Dr Reddy’s sales in Russia and CIS top $150 million
19 Mar 2009
Dr Reddy's Laboratories has consolidated its position in the Russian and CIS markets with revenues of over $150 million for fiscal 2009.
Dr Reddy's says this has been achieved through branded franchise, cementing strong customer relationships and partnering with trade channels over last several years.
Dr Reddy's entered the Russia market in 1992 and consolidated its position during the turbulent currency crisis of the late 1990s. Today Dr Reddy's is the largest Indian pharmaceutical company in Russia and is also the fastest-growing international branded generic company by volume, it said.
The company has been growing steadily over the last several years with revenues of $80 million, $110 million and $138 million in the fiscal years 2006, 2007 and 2008 respectively in the Russia/CIS region, the release quoted M V Ramana, head of Russia & CIS operations of Dr Reddy's as saying.
''During the 11 months ended February 2009, the year-on-year revenue growth rate in Russia / CIS was a healthy 24 per cent in dollar terms and we hope to maintain this growth and manage receivables pro-actively,'' he said.
''With over 80 per cent of the revenues generated from the top four distributors, the product portfolio is well penetrated geographically and enjoys good availability in the pharmacies,'' Ramana added.
''With strong brands, sustained growth in the OTC segment and our association with top tier distribution partners, we are confident of meeting the growth expectations in Russia and CIS,'' said Satish Reddy, MD and COO, Dr Reddy's.
Dr Reddy's is ranked 7th among generic companies in Russia as of February 2009 as per Russian market research firm pharmexpert.
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