Lagatar24 Desk
New Delhi, Mar 9: Indian pharmaceutical major Dr. Reddy’s Laboratories Ltd said on Wednesday that it was focused on employee safety and business continuity in and around Russia, despite numerous Western corporations bailing out of Russia in recent days.
Despite pressure from the US, no Indian corporation has openly withdrawn from Russia, and New Delhi has refused to criticise Moscow’s invasion of Ukraine. McDonald’s, PepsiCo, Coca-Cola, and Starbucks have all discontinued selling their most well-known items in Russia.
“We have had a presence in the region for over three decades,” a Dr. Reddy’s spokesperson said in an email, according to NDTV.
“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 would not specify whether it will increase or decrease its investments in Russia, which accounted for more than 8% of its total revenues of Rs. 18,970 crore ($2.47 billion) in the fiscal year that ended on March 31.
In its annual report from last year, the corporation stated that it was concentrating on ‘scaling up in our major markets, which include Russia, China, Brazil, South Africa, and Ukraine.’
Pain relievers and other pharmaceuticals are sold in Russia by Dr Reddy’s, India’s fourth-largest pharmaceutical firm by market value. It is the sole distributor of Russia’s Sputnik Covid-19 vaccines in India.
Russia was a ‘really good market’ for it, according to its CEO, who told a health conference in January that it was buying brands there.
Since Russia invaded Ukraine on February 24, shares of the company, in which J.P. Morgan Asset Management has the second largest interest behind Dr. Reddy’s Holdings Ltd, have declined around 8%. The stock has dropped by a fifth this year, compared to a 6% drop in the Mumbai market.
