New Delhi: Drug major Dr Reddy’s Laboratories (DRL) expects the first quarter of the 2017-18 fiscal year to witness a temporary decline in sales in India due to de-stocking by trade on the implementation of the goods and services tax (GST). Despite government-induced pricing pressures on pharma products, India remains a high growth market. In 2016-17, revenues grew by 9% over the previous year, Dr Reddy’s chairman K. Satish Reddy and co-chairman G.V. “The first quarter of FY2018 may witness a temporary decline in the sales due to de-stocking by trade on the implementation of goods and services tax (GST). About the domestic market, they said despite the government-induced pricing pressures on pharmaceutical products, India remains a high growth market.

Source: Mint July 03, 2017 16:30 UTC