‘OUR LEADERSHIP TEAM IS LEAVING NO STONE UNTURNED TO ENSURE THAT
ALEMBIC ALWAYS REMAINS AT THE CUTTING EDGE OF TECHNOLOGY AND CONTINUES TO FOSTER A CULTURE
OF INNOVATION. THE POTENT COMBINATION OF KNOWLEDGE AND TECHNOLOGY WILL ALLOW US TO STAY
AHEAD OF THE SECTORAL CURVE'.
Dear Shareholders,
I am privileged to present the Annual Report for the fiscal 2023-24.
Your Company has progressed well and is poised to significantly contribute to a healthier
world through its affordable and innovative medicines.
Our efforts towards positioning Alembic as a multi-disciplinary,
multi-capability pharmaceutical company have taken shape and are reflected in our improved
all-around performance. While a lot has been done to position Alembic as a global
pharmaceutical organisation, much more needs to be done, considering the tectonic trends
expected to emerge in the current decade.
TRENDS IN THE GLOBAL HEALTHCARE INDUSTRY
At the macro level, the healthcare industry will experience
considerable demographic changes that will impact service delivery models and even the
kind of services needed.
1) A longer-living population, the emergence of transformative
technologies with applications across the healthcare spectrum and continued global
economic uncertainties are vital societal drivers that will impact the global healthcare
space over the coming years.
2) With Millennials, Generation X and Baby Boomers entering their new
stages in life all at the same time, there will be a growing demand for affordable but
quality and convenient care, along with more efficient management of chronic illnesses.
3) Extreme weather events could become the biggest global risk over the
next decade. Global health is one of the main areas where this will be felt. Credible
sources suggest that by 2050, the climate crisis could cause economic losses worth US$12.5
trillion and add US$1.1 trillion in extra costs to healthcare systems around the globe. At
the micro level, certain critical ailments will take centre stage. Cancer is a case in
point. Cancer is on the rise worldwide. This appears to be due to lifestyle changes,
increased consumption of certain processed foods that have not been subjected to proper
quality control tests, pollution, genetic predispositions, and increased awareness and
diagnostic advancements. Recent research has unearthed that global cases of early-onset
cancer have increased. There were close to 20 million new cases of cancer in the year
2022, and the numbers continue to rise rapidly. In other words, cancer is fast becoming an
epidemic.
THE FUTURE OF THE INDIAN PHARMA SECTOR
India, the pharmacy of the world, is experiencing a compelling growth
trajectory with high single-digit growth. Despite challenges in CIS countries, the global
reception of Indian pharmaceuticals remains positive. Moreover, the domestic market has
exhibited a healthy double-digit growth. These realities position the domestic industry
firmly on the path to reach the US$130 billion mark by 2030.
INDIAN HEALTHCARE _ AN IRREVERSIBLE CHANGE
Indian healthcare is undergoing a transformative phase - an
irreversible change in healthcare consumption, with patients and doctors increasingly
embracing technology for healthcare interactions. This change is largely attributed to the
rapid advancements made by health tech companies. Interestingly, these disruptions have
unlocked new value pools within the sector.
The digital transformation of India's healthcare industry has the
potential to accelerate tenfold, from US$2.7 billion in 2022 to approximately US$37
billion by 2030.1 This will rub off into a stronger demand for pharmaceutical
products.
OUR PREPAREDNESS FOR A BETTER TOMORROW
We are present across the world and closely connected with a large
section of opinion influencers and decision-makers in the global and domestic
pharmaceutical markets. These connections provide rich insights into how our business
space is evolving at the macro level and in every nation we operate.
The knowledge helps us prepare proactively for the fast-evolving
healthcare world. Our teams are working round-the-clock to develop products and platforms
that will address the needs of a more evolved and tech-savvy society of tomorrow. This
will increase our relevance in an increasingly competitive business space.
Our leadership team is leaving no stone unturned to ensure that Alembic
always remains at the cutting edge of technology and continues to foster a culture of
innovation. The potent combination of knowledge and technology will allow us to stay ahead
of the sectoral curve and unleash value for all those who stay aligned with our story.
In closing, let me emphasise how grateful I am for all your support.
This has been the greatest source of my strength, and I promise I will do my utmost to
uphold your trust in me and my team.
Regards
CHIRAYU AMIN
Chairman & CEO