There really is a Dr. Reddy who heads up one of India's largest pharmaceutical companies that carries his name. While the familiar names in drug manufacturing are drifting overseas for business, Dr. Reddy's Labs is exceeding growth predictions primarily from expanding U.S. sales. In fact, the U.S. represented 34 percent of Dr. Reddy's generic drug sales worldwide, well ahead of its sales in its other major markets including India (21 percent), Europe (20 percent), and Russia (15 percent), according to the company's most recent annual report.
After it launched its authorized generic version of sumatriptan (a migraine drug marketed as Imitrix) in the United States in 2009, Dr. Reddy's overall revenue grew 9 percent to reach $1.56 billion in early 2010. The company expects to exceed $2.7 billion in sales by 2013.
The company announced June 6 that it has launched three more new generics in the United States: venlafaxine hydrochloride extended release caps, a generic version of Pfizer's Effexor XR, a depression and anxiety treatment; donepezil hydrochloride, the generic version of Pfizer and Eisai's Alzheimer's disease drug, Aricept, both of which gained Food and Drug Administration approval in May; and letrozole, a generic version of Femara, a breast cancer treatment for postmenopausal women developed by Novrtis. Dr. Reddy's letrozole was approved by the FDA on June 3.
Dr. Reddy's filed 12 new Abbreviated New Drug Applications (ANDAs) in the U.S and one in Canada during 2009 and 2010. The company currently has 74 ANDAs awaiting FDA approval.
And who is Dr. Reddy? That would be company founder and chairman, Dr. Kallam Anji Reddy.