Dr Reddy’s Wants To Break Into Top Five In India
Expects China Market Uptick, India Sputnik V Go-Ahead In March
Dr Reddy’s signals a sharp step up in ambitions at home, propelled by building leadership in 10 therapy segments and an “India-first” approach for specialty products. Uptick in the China business and the potential launch of a Russia-partnered COVID-19 vaccine were other aspects of the business discussed at JPM.
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Indian firms are getting their act together in areas like cell and gene therapy, with Dr Reddy’s aiming big and readying a facility alongside an alliance with a Chinese firm for a CAR-T therapy. The company is also doubling down in contract development and manufacturing, with an eye on opportunities in biologics.
Most Indian pharma stocks, including large firms, yielded double digit negative returns over the last 12 months while the overall market (Bombay Stock Exchange Sensex) delivered positive returns, a new study by an investment banking and consulting services firm indicates. The prognosis for fiscal years 2023/24, though, is optimistic.
Quarterly ups and down notwithstanding, Dr Reddy’s signals continuing US launch momentum, with its generic Revlimid, for which the Indian firm claims exclusivity for two strengths, set to hit the market next month. “Low competition” assets, especially injectables, also continue to be on the deal-making radar in the US.