‘Global spending on COVID-19 likely to touch $500 billion by 2027’

Updated - July 17, 2023 02:31 pm IST

Published - July 11, 2023 09:38 pm IST - HYDERABAD

Dr. Reddy’s Laboratories expects COVID-19 to remain a major driver for global medicine spending in the coming years.

“Global spending on COVID-19 is expected to touch about $500 billion in the seven years leading to 2027,” the pharma major said in its 2022-23 annual report, two months after the World Health Organisation declared that the virus is no longer a public health emergency of international concern.

The inconsistent use of vaccines and therapeutics could mean the next few years are not without uncertainties, especially with the periodic emergence of infection and viral variants, Dr. Reddy’s said. Also, research is ongoing to improve understanding of the long-term complications and presence of post-acute sequels of COVID-19, it said.

“COVID-19, followed by geopolitical tensions, weighs heavily on the outlook, which depends on how government regulators across the world calibrate their monetary and fiscal policies,” the drugmaker said.

On the company’s performance and growth plans, Chairman K. Satish Reddy and co-chairman and MD G.V. Prasad said besides maintaining focus on productivity improvements, market share gains and new product launches, it is deepening presence in nutraceuticals, cell and gene therapy and NCEs as well as CDMO services. “We are also exploring new spaces such as integrated digital healthcare services, digital therapeutics and disease management,” they said.

Dr. Reddy’s has entered into multiple partnerships to initiate clinical trials and consequently commercialise in India, wearables for atrial fibrillation treatment and migraine management, a third-generation CAR-T asset and a new biological entity (NBE) toripalimab.

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