Tenth Anniversary Special
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Corporate
Dr Reddy's: Health capsule
Nath Balakrishnan
Dr Anji Reddy
WHEN Dr K. Anji Reddy set up Dr Reddy's Laboratories in 1984 — his work experience included a six-year stint with Indian Drugs and Pharmaceuticals Ltd — with a capital of Rs 25 lakh, not many would have expected that this company would one day give MNC pharma companies the jitters. From humble beginnings, Dr Anji Reddy now presides over a company that has revenues of close to Rs 1,700 crore. Much as the existence of the process patent regime in the country threw up opportunities for Dr Reddy's, the flip side of such a regulatory environment was an intensely competitive domestic market. From its formative years, Dr Reddy's has consciously chosen to foray abroad.
For instance, it received the USFDA approval for Ibuprofen in 1987, and began exporting formulations to Russia in 1991. The significance of the export thrust can be gauged by the fact that 64 per cent of its revenues flow from overseas markets.
Realising that the biggest bang for its buck lay in penetrating the highly regulated US market, Dr Reddy's has made a Herculean effort to prise it open. In the process, it became the first Indian pharmaceutical company to win a 180-day marketing exclusivity for a generic version of a formulation patented by an MNC.
Outlicensing a molecule to a multinational (Novo Nordisk) for further development, and the filing of a new drug application in the US under Section 505(b)(2) (against Pfizer's blockbuster anti-hypertensive, Norvasc) are a couple of other firsts that Dr Reddy's can take credit for.
In the process of carving a niche for itself and preparing for the product patent regime that will take effect in 2005, Dr Reddy's continues, at a broader level, to be a shining example for the collective might of the domestic pharmaceutical industry in the global marketplace.
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