News & Events
PharmIdea Ltd. to Use Citadele’s Granted Funds for Increasing Production of Sterile Vials Fivefold, and Launch Global Exports
Citadele Bank and Latvian sterile drug manufacturer PharmIdea Ltd. have concluded an agreement on funding worth EUR 3.55 million for the construction of a new production unit. Part of the funding (i.e., EUR 1.79 million) is a long-term loan for constructing premises and utility systems whereas EUR 1.76 million are a bank guarantee for the Latvian Investment and Development Agency’s (LIAA) advance payment for purchasing technical equipment.
“Cooperation with enterprises and support for manufacturing is one of Citadele Bank’s priorities. Moreover, PharmIdea’s activity shows that Latvian companies can manufacture and export products with high added value. We also appreciate this company’s accomplishments, international performance and the support granted by the Latvian Investment and Development Agency. PharmIdea has high-level manufacturing functions therefore we are glad that the issued loan and the guarantee line will help the company become even more competitive internationally,” emphasizes Māris Macijevskis, Head of Citadele’s Corporate Services Division.
“The investment project for expanding production is a logical next step in PharmIdea’s four-year new product development program. We plan to export our new products to 58 countries in four global regions: EU member States, Jordan, Tunisia, Morocco, Saudi Arabia, Vietnam, Thailand, South Korea, Russia, Canada, Brazil, Chile, and others. We plan to invest six million euros in our production unit’s expansion by the end of the next year. This will enable us to increase our output capacity to one million sterile vials per year, and reach our export goals,” explains Vitālijs Skrīvelis, Member of the Board of PharmIdea Ltd.
PharmIdea Ltd. launched its production capacity expansion project in December 2013 within the scope of the ERDF High Value Added Investment Program (L-APV-14-0108).
PharmIdea Ltd. is the only sterile drug manufacturer in the Baltic States that meets the standards of Good Manufacturing Practice through applying innovative insulator technologies. PharmIdea’s key business areas are development, manufacturing and sales of hospital, gynaecological and anti-cancer drugs. The company’s main export directions are the EU, Middle East, Russia and other CIS countries; its future plans include registering products in South America, Southeast Asia, Canada and Mexico. PharmIdea’s product portfolio includes four products, and another five products are currently being developed. The company’s current manufacturing capacity is 200’000 sterile vials.