2024-12-14

Latvia opens up with innovative chemical- and pharma investment

The latest medical treatment methods are currently being developed in the Baltic and Nordic region, concludes PMNET, the international Precision Medicine Networking forum. The aim of the forum is to ensure that these come into clinical practice as soon as possible and become more accessible in both pediatric and adult medical treatment.

Latvia has defined its areas of specialization in tandem with global companies and specialists from more than 50 countries, including Lithuania and Estonia, for the establishment of a regional European precision medicine center.

Latvia’s chemical and pharmaceutical sectors are vital to its economy, ranking fourth among all manufacturing industries in exports and fifth in turnover. In 2023, pharmaceutical exports comprised 27% of total industry exports, with a turnover of €240 million. Over 500 companies, including Grindeks, Olainfarm, and Silvanols, contribute to these impressive figures.

In 2023, representatives from eight Latvian companies and the Minister of Economics participated in Bioplus-Interphex, a prominent biopharmaceutical exhibition in South Korea. This marked a significant step in fostering closer ties between the two countries in the biomedical, medical technology, and pharmaceutical sectors through memoranda of understanding, collaborative events, and successful business partnerships.

The partnership between Latvia and South Korea highlights the potential to drive innovation and economic growth. With trade between the two nations increasing fivefold over the last decade, reaching €130 million in 2023, foundations are set for continued success.

Several South Korean companies, including Dong-A ST, Kolmar Korea, and Prestige Bio, have already chosen Latvia for conducting clinical trials. Their involvement underscores Latvia’s growing reputation as an attractive destination for pharmaceutical research and innovation.

The partnership between the two nations has continued to thrive. Latvian pharmaceutical manufacturer Grindeks has opened a representative office in South Korea, while Pauls Stradiņš Clinical University Hospital is exploring research collaborations and the establishment of an innovation center with Seoul National University.

In November 2024, Latvian President Edgars Rinkēvičs led an official visit to South Korea, further strengthening bilateral ties. The delegation visited leading South Korean companies such as CJ Bio, PharmCadd, and Seegene. During this visit, Latvia’s AE Risinājumi and Korea’s Plagen signed an MOU to encourage further collaboration.

Both countries possess world-class capabilities – Latvia in biotechnology and South Korea in medical technology – providing a solid basis for future cooperation.

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