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This case describes the leadership dilemmas faced by the top management team of a leading Indian pharmaceutical company, the very first in its industry to be listed on the NYSE. Much admired for its impressive growth, Dr Reddy''s stands at a crossroad. How much emphasis should it place on the legacy business of active pharmaceutical ingredients and generics that have brought the company its current stature, and how much should it focus on future business like specialty pharmaceuticals and discovering new chemical entities? The two represent different business models and straddling the strategy, organisation and human resource demands of each one is the challenge for Dr Reddy''s top team. The case is written for a strategic management or leadership module in an MBA or executive education program. The teaching note was written by Bala Chakravarthy, Anand Jha and Henri Bourgeois.