Pharma company Dr. Reddy's plans business continuity in Russia
The company said in its annual report last year that its focus was on "scaling up in our major markets, which include Russia, China, Brazil, South Africa and Ukraine".
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"We have had a presence in the region for over three decades," a Dr. Reddy's spokesperson said in an email. "Ensuring the well-being of our staff is our first and foremost priority, along with measures to meet patient needs and business continuity. Overall, we are monitoring evolving developments closely and preparing accordingly." It declined to say if it would raise or scale back investments in Russia, which accounted for more than 8% of its total sales of $2.47 billion in the last fiscal year that ended on March 31.
The company said in its annual report last year that its focus was on "scaling up in our major markets, which include Russia, China, Brazil, South Africa and Ukraine".
Dr Reddy's, India's fourth-biggest pharmaceutical company by market value, sells pain killers and other medicines in Russia. It is the main distributor in India for Russia's Sputnik Covid-19 vaccines. Its CEO told a health conference in January Russia was a "very good market" for it and that it was buying brands there. Shares of the company, in which J.P. Morgan Asset Management has the biggest stake after Dr. Reddy's Holdings Ltd, have fallen about 8% since Russia invaded Ukraine on Febuary 24.
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