Dr. Reddy's Laboratories Ltd.’s quarterly results are emblematic of the malaise afflicting India’s flagship generic drug sector. The industry has been pummeled by double-digit price erosion in its main US market with drug distributors consolidating their buying power and the US FDA awarding approvals at a record rate. The US contributes nearly half of Dr Reddy’s total revenue.
“We anticipate the market dynamics will remain challenging in the near-term,” Dr Reddy’s chief operating officer Abhijit Mukherjee told analysts...
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