Hyderabad-based Dr Reddy's Labs will launch several new generic drugs in different therapeutic segments in a bid to boost its domestic operations and regain its position as one of the ten top firms in the sector.
Dr Reddy's is currently ranked 13th with a 2.7 per cent share of the Rs55,000 crore domestic pharma market. The firm is working to increase its domestic sales.
According to Satish Reddy, chief operating officer, the company was among the top 10 domestic pharma companies a few years back and was now aiming to be back there.
The company has developed new products for the domestic market particularly in therapeutic areas like cardiovascular, diabetes and dermatology, that have a larger market share, Reddy said without specifying details.
He said the company would focus on different regions where it currently did not have a strong presence. The company's position in markets in the north and east was not very good and it was looking at strengthening its business in these regions, he added.
He said the strategy of focusing on export markets accounting for around 85 per cent of its $1.4 billion revenues had left the company with a sliding market share in the domestic market.
He added that the slip in ranking was due to the lack of focus on the management's part on the operations in the country and the limited number of drugs it launched.