Hyderabad: India’s second largest drugmaker by sales, Dr Reddy’s Laboratories Ltd, has launched in the US a generic version of a drug used to prevent or treat the rejection of livers, kidneys and hearts after transplants.
The patent for the tacrolimus capsules is held by Japanese drugmaker Astellas Pharma Inc. under the brand name Prograf. The medicine had a market of around $955 million (Rs4,489 crore) in the US in the year ended 31 March, Dr Reddy’s said in a statement on Friday.
Analyst Hemant Bakhru of brokerage CLSA Asia-Pacific Markets said the launch of tacrolimus capsules in the US is significant for Dr Reddy’s as there is only one other generic copy of the capsule, by Sandoz Inc., in the market for now. Other players are expected to enter after a few months.
New market: A Dr Reddy’s facility in Hyderabad. The firm can expect an additional $25 million in sales in fiscal 2011 from the drug. Bloomberg
Dr Reddy’s can expect an additional $25 million in sales in fiscal 2011 from the tacrolimus capsules, Bakhru added.
The other big launch expected this quarter by the Hyderabad-based drug maker is the anti-allergic drug Allegra, which has a market size of $180 million in the US.
Dr Reddy’s fiscal 2010 results had disappointed analysts after it posted a mere 1% sales growth over the previous year, hit by the expiry of the sales-exclusivity period in the US for its anti-migraine drug Sumatriptan.
The company also faced multiple product recalls in late 2009, as a result of which its customers shifted suppliers.
Analysts are keenly watching for further exclusivity opportunities for Dr Reddy’s, which is critical for the company to be able to touch its 2013 sales target of $3 billion. The company is also increasingly focusing on the domestic industry, clocking a 20% growth in India sales last year.