Dr. Reddy’s chairman K Satish Reddy and co-chairman and managing director GV Prasad announced that the company is planning to triple its reach to 1.5 billion patients by 2030 as part of its sustainability goals.
In their joint address to shareholders in the company’s annual report for 2021-22, they said as the pharmaceutical landscape evolves, there would be intense competition in traditional generics, disruption brought in by new players and new business models, and demand for holistic healthcare solutions, as reported by news agency PTI.
“This year we refreshed our sustainability and ESG goals for the next decade, while making them central to our purpose and integral to our strategy. Propelled by bold targets in affordability and innovation, we aim to triple our existing reach to touch the lives of over 1.5 billion patients by 2030,” Reddy and Prasad wrote.
Under its sustainability goals for the next decade, Dr Reddy’s said it is making its “products accessible and affordable for patients” and “25 per cent of new launches to be first to market by 2027.”
The company also said it will have three innovative products improving the standard of treatment every year. On carbon emissions, according to the annual report, by 2030 the company will use 100 per cent renewable power and it will also be carbon-neutral in direct emissions, while it is targetting 12.5 per cent reduction in indirect carbon emissions.
The company said it will be water-positive by 2025. On gender diversity and inclusiveness, Dr Reddy’s said there would be at least 35 per cent women in senior leadership by 2030, which would be a three-fold increase from the current baseline.
Further, the company said there would be gender parity for the organisation by 2035 and “3 per cent of our workforce to be with disabilities by 2030”.
Commenting on the competition in the pharma sector, Reddy and Prasad said, ”As the pharmaceutical landscape evolves, we see intense competition in traditional generics, disruption brought on by new players and new business models, and demand for holistic healthcare solutions.” As a company with a history of deep science that has led to several industry firsts, they added, ”We continue to plan ahead and invest in businesses of the future.” These include deepening presence in nutraceuticals, discovery and development of immuno-oncology new chemical entities at the company’s subsidiary Aurigene Discovery Technologies Ltd and strengthening its contract development and manufacturing services.
”We are also exploring new spaces such as digital healthcare services, clinically differentiated assets, biologics and cell and gene therapy, and disease management,” they wrote.
On the outlook, they said the company’s core businesses of active pharmaceutical ingredients, generics, branded generics, biosimilars and OTC constitute the near-term growth drivers ”We aim to continue to deliver growth and profitability of these businesses through improved execution on product development and launch, improved productivity driven by continuous improvement as well as digitalisation,” Reddy and Prasad added.
(With inputs from PTI)