No, you said orthochromatic films were more sensitive to red and pan film were oversensitive to blue- As we know ortho films are sensitive to blue and green (thus can be developed under red light) and pan films are sensive to all colours, certainly they are red sensitive.
It was because as you write it was to give it it's full title Kodak Verichrome Panchromatic ( sensitive to all colours, although in fact it was oversensitive to blue light) previously most monochrome films were orthochromatic (more sensitive to red ). Unfortunately I'm old enough to have used it