New Delhi: Pharmaceutical major Dr Reddy’s Laboratories Ltd. said on Wednesday it was focused on employee safety and business continuity in and around Russia, despite the withdrawal of several Western companies from Russia in recent days.
No Indian company has publicly backed out of Russia and New Delhi has refused to condemn Moscow’s invasion of Ukraine, despite pressure from the United States to do so. Western companies such as McDonald’s, PepsiCo, Coca-Cola and Starbucks have stopped selling their most famous products in Russia.
“We have a presence in the region for more than three decades,” Dr Reddy’s spokesperson said in an email.
“Ensuring the well-being of our employees is our first and foremost priority, along with measures to meet patient needs and business continuity. Overall, we are closely monitoring developments and preparing accordingly.”
It declined to say whether it would increase or reduce investments in Russia, which accounted for more than 8% of total sales of $2.47 billion in the previous fiscal year ended March 31.
The company said in its annual report last year that it was focused on “expansion into our key markets, including Russia, China, Brazil, South Africa and Ukraine”.
Dr Reddy’s, India’s fourth-largest pharmaceutical company by market value, sells pain relievers and other drugs in Russia. It is the main distributor in India for Russia’s Sputnik COVID-19 vaccines.
Its CEO told a health conference in January that Russia was a “very good market” for it and was buying the brand there.
Shares of the company, in which JPMorgan Asset Management holds the largest stake after Dr. Reddy’s Holdings Ltd., have fallen nearly 8% since Russia’s invasion of Ukraine on February 24.
No Indian company has publicly backed out of Russia and New Delhi has refused to condemn Moscow’s invasion of Ukraine, despite pressure from the United States to do so. Western companies such as McDonald’s, PepsiCo, Coca-Cola and Starbucks have stopped selling their most famous products in Russia.
“We have a presence in the region for more than three decades,” Dr Reddy’s spokesperson said in an email.
“Ensuring the well-being of our employees is our first and foremost priority, along with measures to meet patient needs and business continuity. Overall, we are closely monitoring developments and preparing accordingly.”
It declined to say whether it would increase or reduce investments in Russia, which accounted for more than 8% of total sales of $2.47 billion in the previous fiscal year ended March 31.
The company said in its annual report last year that it was focused on “expansion into our key markets, including Russia, China, Brazil, South Africa and Ukraine”.
Dr Reddy’s, India’s fourth-largest pharmaceutical company by market value, sells pain relievers and other drugs in Russia. It is the main distributor in India for Russia’s Sputnik COVID-19 vaccines.
Its CEO told a health conference in January that Russia was a “very good market” for it and was buying the brand there.
Shares of the company, in which JPMorgan Asset Management holds the largest stake after Dr. Reddy’s Holdings Ltd., have fallen nearly 8% since Russia’s invasion of Ukraine on February 24.