Latvian Market Research Articles

P893 Budget impact analysis of introducing infliximab subcutaneous for the treatment of Inflammatory Bowel Disease in Latvia

Abstract Background Since the marketing authorisation of infliximab (IFX) subcutaneous (SC) in 2021, most of the western European countries had adopted CT-P13 SC. However, a few central and eastern European (CEE) countries including Latvia failed to adopt the new version of IFX. Infliximab SC injection at home significantly reduces number of outpatient visits and intravenous (IV) administrations. This is a tremendous benefit for countries with modest healthcare budget like Latvia because it will contribute to the effective use of hospital resources, especially in a pandemic era. This study describes the economic impact of introducing CT-P13 SC to the Latvian market from the perspective of society. Methods A prevalence-based budget impact model was developed incorporating epidemiological data, administration cost data, and patient share data from Nacionālais Veselības Dienests (NVD). The analysis compared a “world with” CT-P13 SC scenario to a “world without” CT-P13 SC. The cost of IFX SC was assumed to be at parity to IFX IV which allows to capture the savings from the administration cost. This model compares annual cost of treatment including drug acquisition costs, administration cost and indirect cost of same molecule and further line of treatments (vedolizumab, ustekinumab, and tofacitinib). Results This model estimates the financial impact on 2,000 patients with Crohn’s disease (CD) and ulcerative colitis (UC). Savings yield from IV administration cost is approximately €135,000 over the five-year period. Compared to the “world without” scenario, the introduction of CT-P13 SC resulted in cost savings of €1.03 million for treating CD and UC in Latvia over a 5-year period. The savings will be able to treat additional 220 patients, which equates to 11% of current patients, in a 5-year period. Conclusion Despite poor access to biologics in Latvia compared to other European countries, utilisation of IFX is high in Latvia compared to other biologics. Adding a SC treatment option to the existing care will not only improve patient outcome but also may lead to cost savings for the Latvian society. Parity pricing of IFX SC to IV IFX will enable budget reduction and result in improved patient experience with infliximab.

ENERGY AUDIT INFORMATION SYSTEM

The opportunities provided by energy audits to improve the competitiveness of companies by reducing energy consumption and introducing energy-efficient solutions also allow for achieving the environmental goals set by the European Union and Latvia in relation to climate neutrality. It is important to consider the results of energy audits in the development of both local and regional and national policies, thus setting more precise results to be achieved. At present, there is no unified energy audit development information system in Latvia, in which all audit stages and calculations could be performed; this would reduce clerical and calculation errors and allow data to be predicted and used in policy development, research. Within the framework of the work, the authors researched the concept of energy audit, its process and the results to be achieved by companies by implementing energy efficient measures, as well as the policy goals of the European Union and Latvia in environmental improvement programs. The paper summarizes and analyses the programs and methods available in Latvia, which are used to develop energy audits of companies, as well as the practices of other countries and their results.The research goal is to develop the specification of the energy audit information system, based on the analysis of the used energy audit information systems. Based on the findings, the authors developed a specification of the program's energy audit information system requirements, which is suitable for the Latvian market.

Multivariate Modelling of Motor Third Party Liability Insurance Claims

The aim of the study is to identity the main factors that affect claims amount paid by insurers in case of road accidents and to predict losses from valid third-party liability insurance (MTPLI) policies until their expiration. Such an assessment is essential to adequately cover MTPLI policies and ensure the sustainable development of insurance companies. The geography of the study covers the MTPLI market of Europe in the main areas, but a deeper analysis of the impact of various factors, interactions, and interrelationships in MTPLI product is focused on Latvian market data due to availability of high-quality primary data. The research is based on the analysis of primary Latvian MTPLI policies data of more than 128,000 road traffic accidents that have occurred during the time period from 2014 till 2020. Risk driver selection was performed based on the existing scientific studies and correlation analysis of the sample set. Both linear and nonlinear forms of relationships were used for modelling. A multivariate modeling was used to identify significant risk factors and to quantify their impact on loss of incidents. Statistical stability of the models was tested using chi-squared, t-tests and p-values. Validation of models calibrated where done using prediction errors measurements: mean square error (MSE), root mean squared error (RMSE), and mean absolute error (MAE) assessment both within sample and out of sample technics. The results indicated that the driver’s behavior (penalties and Bonus-Malus) as well as vehicle parameters (weight and age), had significant impacts on crash losses.

Nanoflow liquid chromatography mass spectrometry method for quantitative analysis and target ion screening of pyrrolizidine alkaloids in honey, tea, herbal tinctures, and milk

A method for the determination of pyrrolizidine alkaloids in tea, honey, herbal tinctures, and milk samples was developed by employing nano-LC-MS with high-resolution Orbitrap mass spectrometry. Quantitation was performed using the available analytical standards, and a MS2 target ion screening approach was developed using fragment ions that were specific for pyrrolizidine alkaloids under collision-induced dissociation. Proof of concept was delivered for the screening approach, proposing that the C6H8N+ fragment ion is a highly selective fragment ion for the detection of potential pyrrolizidine alkaloids. The elaborated quantitation was applied for the occurrence study of pyrrolizidine alkaloids in food products available on the Latvian market, including samples of tea (n = 15), honey (n = 40), herbal tinctures (n = 15), and milk (n = 10). The median LOQ over all analytes was 0.33 µg kg-1 in honey, 3.6 µg kg-1 in tea, 3.3 µg kg-1 in herbal tinctures, and 0.32 µg kg-1 in milk. The herbal tinctures samples and milk samples did not contain pyrrolizidine alkaloids above LOQ values. Analytes were detected in 33% of honey and 47% of tea samples. Most common were echimidine, intermedine, and enchinatine N-oxide. Pyrrolizidine alkaloids in tea samples were mainly N-oxides, with the highest total concentration being 215 µg kg-1 among the samples, exceeding the maximum limit of 200 µg kg-1 set by Commission Regulation (EU) 2020/2040. In honey samples, lycopsamine-type alkaloids were detected most frequently, with the highest total concentration equal to 74 µg kg-1. Advantages of the developed nano-LC-MS methods included increased sensitivity in comparison with conventional flow LC-MS, low solvent consumption typical with nano-LC and the novel use of a selective common target ion for detection and discovery of potential pyrrolizidine alkaloids using high resolution mass spectrometry.

Econometric Models for the Estimation of the Commercial Value of Residential Real Estate Objects in Latvia

Real estate market formation in Latvia occurs in the conditions of practical absence of a single system of methodological approaches to real estate estimation adapted for the Latvian conditions. In the article it is proved that along with individual estimation it is possible to use methods of mass appraisal of the commercial value of the real estate, constructed on the basis of econometric models. Application of such models will allow us to receive rather precise, authentic estimation of the commercial value of residential real estate in the conditions of dynamics of the Latvian market of real estate.

Innovation Process Affecting Factors in Latvian Companies

Innovation development process in companies is described by several challenges. One major problem is that there is much confusion about what it takes to develop innovations and what factors affect the innovation development process. The paper focuses on innovation process’ affecting factors in Latvian market. The paper’s goal is to identify main factors that affect the innovation process the Latvian companies. After surveying 128 companies, authors concludes that many factors affects innovation process and none of them should be ignored. Following factors affect innovation process the most and therefore should be analysed more deeply: 1) The company’s own resources; 2) High employees knowledge, competencies, skills and experience; 3) Investors’ attraction opportunities. Research also emphasises importance of company’s human resource, therefore authors suggest companies to look at their employees from different paradigm and approach them as the most valuable company’s asset.

Market Environment Factors Influence on Development of Bancassurance in Latvia

Banks and insurers as part of financial service industry engage in partnership under the concept of Bancassurance. Several studies are done on this topic, focusing on economies of scale and performance of most Bancassurance common models. The purpose of this study is to identify the key market environment factors that influence the development of Bancassurance for retail banks in Latvia and the level of increase. Aim of this research is to analyse – how market environment factors influence the development of Bancassurance in Latvia. The current paper is focused on the Latvian market where several Bancassurance models are present as we test our propositions by interviewing management representatives of major stakeholders and analysing secondary market data. Main research findings – motives of banks and insurance companies in Latvia for implementing Bancassurance are in correspondence with the academia: new clients and additional revenue for insurers, improvements of customer service and loyalty for banks. Study results highlight the great impact of economic growth and technological development on Bancassurance over other market-based factors and reflect the importance of their integration for achieving better results in each model.

Two-dimensional liquid chromatography - high resolution mass spectrometry method for simultaneous monitoring of 70 regulated and emerging mycotoxins in Pu-erh tea

• Need for specific methods for the analysis of mycotoxins in complex matrix. • Online heart-cutting 2D-LC-ToF-HRMS method was developed for determination of 70 mycotoxins in Pu-erh tea. • Validation of the method was performed in accordance with the legislation and performance criteria set in EU guidelines. • The approach was successfully applied to 20 samples of Pu-erh tea available in Latvian market.

NECESSITY OF MOBILE EXPERT SYSTEM FOR APPLE AND PEAR DISEASE IDENTIFICATION IN LATVIA

Apples and pears are one of the most widely grown and economically important fruits in the world and in Latvia. Mobile expert system is software running on smartphones that use artificial intelligence to solve problems in a specialized field that usually requires human competence. This article analyses the necessity of mobile expert system that will be able to recognize apple or pear disease. Author conducted Latvian market survey to investigate gardener inclinations related with smart horticulture. The survey showed the importance of expert system for Latvian market.

BRAND RECOGNITION OF THE TEX MEX PRODUCTS IN LATVIA

The foundation of successful business relies on recognition and positive experience among customers. The article examines theory of the brand and how well it is recognized in the Latvian spice market, focusing on the Tex Mex production. The research in this field is important as the Latvian spice market is still growing and many different brands are offered by various manufacturers therefore the competition is tough and it is important to strengthen the market space of Tex Mex spices. Moreover, there is an increase in the European spice market, therefore the research results are important for the European spice market in general. The purpose is to examine theoretical aspects of the brand and to evaluate the Tex Mex products’ brand recognition in Latvia. The research novelty lays in the fact that a survey of 1011 Latvian residents is used, by analyzing their habits in Latvian spice market and, expecially the Tex Mex products. The paper contains following research methods: theory analyses; document analyses and analysis of a survey involving A 1011 Latvian residents - 454 females and 557 males, age group 15-74. The key results of the research: compared to the previous year, customers' attitude to the products of the brand Santa Maria Tex Mex has increased and currently Santa Maria is the market leader in Latvian Tex Mex products. At the same time more than half of Latvia’s people have never purchased Tex Mex products.To promote the visibility of the Tex Mex products, product tastings should be chosen as they provide further information to consumers.

Financial Companies in Latvia: Why are they Coming to the Bond Market?

In the period 2013-2017 Latvian corporate bond market had experienced the abrupt growth of the number of public Latvian corporate bond issues outstanding. The base of the expansion was formed by the financing activity of Latvian financial sector issuers (FSIs) with their weight in the pool of corporate bond issues listed in Nasdaq Riga at 85%. In 2019, FSIs remain the main issuer in Latvian corporate bond market (64% of the number of issues (Nasdaq Baltic, 2019)). The financing needs and preferences of the FSIs not only shape the segment profitability but also build Latvian corporate bond market sustainability. 
 Academic papers provide broad motivation for corporate debt issuing: an efficient competition to bank funding, long-term financing, improvement of the cash flow by decreasing the cost of debt, optimization of the financial structure, and efficient ownership structure. The existing academic research is modest on the analysis of the FSI segment as the issuer segment in the debt market where academics do analyse the corporate bonds issuance by the FSIs where motivating factors stimulating FSIs to come to the public debt market are seldom separated while size and characteristics of the issuers are mostly scrutinised.
 The aim of this article is to analyse the determinant of the development of the FSI segment of the corporate bond market in Latvia by defining the factors stimulating the bond issuing decision as made by the FSI segment. This article provides primary data analysis of both survey and in-depth interviews with Latvian FSI segment representatives run in the period June-August 2017. The results of the analysis indicate that bank borrowing is not treated as the funding alternative for FSIs where issuing debt and equity funding are the recognised funding sources of the FSI segment. The growing role of the peer-to-peer platform financing is recognised and will further influence the FSI segment alternative financing. The main factors motivating FSIs to come to the debt market are reputation a company gets as the result of the bond issue, strategical ambition to be present in the public market, cost of funding in the long-term (more than 3 years). The methods used in this article are scientific publication analysis, document analysis, expert survey, in-depth interviews, and statistical data analysis.

EVALUATION OF THE LATVIAN STOCK MARKET AS AN INVESTMENT OBJECT

Development of the securities market in Latvia compared with the countries of Western Europe, Scandinavia, and North America has started much later and has been slow; therefore, the interest of individuals and companies to actively participate in the capital market can be assessed as low. The stock market that is considered as one of the types of the securities market is an unstructured environment where every investor has to decide on how to invest. The potential investor interested in stocks as an investment object can buy shares of the companies and potentially earn money despite the fact that investments in stocks are considered as a very high-risk investment. The research aim: to evaluate the Latvian stock market as one of the investment objects. The scope of the research determines the topics covered: investment opportunities in the stocks of the regulated Latvian stock exchange. The research findings point out that the performance of the Nasdaq Riga stock exchange despite its relatively small number of the issuers of shares is effective. The author concludes that use of the investment accounts is not sufficiently promoted for private individuals, consequently, the culture of savings lags behind in Latvia. In order to educate the private investors and promote decision-making on the purchase of shares, it would be advisable for the Nasdaq Riga to provide the investors with concise information on the shares of the companies and their characteristics. The quantitative and qualitative methods of economics research, including the method of comparative analysis and synthesis, as well as statistical and graphical analysis methods are used in the research.

ROLE OF DEDUCTIBLES IN THE INSURANCE PROCESS

The application, type and amount of a deductible is one of the opportunities of changing the covering in insurance. The research on the deductible amount is currently especially important because there is severe competition in the Latvian insurance market among the insurers, and due to the market conjuncture, it is no longer possible to compete only by lowering the price. The theoretical studies have been summarized in the research on the essence and application of the deductible, which were implemented by foreign and Latvian scientists. The aim of the research is to characterise the essence of a deductible, to specify the applied definitions by providing the types of the deductible amount and by characterizing their effects on the insurance process. The following methods were used in the research: monographic, problem analysis, scientific induction and deduction methods, and adoption of a decision under conditions of uncertainty.

Occurrence of glyphosate in beer from the Latvian market

ABSTRACTA sensitive LC-MS/MS method for the determination of glyphosate in beer has been developed, validated, and applied to analyse 100 beer samples from 24 different producers and distributors in Latvia. The selected samples represented most beer brands and varieties sold in local supermarkets. Different procedures for sample preparation and chromatographic separation were compared. The final version of the method consisted of solid phase extraction, chromatographic separation on aminopropyl stationary phase, and detection using tandem mass spectrometry. The concentration of glyphosate in beer varied from below the LOD of 0.2 μg kg−1 up to 150 μg kg−1, higher than previously reported. Significantly higher (p < 0.01) content of glyphosate was observed in beers that did not have the country of production disclosed on the label and were sold in local supermarkets by distributors from Latvia (1.8 μg kg−1 median concentration in locally produced beer, 6.7 μg kg−1 in beer of undisclosed origin).

The Influence of the Socio-cultural Environmental Factors on the Marketing of Cultural Institutions of Latvia

The article deals with the socio-cultural factors of the macro-environment which can influence on the production and distribution of cultural products in Latvia. Among the main factors the level of education, social stratification, attitude in the society towards charity and culture as a whole are emphasized. Using the materials of the European studies and the results of the carried out survey of visitors of the state institutions of culture of Latvia, the authors carry out a comparative analysis of the influence of social and cultural factors on the European and Latvian market of the cultural products.

TURBULENT BUSINESS ENVIRONMENT AND THE POSSIBILITY OF APPLYING MARKETING DECISION OPTIMIZATION ALGORITHMS USING THE EXAMPLE OF THE LATVIAN MARKET

In this work an attempt is made to describe the experience of marketing decision development in the conditions of a turbulent business environment using the example of various Latvian enterprises. The main goal is to show the possibility of simple algorithm for strategic marketing solutions development of different business structures in Latvian market, which can be easily mastered by students of the 2-nd or 3-rd years during 100 academic hours. Using characteristic features of a turbulent business environment, the possibilities of applying marketing decisions offering algorithms both for the national (Latvian) market and for entry into international markets are discussed. This experience is part of the author's pedagogical activity at higher education institutions in Latvia (RISEBA) over the last 20 years and assumes training in new methods of marketing decision development, with use of modern marketing technologies, including matrix methods, as well as cluster, discriminant and screening analysis. The researched experience and potential for the application of the author's theoretical elaborations (the matrix “solution’s novelty – consumer’s demand for novelty”) are particularly relevant for developing creative marketing management solutions in the areas of business where the novelty of goods (services) may be an important competitive advantage in a turbulent business environment.

Phenolics Content in Buckwheat Flour

Abstract The objective of the current study was to analyse the total phenolic concentration (TPC), total flavonoid concentration (TFC), individual phenolic compound concentration and DPPH′ radical scavenging activity of four buckwheat (raw, roasted, white and dark) flour samples obtained from the Latvian market, in comparison to those of wheat flour, which is the most common ingredient in production of cereal products. TPC, TFC, and DPPH′ radical scavenging activity values were determined using spectrophotometric methods. Phenolic compounds were determined based on the high performance liquid chromatographic method (HPLC). All buckwheat flour samples had significantly higher TPC and TFC than wheat flour. The highest TPC (974.74 mg GAE·100 g−1 DW) and TFC (495.31 mg CE·100 g−1 DW) was found in raw buckwheat flour (p &lt; 0.05). Buckwheat flour samples demonstrated similar DPPH′ radical scavenging activity, which ranged from 21.067 to 22.644 mM TE·100 g−1 dry matter, and was significantly higher (p &lt; 0.05) than in wheat flour (0.731 mM TE·100 g−1 of dry matter). Dark buckwheat flour contained the highest level of rutin (4.613 mg·100 g−1), whereas raw buckwheat flour displayed the highest level of 3.5-dihydroxybenzoic acid (6.356 mg·100 g−1), sinapic acid (0.947 mg·100 g−1) and epicatechin (2.608 mg·100 g−1).

Evaluating Possibilities of Regional Tourism Services in the Air-passenger Transport Global Market (A Case Study of Latvian Market)

The research outlines the issue of specific regional service distribution in small countries' outbound tourism market, as ancillary non-aviation services on the global market of air-passenger transport services (as illustrated by the Latvian market data). The article provides the statistics of passenger flows at Riga airport, which allows evaluating the number of foreign airline passengers arriving in Latvia, considering them as potential consumers of ancillary services in the regional spheres of tourism, leisure, education, etc. The material puts forward the idea of regional service aggregation in the framework of the Next Distribution Capability model introduced by the International Air Transport Association, in cooperation with airline carriers, Global Distribution Systems and international travel associations. The regional aggregator's potential profit was also assessed; and a number of recommendations about its setup and functional structure, as a business company, were offered. PEST-analysis was conducted demonstrating how various factors influence the effectiveness indices for market launches of air-passenger transport services. The paper also emphasizes the expediency of engaging state administration and local government bodies in carrying out a project aimed at creating an aggregator for global distribution of regional services to enhance Latvia's upmarket image and its promotion abroad.

Application of methods of marketing analysis for the increase of the activity of the wood processing company on the Latvian market

Application of methods of marketing analysis for the increase of the activity of the wood processing company on the Latvian market

Time-varying Co-Movement And Volatility Transmission Between The Oil Price And Stock Markets In The Baltics And Four European Countries

The paper explores time-varying co-movement and volatility transmission between three Baltic (Estonia, Latvia and Lithuania) stock markets and two international crude oil indices (Brent and West Texas Intermediate (WTI)). It also investigates the relation between two major oil-importing (the EU and the UK) and oil-exporting (Norway and Russia) European countries and the two oil indices. We utilised a long sample period that allows for the examination of the behaviour of the Baltic stock markets in relation to the oil indices prior to the countries’ EU accession. The sample study, which concerns high-frequency data, ran from 3 January 2000 to 18 January 2016. The GARCH family was employed to account for the time-varying study, which yielded several important findings. We found that the Baltics have a positive albeit lower level of time-varying co-movement with the international oil markets. In addition, the results revealed that the impacts of oil shocks in the Baltics are also lower than in the other four European markets. Additionally, among the Baltic countries, we found the Latvian market to be isolated from any shocks in the oil markets. Further, the results showed that the Baltic stock markets provide a higher return, with Estonia having the highest return. Indeed, all the Baltic markets exhibit lower risk than the other European markets. This result has important implications, especially for international investors and oil companies seeking to benefit from risk diversification and hedging techniques. However, this finding is contrary to the existing literature, which argues that the Baltics are integrated. Considering the time-varying and volatility transmission with the oil-importing and oil-exporting countries, we found that there exists high-level time-varying co-movement. We also found that the volatility transmission and the magnitude of shocks from the oil markets are higher in oil-exporting countries. DOI: http://dx.doi.org/10.5755/j01.ee.28.5.17383