Pharma co Dr Reddy's to reduce costs

HYDERABAD: Even as the threat of US tariffs on pharma imports looms large, Dr Reddy's Laboratories is wielding the axe to cut flab and lower costs.

It is learnt that the company is laying off senior employees earning hefty packages across departments and also shutting down or rationalising headcount in certain businesses.

It is working on a target to cut workforce costs by 25% by laying off around 300-400 employees. It has asked many employees with annual pay packages of over Rs 1 crore to leave as part of the exercise. This is expected to lead to savings of up to Rs 1,300 crore, said a report.