Dr Reddys commences operations in Philippines

Dr Reddys Laboratories Ltd has announced that the Company has expanded its presence in the ASEAN region with the opening of its 41st overseas office in Manila, Philippines in partnership with Britton Marketing Corporation, a sister Company of Britton Distributions, Inc. This distributor-based model will serve the US $ 1.8 billion Philippines pharmaceutical market, which is growing at over 10% annually.

The Company is initially targeting therapeutic areas like cardiology, diabetology, gastroenterology and pain management. The first phase of launch will see major brands like Omez (Omiprazole), Stamlo M (Amlodipine maleate), Resilo (Losartan), Reclide (Gliclazide), Cardiopril (Ramiprll), Rafree (Meloxicam), Ciprolet (Ciprofloxacin), and Finast (Finasteride) being introduced in the Philippines market.

Commenting on the opening of the new office, Rajesh Kumar, Head- AMEEERA region said, "Accessibility of quality and affordable medicines is among the pressing issues in Philippines today. It is one of the key markets in the ASEAN region for us and being a leader in the generics space, Dr Reddy’s has a lot to offer to the Filipino medical community and the people of Philippines. BMC has a strong marketing presence in the healthcare products market and together with Dr. Reddy's, is ideally placed to serve this market."

The stock closed the day at Rs.649, up by Rs.2.90 or 0.45%. The stock hit an intraday high of Rs.654.50 and low of Rs.646.

The total traded quantity was 69143 compared to 2 week average of 46165.

Source : Equity Bulls

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