On 30 March, the General Assembly of the Latvian Medicines Verification Organisation (LZVO) approved the association’s 2025 annual report. Members also discussed current operational matters and future plans, including financial management, financial risks and their governance principles, communication with the public, the maintenance and development of the medicines verification system, as well as the signed amendments to the contract with “Arvato Systems GmbH”. In addition, members were informed about the obtained ISO certifications in the fields of quality management (ISO 9001) and information security management (ISO 27001).
In accordance with the statutes, the General Assembly approved KPMG as the auditor to conduct the audit of LZVO’s financial and economic activities for 2026. KPMG has carried out the audit of the association’s financial and economic activities for 2025, and the General Assembly approved the independent auditor’s report.
The Board presented members with the key issues related to the operation, maintenance and development of the medicines verification system. Members actively discussed current financial management matters to support and promote the achievement of the association’s objectives, as well as financial risks and the principles of their sound governance.
The association “Latvian Medicines Verification Organisation” (LZVO) was established in December 2016 with the aim of creating, maintaining and managing the Latvian medicines verification system in compliance with the European Medicines Verification System, the Falsified Medicines Directive and the Delegated Regulation requirements for stakeholders in the pharmaceutical sector. The founders of the association are professional associations representing pharmaceutical manufacturers, wholesalers, pharmacies and other stakeholders involved in the medicines supply chain: the International Innovative Pharmaceutical Firms Association, the Latvian Generic Medicines Association, the Latvian National Medicines Supply Association, the Latvian Pharmaceutical Care Association and the Latvian Parallel Import Association.