Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DR REDDY, NYSE: RDY, NSEIFSC: DRREDDY, hereafter referred to as “Dr. Reddy’s”) announced major back-to-back recognitions in gender equality and sustainability.
Dr. Reddy’s has been included in the Bloomberg Gender-Equality Index (GEI) 2023 for a sixth consecutive year, featuring as the only Indian pharma company. The 2023 index includes 484 companies representing 11 sectors, 45 countries and a market capitalization of USD 16 trillion. The index measures gender equality across internal company statistics, employee policies, external community support and engagement, and gender-conscious product offerings. The Bloomberg GEI reporting framework includes over 70 metrics, each allocated to one of the following five pillars – leadership & talent pipeline, equal pay & gender pay parity, inclusive culture, anti-sexual harassment policies, and external brand.
In 2022, Dr. Reddy’s adopted bold social goals as part of its Environment, Social, Governance (ESG) agenda to contribute to a fairer and more socially inclusive world through diversity, equity and inclusion measures – at least 35% women in senior leadership by 2030; gender parity across the organisation by 2035; 3% of the workforce to be persons with disabilities by 2030; and 100% living wages for on-premise extended workforce by 2025. Through the course of the year, the company introduced several measures to increase the proportion of women in leadership, in key business units, and to create an environment to support the hiring of women in ‘non-traditional’ areas such as sales and operations. The concerted efforts towards gender equality helped the company achieve year-on-year improvement in its score.
Adding to the recognitions, Dr. Reddy’s has been included as a member of the Sustainability Yearbook 2023 for a third consecutive year based on the S&P Global Corporate Sustainability Assessment (CSA) for 2022. The CSA covers assessment of 61 industries, 7,800 companies, 140,000 documents and 14 million data points. To earn inclusion in the Yearbook, companies must score within the top 15% of their industry and must achieve an S&P Global Sustainability Score within 30% of their industry’s top-performing company.