Dr Reddy's to enhance presence in emerging segments like nutraceuticals

Dr Reddy's Laboratories is looking to enhance its presence in various emerging segments like nutraceuticals and aims to get into integrated digital healthcare services as part of its future growth plans.

In its Annual Report for 2022-23, the Hyderabad-based drug major informed the shareholders that it also intends to follow a disciplined approach towards cash management and acquisitions.

"We are exploring business spaces that we think will shape the healthcare of the future. These include deepening our presence in nutraceuticals, cell and gene therapy and new chemical entities (NCEs)," Dr Reddy's Laboratories Chairman K Satish Reddy said.

The drug firm is also exploring new spaces such as integrated digital healthcare services, digital therapeutics, and disease management, he added.

"While these are long gestation businesses, and we are early in their development, we have made some progress," Reddy said.

The drug firm informed the shareholders that it has a strategy in place which will drive growth and, most importantly, one that should keep increasing access to medicines for people who need these the most.

The company has shown excellent financial discipline with a strong balance sheet and robust cash generation in FY2023, it stated.

"While the strong balance sheet provides financial flexibility to support future growth, we will follow a disciplined approach to cash management and acquisitions," the drug firm noted.

The company would continue to bolster operating efficiency, drive productivity, improve operations and processes to increase efficiency and responsiveness, enhance quality systems, strengthen R&D, and invest in digital initiatives to get closer to customers. it said.

For 2022-23 fiscal, Dr Reddy's reported a revenue of Rs 24,588 crore, a growth of 15 per cent over FY2022.