<div id="readability-page-1"><div>Dr. Reddy’s is sharpening its focus on India as a key growth engine, with a mix of portfolio expansion, productivity gains and targeted investments beginning to show results after a period of underperformance.The domestic business, which had lagged the broader market through FY25, has staged a turnaround over the past few quarters. “If you look at the last four quarters… we had challenges, our growth was lower than the market,” Chief Financial Officer M.V. Narasimham said in an interview. “Then we took corrective measures… and now, even before semaglutide launch, we are outperforming the market growth.”India contributed about Rs.6,200 crore to Dr Reddy’s FY26 revenue of Rs.33,593 crore, or roughly 18–19 percent of the total, making it the second-largest geography. The domestic market has become critical as it offers stability when overseas markets are exposed to price erosion, exchange rate fluctuations, regulatory changes and other supply chain issues. Dr ReddThat recovery is visible in the numbers. Dr. Reddy’s India business posted 20 percent year-on-year growth in Q4FY26, ahead of industry growth, driven by new product launches, price increases and higher volumes. On a full-year basis, India revenue rose 16 percent, reflecting sustained momentum across branded prescription, generics and newer segments.Narasimham attributes the turnaround to a combination of internal execution and portfolio shifts. “Clearly, there is a portfolio change… many of the innovative assets are being launched in the Indian market,” he said, citing newer molecules sourced globally that are gaining traction domestically.Beyond new products, the company has also revamped its commercial strategy. Leadership changes at the division level, tighter therapy focus and increased brand investments are all contributing to growth. “We are continuously investing behind the brands… that’s where it is going in the right direction,” he said.A key pillar of the India strategy is improving productivity rather than aggressively expanding the sales force. Narasimham pointed to steady gains in per-representative productivity, a key metric in the domestic pharma market. “Our PCPM… year to year has been in increasing trend,” he said, adding that it now stands at roughly ₹6.6–7 lakh per month, significantly higher than levels seen two to three years ago.PCPM or Per Capita Per Month refers to a key performance metric used to calculate the average revenue or sales value generated by a single Medical Representative.This efficiency-led approach allows the company to scale revenues without materially increasing costs, improving operating leverage in a competitive market.Major weaknessWhile Chronic therapies grew 14.2 percent year-on-year as per IQVIA MAT April 2026, compared with 7.8 percent growth in acute therapies, taking their share in the Indian Pharmaceutical Market (IPM) to over 40 percent, Dr. Reddy’s chronic therapies account for roughly one-fifth of its India revenue, leaving significant room for expansion. The low share of chronic is also the reason analysts attribute to Dr.Reddy's major challenge to break into the top-5 of IPM.Narasimham said the company is working to correct the portfolio imbalance with the expansion of chronic therapies.“We will continue to improve that ratio,” Narasimham said, highlighting both organic launches and inorganic opportunities such as brand acquisitions to strengthen the chronic segment.The company’s push into innovative therapies is also central to this shift. Recent launches of global assets and specialty products are helping diversify the portfolio beyond traditional generics. Semaglutide, recently launched in India, is expected to further accelerate this transition, though Narasimham stressed that growth is not dependent on a single product. “It is not like one semaglutide changed this… prior to that also we are outperforming,” he said.In parallel, Dr. Reddy’s is exploring selective acquisitions to fill gaps in its domestic portfolio. “Wherever brands we can acquire… we are strengthening with inorganic,” he said, adding that the company is evaluating opportunities across therapies and market segments.The early payoff of these initiatives is visible in market positioning. The company has improved its ranking in the Indian pharmaceutical market, moving from 10th to 9th position on a moving quarterly basis.Still, management remains cautious about the competitive intensity of the domestic market. “India is a very crowded market… when we are launching, our competitors also will launch,” Narasimham said, underlining the importance of differentiation and execution.</div></div>

如瑞迪博士

藥明康德正將印度作為增長引擎，在 2026 財年第四季度實現了國內業務的扭轉，年增長率達到 20%。該公司為 2026 財年收入貢獻了 6200 億印度盧比，同時提升其產品組合和生產力，並投資於新產品和商業策略。儘管在慢性治療領域面臨挑戰，藥明康德仍計劃通過有機和無機增長來擴展這一領域。該公司的市場排名已從印度製藥市場的第 10 位提升至第 9 位，但仍對競爭壓力保持謹慎

如瑞迪博士在 2026 財年通過調整產品組合和提高生產力來重振印度業務