Dr Reddy Labs to set up major SEZs

Pharma sector getting hotter in the State

Following the approval of the Central Government, Dr. Reddy's Laboratories is gearing up to set up two major Special Economic Zones in Pharma sector. The proposed SEZs will be the first of its kind in Andhra Pradesh and are expected to fuel further growth in the Pharma sector which is already in a vibrant state according to industrial experts. It will set up one at Hyderabad and the second at Srikakulam. The SEZ for formulations will be the largest SEZ ever intended for the Pharma industry in the State has already made a mark in formulations in the SEZs.

According the sources available, the initial investment will be over Rs. 600 crores but the total investment could be around Rs. 1200 crore. The company is presently is in the process of hammering out their modalities. Dr. Reddy's will develop the second SEZ earmarked exclusively for Active Pharmaceutical Ingredients (APIs) in Srikakulam where it operates a facility.

According to Ernst & Young's Health Quotient-2006, vertical integration into APIs is gathering stream and all major Indian companies would be driven by this sector. All major companies including Dr. Reddy's are integrated with strong API cash flows and USFDA approved assets. According to Department of Industries, the SEZ route has been adopted largely for developing IT and ITeS sectors. The biotech sector in the State has seen Rs. 1000 crore investment upto 2002 and even going by the same pace, nearly Rs. 6000 crore investments are likely in the next five years to come.

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