Financial Daily from THE HINDU group of publications
Wednesday, Apr 06, 2005
Financial Daily from THE HINDU group of publications Wednesday, Apr 06, 2005 |
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Corporate
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Research & Development Dr Reddy's seeking more funds for R&D Our Bureau
New Delhi , April 5 EVERYTHING (in research) cannot fail' is one thing Dr Anji Reddy, Chairman of Dr Reddy's Laboratories (DRL), firmly believes in. After finalising a $56-million agreement with ICICI Venture Funds Management Company, he said the company was looking for more investments to support its R&D activities. Speaking on the sidelines of the Chemtech-PharmaBio Awards, Dr Reddy said: "We are looking for investments to support development of new chemical entities (NCEs) and speciality drugs. Currently, our R&D spend is just $20 million or four per cent of the turnover. This has to go up." , He said the company would decide on whether or not to enter Phase III clinical trials of a new molecule for diabetes in June-July this year. Two other drugs are in various phases of clinical research. The company has another four products in the cardiovascular, metabolic disorders and obesity segments in the pipeline. "These are ready to go into phase I trials in the next two years."Dr Reddy said t the company would not enter into any licensing agreement for drug development before completing phase II clinical trials. "For further development, we could look at other forms of funding or tie up with another company." Two years back, global pharmaceutical giant Novo Nordisk announced its decision to suspend the ongoing clinical trials on DRL's anti-diabetic molecule, Ragaglitazar.
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