This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 2/28/2019

Overview

The state has considerable influence on the medical services sector in Latvia.  All of the primary hospitals and rehabilitation centers are state-owned and receive centralized financing from the state budget.  Therefore, a large part of drug and pharmaceutical procurement passes through state-organized tenders.  However, the retail and wholesale market for pharmaceuticals is left to private businesses.
 
Latvia, Estonia, and Lithuania have signed the Joint Baltic Drug Procurement Agreement.  This agreement may increase the volume of ordered medicines, thus attracting interest from more pharmaceutical companies to participate in tenders and putting manufacturers under pressure to offer discounts on pharmaceutical prices.
 
Some prescribed drugs, such as those used for diabetes, HIV, and TB, are subsidized by the state, and Latvian authorities have indicated that fighting tuberculosis, tick-borne encephalitis, and HIV are key priorities. However, U.S. pharmaceutical companies have indicated that there is insufficient funding for innovative medicines. 

A pharmaceuticals company could enter the market either by opening a branch office in Latvia or by approaching a Latvian wholesale company that already has an established brand name and base of clients.
 
All drugs sold in Latvia must be certified by the State Drugs Agency before entering the market.  U.S. Food and Drug Administration (FDA) certification is not enough to sell drugs in Latvia, although FDA results will be helpful in the certification process.

Leading Sub-Sectors

There are excellent opportunities for both innovative and generic drugs.

Opportunities

Please see the Supplement to the Official Journal of the European Union dedicated to European public procurement.
Latvian Export and Import Directory
Latvia puts a significant emphasis on public health and disease prevention schemes.  As such, there are numerous opportunities in vaccines and medicines for TB, tick-borne encephalitis, diabetes, HIV, flu, and other diseases.
Web Resources

Prepared by the International Trade Administration. With its network of more than 100 offices across the United States and in more than 75 markets, the International Trade Administration of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.