Pratima Reddy Appointed As Managing Director Of Merck Specialities In India
Leading pharmaceuticals company Merck has appointed Pratima Reddy as Mangaging Director of Merck Specialities in India. Reddy is also the first woman CEO for Merck Healthcare in India, according to the press statement of the company.
According to press statement, Pratima will lead India’s healthcare strategy and operations, as successor to Anandram Narasimhan, transitioning into a regional role at APAC. In his role, Anand has steered India and the Emerging Frontier Markets organisation to a strong marker, beating growth across therapeutic areas.
Before taking over as the Managing Director of India Operations, Pratima was the Regional Franchise Leader (RFL) of the Cardiovascular, Metabolism and Endocrinology (CM&E) franchise in APAC.
“I am privileged to be chosen for this role. Today, more than ever, we need to realize and fulfil our responsibility to improve the overall healthcare ecosystem by working towards providing advanced medical care to patients,” said Pratima Reddy, MD, Merck Specialities Pvt. Ltd in a statement.
The company also stated that Pratima has an extensive experience of over 17 years, with nine years in the pharmaceutical industry, including varied roles across functions in national and global teams since joining Merck in October 2013. Additionally, she headed the Oncology unit in the country, where she led the turnaround of the Oncology business by demonstrating the opportunity to drive strong growth through focused access strategies.
Pharmaceutical Industry In India
The Indian pharmaceutical industry is the world’s third largest by volume and 14th largest in terms of value. Total Annual Turnover of Pharmaceuticals was INR 2,89,998 crore for the year 2019-2020. Total pharmaceutical exports and import were to the tune of INR 1,46,260 crore and INR 42,943 crore respectively in the year 2019-20.
India has the second-highest number of USFDA approved plants outside the US. India is a global leader in the supply of DPT, BCG, and Measles vaccines. India accounts for 60 per cent of global vaccine production, contributing 40 to 70 per cent of the WHO demand for Diphtheria, Tetanus and Pertussis (DPT) and Bacillus Calmette–Guérin (BCG) vaccines, and 90 per cent of the WHO demand for the measles vaccine.
According to the Invest India, Indian pharma companies enabled by their price competitiveness and good quality, have made global mark, with 60 per cent of the world’s vaccines and 20 per cent of generic medicines coming from India.
According to the Indian Economic Survey 2021, the domestic market is expected to grow three fold in the next decade. India’s domestic pharmaceutical market is at USD 42 billion in 2021 and likely to reach USD 65 billion by 2024 and further expand to reach USD 120-130 billion by 2030.
The Union Cabinet has given its nod for the amendment of the existing Foreign Direct Investment (FDI) policy in the pharmaceutical sector in order to allow FDI up to 100 per cent under the automatic route for manufacturing of medical devices subject to certain conditions.
The Indian drugs and pharmaceuticals sector received cumulative FDIs worth USD 19.19 billion between April 2000-December 2021.