New Delhi: The Hyderabad-based Dr Reddy’s Labs is planning to launch new generic drugs in various therapeutic segments to give a push to its domestic operations and get back to among the top ten firms in the country.
The firm, which is currently ranked 13th with a 2.7% share in the Rs55,000-crore domestic pharma market, is working to increase the domestic sales.
“We were among the top 10 domestic pharma companies a few years ago and we expect to be back there,” Dr Reddy’s Laboratories chief operating officer Satish Reddy said.
The company will launch new products in the domestic market particularly in therapeutic areas like cardiovascular, diabetes and dermatology that have a larger market share, he said without specifying details. He also said the company will be focusing on different region where it doesn’t have a strong presence.
“Our position in the North and Eastern markets is not very good and going forward, we are looking at strengthening our business in these regions,” Reddy said.
He said the strategy of focusing on export markets, that accounts for around 85% of its revenues of of $1.4 billion, had resulted in slipping market share in the domestic market.
“The slip in ranking is due to the management’s lack of focus in the country’s operations and limited drug launches here,” he said.
Dr Reddy’s reported a revenue of around $1.4 billion in the last financial year, out of which the domestic sales were only around $167 million.
For the quarter ended on September, it reported sales of around $382 million with domestic sales accounting for just over $50 million.
Dr Reddy’s currently has around 200 brands in its portfolio in 13 major therapeutic areas including gastro- intestinal, cardio vascular, pain management, cancer, anti- infectives and dermatology.