JGL Company Earns 40% of Its Revenues on Russian Market

Total Croatia News

ZAGREB, December 10, 2019 – For Jadran Galenski Laboratorij (JGL) the Russian market is crucial because 40% of its revenues comes from that market and the company is the second largest Croatian business in Russia, JGL Board chair Ivo Usmiani said during a visit by Russian Ambassador Anvar Azimov to that Rijeka-based pharmaceutical company on Monday.

Ambassador Azimov toured JGL units, talking with his hosts about the company’s operations, markets, problems related to business operations in Russia, etc.

JGL specialises in the development and production of sterile products with added value in ophthalmology and otolaryngology.

Company officials say that the company is present on 50 markets but that the Russian market is its biggest and very important market. They see Russia as a partner and build their business story in Russia, Uzbekistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Belarus and almost all former Soviet republics.

JGL employs 205 people in Russia, and its best-selling products are nasal decongestants, skin care products, products against travel nausea and eye drops.

Russian distributors annually buy JGL products worth around 3 billion roubles, Usmiani said, stressing that the company had never come across a closed door in Russia.

JGL has not felt the consequences of sanctions against Russia or problems between the EU and Russia and the biggest uncertainty is whether on 1 January 2020 serialisation of pharmaceutical products will go into force on the Russian market because in that case the Rijeka company will have to change its product packaging, as well as how drug registration will be implemented in the Eurasian Union.

For JGL it is also important how macroeconomic growth in Russia will look like in the coming years and how it will reflect on Russians’ purchasing power.

Azimov said that the situation would be stable. The Russian Federation wants good relations, he said, adding that the sanctions imposed on Russia were harmful both for Russia and for other countries.

Russia could realise many investments in Croatia and help more, for example in shipbuilding and gas supply, he said.

More news about relations between Croatia and Russia can be found in the Politics section.


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