.