Dr Reddy's commences operations in Nigeria
Our Corporate Bureau
16 June 2007
Mumbai: Dr Reddy's Laboratories Ltd has expanded its presence in Africa with the opening of its 40th overseas office in Lagos, Nigeria in partnership with Phillips Pharmaceuticals.
This distributor-based model will serve the $280 million Nigerian pharmaceutical market, DRL said in filing with the Bombay Stock Exchange (BSE).
The company is initially targeting therapeutic areas like gastroenterology, diabetes and cancer. The first phase of launch will see major brands like Omez, Reclide, Diavista, Osetron and Docetere 20mg (from amongst the range of oncology drugs) being introduced in the Nigerian market.
"We are committed to bringing quality and affordable medicine to people across the world and the initiation of our Nigerian operations is one more step in that direction. With the introduction of our leading brands, we are extremely confident of making our presence felt among the Nigerian medical community," Rajesh Kumar, head, AMEEERA region of DRL, said.
DRL manufactures and markets API (bulk actives), finished dosages and biologics in over 100 countries worldwide, in addition to having a very promising drug discovery pipeline. The drug maker currently operates across the US, the UK, Russia, China, Sri Lanka, and Kazakhstan, among others.
The company registered a net profit of $ 1,510 million in FY'07, of which international revenue accounted for 86 per cent or $1,297 million.