Dr Reddys Lab gets emergency use authorisation for Sputnik V in India

The drug major has received the permission from the Drug Controller General of India to import the Sputnik V vaccine into India for restricted use in emergency situations as per the provisions of the New Drug and Clincial Trials rules, 2019.

In September 2020, Dr Reddy's Laboratories had partnered with the Russian Direct Investment Fund (RDIF) to conduct the clinical trials of Sputnik V and distribute the vaccine in India. In addition to the trials conducted in Russia by RDIF. Phase II / III clinical trials of the vaccine were carried out by Dr Reddy's Laboratories in India.

Sputnik V has been approved for use in 60 countries around the world. It ranks second among coronavirus vaccines globally in terms of the number of approvals issued by government regulators. Sputnik V uses two different vectors for the two shots in a course of vaccination. The efficacy of Sputnik V was determined to be 91.6% as per a published article in the Lancet, one of the world's oldest and most respected medical journals.

The co-chairman and managing director of Dr Reddy's Laboratories, G V Prasad, said, "We are very pleased to obtain the emergency use authorsation for Sputnik V in India. With the rising cases in India, vaccination is the most effective tool in our battle against COVID-19. This will enable us to contribute to our nation's effort of vaccinating a signficant proportion of our population."

The company reported a consolidated net profit of Rs 27.90 crore in Q3 FY21 as compared to net loss of Rs 538.40 crore in Q3 FY20. Net sales during the quarter rose 12.5% Y-o-Y to Rs 4,929.60 crore.

Dr Reddy's Laboratories is an integrated pharmaceutical company. Through its three businesses - pharmaceutical services & active ingredients, global generics and proprietary Products.

Shares of Dr Reddy's Laboratories declined 2.04% to Rs 4,887.20 on BSE.

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