Luminor Bank grants the funding of 40 million euro to AS Repharm

Luminor Bank has granted the long-term funding of 40 million euro to the group of healthcare companies to expand AS Repharm business in the Baltics. Additional financial resources will be invested in the development of business activities outside of Latvia, offering medical services in Lithuania.

Thanks to the funding provided by Luminor Bank, AS Repharm has acquired a controlling stock in one of the largest groups of medical service operators in Lithuania. The group includes 33 medical institutions, three of which are specialized clinics, while the other 30 are outpatient clinics operating in 16 Lithuanian cities.

“The availability and quality of medical services is one of the challenges faced by the healthcare system and governments of European countries. Data collected by the OECD show that the population life expectancy in both Latvia and Lithuania is one of the lowest in the European Union. In order to improve the health status of the population and promote the availability of professional and valuable medical services in the Baltic countries, we are pleased to support AS Repharm in developing on the Baltic scale”, says Ilze Zoltnere, Head of Luminor Corporate Department in Latvia.

In Latvia, AS Repharm provides residents with a full healthcare cycle. Currently, group of companies AS Repharm includes five companies which are engaged in both retail trade of pharmaceutical products in pharmacies under the Meness Aptieka brand and wholesale (AS Recipe Plus) of pharmaceutical products, manufacture herbal therapeutic agents at Riga Pharmaceutical Factory, which is one of the largest manufacturers of natural origin medications in the Baltics, provide outpatient healthcare services in Veselibas Centru Apvieniba (Association of Health Centres), which includes 14 outpatient institutions in Latvia, as well as provide a wide range of laboratory tests in more than 60 branches of Centrala Laboratorija (Central Laboratory) throughout the country.

“The opportunity to offer high-quality medical services outside of Latvia has long been one of the strategic goals of our group of companies. With Luminor support, we will be able to implement our further development by expanding the offer of medical services on the Baltic scale. In Latvia, we will actively continue to improve the quality of services, improve the patient care and pharmaceutical care in order to achieve new indicators of excellence”, points out the Deputy Chairman of the Council of AS Repharm Dins Smits.