Latvia, Legislation, Markets and Companies, Medicine

Juris Bundulis.

Grindeks council chairman Kirovs Lipmans told Nozare.lv that the company's council had taken into consideration Bundulis' knowledge, experience and professionalism.

"He knows the complicated medication production process, the specifics of the research work, and the business on the whole. I wish to emphasize that Latvia is a small market for such company as Grindeks: we are the leading pharmaceutical company in the Baltic countries, well-recognized on international markets, and with sound reputation," said Lipmans.

One of the main tasks for Bundulis will be to increase the company's sales volumes on foreign markets and to further improve the company's competitiveness by expanding its product portfolio.

Bundulis already worked at Grindeks in the past, when he was the company's marketing and commercial director, according to LETA archive.

Bundulis has been working in public administration since 1999. His first worked as the head of the Welfare Ministry's Pharmaceuticals Department. Later on he worked as the Health Ministry's deputy state secretary.

As reported, the previous Grindeks CEO Janis Romanovskis resigned on November 24, 2011.

Grindeks profit in the first nine months last year was LVL 5.85 million – 12.5 percent more than in the same period in 2010.

The group's turnover in the first nine months was LVL 48.9 million, an increase of 4.3 percent on the respective period of 2010.

Grindeks is ranked 18th in last year's ranking of Latvia's 101 most valuable companies by the business magazine Kapitals, IBS Prudentia and the stock exchange, with an estimated value of LVL 113.54 million.