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Generic pharmaceuticals are the chemical and therapeutic equivalents of reference branded drugs, typically sold under their generic chemical names. These drugs are required to meet similar governmental standards as their brand-name equivalents and must receive regulatory approval prior to their sale in any given country. Generic drugs may be manufactured and marketed only if relevant patents on their brand name equivalents and any additional government-mandated market exclusivity periods have expired, been challenged and invalidated, or otherwise validly circumvented.

Dr. Reddy's generics operations started in the second half of fiscal 2001 and the company markets its products principally in North America (United States and Canada) and the European Union.

Dr. Reddy's generics portfolio accounted for 17% of the company's total revenues for fiscal 2006, contributing $91 million. The revenue break-up by geography is indicated in the chart below.

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In February 2006, Dr. Reddy’s successfully completed the acquisition of Betapharm Group, the fourth-largest generic pharmaceuticals company in Germany, for a total enterprise value of € 480 million. The investment in Betapharm has been a key strategic initiative of Dr. Reddy’s towards becoming a mid-sized global pharmaceutical company with strong presence in all key pharmaceutical markets.

Dr. Reddy's believes that various favorable factors (such as increased awareness and acceptance of generics, favorable legislation, etc.), together with the large volume of branded products losing patent protection over the coming years, should lead to continued expansion of the generic pharmaceuticals market.

The company intends to capitalize on the opportunity by leveraging its product development capabilities, manufacturing capacities (inspected and approved by various international regulatory agencies) and access to its own APIs, which offers significant supply chain efficiencies.

Through the coordinated efforts of teams in the U.S., Europe and India, Dr. Reddy's constantly seeks to expand its pipeline of generic products.

As of March 31, 2006, Dr. Reddy's U.S. generic pipeline comprises of:

Total number of ANDAs filed 76
No. of ANDAs approved 22
No. of ANDAs tentatively approved 12
No. of ANDAs under review 42