By Tracy Staton
2011 generic drug sales: $1.48 billion
Growth rate 2011: 34%
Growth rate 2010: 15%
Dr. Reddy's Laboratories is one of the Indian pharma heavyweights that ventured forth to make an international fortune. The company set some big growth goals back then, and it's upgraded those goals year by year. Last March, for instance, founder and Chairman Anji Reddy predicted that his company would reach blockbuster status by 2013, and it hit that milestone soon after, with $1.1 billion in sales for the fiscal year.
Because of its position at home in India--it's the country's second-largest drugmaker--Dr. Reddy's has been able to attract marquee partners such as GlaxoSmithKline ($GSK). The two companies teamed up in 2009, in a deal that offered Glaxo access to Dr. Reddy's portfolio of approved and pipeline products, more than 100 branded generics in all. Then, in late 2010, the London-based drug giant sold off its U.S. penicillin-based drug business to its Indian partner, in a deal that gave Dr. Reddy's a factory and two key brands.
And then there's Fujifilm, the Japanese company. Intending to diversify into the drug business, Fujifilm hooked up with Dr. Reddy's to develop and sell generics in Japan, where the government is pushing to expand use of cheap copycat meds. The joint venture is 51%-owned by Fujifilm. The two companies expect to launch their first products in 2014.
The company has also grown its sales the old-fashioned way, through developing and launching copies of big-selling branded drugs. Dr. Reddy's launched a version of Pfizer's $1.8 billion stomach drug Protonix in January 2011. And the company was one of 6 to gain FDA approval last year for generic Levaquin, Johnson & Johnson's blockbuster antibiotic. It ushered in an over-the-counter version of Sanofi's big-selling allergy drug Allegra. And in October, it launched a copycat form of Eli Lilly's major antipsychotic pill Zyprexa. In all, Dr. Reddy's rolled out almost a dozen new products in North America last year.
As usual, however, the company is looking forward. Executives say they're looking for acquisitions in Russia, and they're eyeing big product rollouts for the second half of this year. And top executive G.V. Prasad is looking out for its GSK partnership to really start paying off--in about two years or so.