Dr Reddy's Laboratories forays into OTC eye-care space; stock up by 3 per cent
Dr Reddy’s Laboratories, along with its subsidiaries, announced the launch of over-the-counter (OTC) Olopatadine Hydrochloride Ophthalmic Solution USP, 0.2 per cent and 0.1 per cent, on Thursday. The store brand is equivalent to Pataday Once Daily Relief and Pataday Twice Daily Relief in the US market.
Dr Reddy’s Olopatadine Hydrochloride Ophthalmic Solution USP, 0.2 per cent and 0.1 per cent are indicated for the temporary relief of itchy eyes due to pollen, ragweed, grass, animal hair, and dander. Olopatadine Hydrochloride Ophthalmic Solution USP, 0.1 per cent is also indicated for the temporary relief of red eyes.
Pataday brand, which is a registered trademark of Novartis AG, had US sales of approximately US$ 31 million since the launch in March 2020 according to IRI, a US data analytics & market research company.
Speaking on the launch, Marc Kikuchi, CEO, North America Generics, Dr Reddy’s Laboratories stated that the launch marked the entry of the company into the OTC eye care space, and was a testament to its deep capabilities in bringing store-brand equivalents of Rx-to-OTC switches to the US market.
The shares of Dr Reddy's Laboratories extended their gains to the second straight day on Thursday. At 11 am, the stock was trading up as much as 2.95 per cent to Rs 4,768.25 per share as against a 0.32 per cent decline in the benchmark index. The stock had risen 4.4 per cent in the last trading session after the firm and Russia's sovereign wealth fund, Russian Direct Investment Fund (RDIF), agreed to cooperate on clinical trials and distribution of the Sputnik-V vaccine in India.