The main goal of founding the company was to supply pharmaceutical substances and intermediates to several finished drug form manufacturing plants in the Soviet Union.

The key areas of specialization in final dosage forms include neurology (cholinesterase inhibitors, anxiolytics, psychostimulants, nootropics), cardiology (antiarrhythmics, energy metabolism enhancers), infectology (original nitrofurantoine derivatives and antivirals) and allergology (fast acting antihistamines).

[5] Proof of the high quality of the Olainfarm products is cooperation with such global and regionally acknowledged companies as Novartis, Dr. Reddy's, Glenmark Generics, Sigma AU, Almirall Ranke, UQUIFA, MIAT, Actavis, Teva, Egis, PHF and many others.

[7] Representative offices in Ukraine, Tajikistan, Albania, Armenia, Kazakhstan, Kosovo, Uzbekistan and Mongolia, subsidiaries in Latvia, Lithuania, Turkey, Azerbaijan and Kyrgyzstan, and contracted agents in the USA, Serbia, Turkmenistan, Moldova, Sweden and Southeast Asia.

On 4 December 1965, the Council of Ministers of the Latvian Soviet Socialist Republic adopted a decision on construction of a chemical-pharmaceutical factory in the town of Olaine.

[9] The production capacity of the enterprise made it possible to supply all the existing factories-manufacturers in the territory of the Soviet Union with active chemical ingredients and intermediates of corresponding groups.

These changes affected also the operation of Olaine Chemical-Pharmaceutical Plant; therefore, a decision was made to develop the strongest lines of synthesis (adamantine, quinuclidinone, and other derivatives) for selling products to Western countries.

In 2011, When the sales promotion programme, which started in 2008, showed significant results, the Company set even higher new records of profit and turnover.

[14] In 2014, Olainfarm won the Export Champion 2014 Award at the competition organized by the Latvian Economics Ministry and the Investment and Development Agency of Latvia (LIAA).

[15] On 13 January 2015, JSC Olainfarm opened the newly finished drug manufacturing plant, which was created with investments of 9.6 million.

On 20 January 2016, JSC Olainfarm concluded an agreement on the purchase of 100% of capital shares of the manufacturer of organic cosmetics Kiwi Cosmetics Ltd.[16] On 28 January, JSC Olainfarm receives an award in the decade nomination "Best 10-year performance" for the biggest share price growth and an increase the Baltic Market Awards ranking.

[21] On May 6 2020, the company SIA Pharma Invest submitted the prospectus of AS Olainfarm's voluntary share buyback offer to the Financial and Capital Market Commission in order to receive permission to acquire a 10% equity stake.