The business growth rates in the US market will comedown, according Mr G.V. Prasad, CEO, Dr Reddy's Laboratories Ltd.
Addressing the shareholders at the 28th annual general meeting here on Friday, Mr Prasad said the market slowdown would be due to many drugs going off patents and increasing competition.
The company hopes to address this issue by increased focus on innovation and complex products.
Dr Anji Reddy, Founder Chairman, was conspicuous by his absence.
The company said he was 'not able' to attend and his son and Managing Director of the company, Mr K. Satish Reddy, read out his speech.
Dr Reddy's scrip declined about 3 per cent on the BSE after opening of trade.