KYIV. March 21 (Interfax-Ukraine) – India’s Dr.Reddy’s integrated international pharmaceutical company is still optimistic about the Ukrainian pharmaceutical market. The company continues developing its Ukrainian business, Dr.Reddy’s Executive Vice President M.V. Ramana has said.
“Ukraine is a key market that Dr.Reddy’s is focusing on,” he told Interfax-Ukraine.
Commenting on the company’s operation in Ukraine in 2015, Ramana said that the economic turmoil has had a direct impact on the company’s business. General slow on the Ukrainian pharmaceutical market and a decline in buying power have made a serious gap in the company’s efficiency.
He said that hryvnia devaluation had the worst aftermath for the business.
“Nevertheless, despite the worsening of the situation with national currency devaluation, Dr.Reddy’s is among few global companies operating in Ukraine that tried to ensure the affordability of its products. This is the key goal of our company,” he said.
Ramana said that Dr.Reddy’s was one of few companies that continued their operation in eastern Ukraine, in Donetsk and Luhansk regions, at the beginning of the conflict in May-June 2014. Dr.Reddy’s team in the region continued providing for the needs of patients and healthcare centers.
“After the worsening of the conflict in the region in 2015… Dr.Reddy’s helped most of its employees move to other regions of Ukraine,” he said.
Being optimistic about the Ukrainian pharmaceutical market, Dr.Reddy’s will continue investing funds in innovation and affordable medicines and will focus its attention to business growth, he said.
Ramana said that the potential of the Ukrainian market is still large, and the current crisis is a temporary regress that could last from 18 to 24 months.
Dr.Reddy’s developed several brands of prescription, Over-the-Counter (OTC) and anti-cancer drugs. They are leaders in their market segments.
Ramana said that Dr.Reddy’s now is ninth among top 10 leading foreign companies operating in Ukraine.
He said that Dr.Reddy’s will continue enlarging its presence in Ukraine, bringing innovation products of great demand to the Ukrainian market.
