Silvanols enters Czech market, forecasts 30% sales growth in 2010

2010-02-24

Silvanols, a Latvian drug maker, announced that it has begun sales to the Czech Republic, as part of efforts to grow exports. The company, which specialises in the manufacture of gels, balsams and extracts, introduced on the Czech market three of its natural cough and cold balsams (Bronhosan, Larosan and Griposan), and aims to add one more product in the near future. As a result, it expects sales volume to reach 15,000 packages in the first quarter of the year, Kaspars Ivanovs, Silvanols executive board member, told Nozare.lv.
At the moment Silvanols supplies to four foreign markets: Lithuania, Estonia, Azerbaijan and Romania. This year it plans to enter new markets and expand its footprint on existing ones.
In 2009 the company’s turnover surged by 40% and in 2010 it expects sales to jump by further 30% to LVL 2m (€2.8m), even as the Latvian pharma market remains in negative territory (Silvanols forecasts the market to shrink by 8-10% in 2010, compared to a decline of 15% in 2009). The growth plan envisages the hiring of 10 new people in 2010.
The rapid growth in recent years has propelled Silvanols to 11^th place among the biggest drug makers in Latvia, from 60-70^th place it held four years ago. This year is aims to move up to 5-8^th place.

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