Dear Shareholders,
It is a privilege for me to present your company's annual report
for the financial year (FY) 2023-24 for the fifth year and more importantly as we step
into our centenary year in November 2024. A century of improving the quality of human life
is indeed a noteworthy landmark.
India continues to be one of the fastest growing major economies of the
world, powered by a strong, reform-focused government. The economy is expected to achieve
a growth rate of approximately 7% or more in FY 2023-24, with the participation of all
sectors.
As I reflect on the year gone by, it is imperative to acknowledge the
challenges and triumphs that have shaped the journey of your company. The landscape of
healthcare and pharmaceuticals sector is ever-evolving, and FY 2023-24 has been a
testament to your company's resilience and commitment to excellence. Your
company's achievements across business units—Shingrix, General Medicines,
Paediatric Vaccines, and Specialty—are a reflection of its strategic approach and the
dedicated efforts of the team.
Fostering Diversity and Inclusion
Your company's commitment to diversity and inclusion extends
beyond business metrics. Your company is proud to nurture a culture where every individual
feels valued, respected, and empowered to contribute their best. The Employee Resource
Groups (ERGs) - SPECTRUM and Women's Leadership Initiative (WLI)
plays a pivotal role in championing diversity and inclusion in our workplace. SPECTRUM
focuses on LGBTQIA+ inclusion, while WLI promotes gender equality and women's
empowerment. These ERGs create a supportive environment where employees from all
backgrounds can thrive and contribute to our collective success. By fostering a culture of
belonging and acceptance, your company not only attracts diverse talent but also fosters
innovation and creativity.
Your company also recognises the importance of maintaining a congenial
and learning workplace culture. Your company remains committed to fostering an environment
that encourages creativity, collaboration and a shared sense of purpose.
Eliminating Lymphatic Filariasis: A Long-term Commitment
With a legacy nearing a century in India, your company has embraced a
noble cause since 2000: the elimination of lymphatic filariasis (LF). This debilitating
disease, known as elephantiasis, inflicts severe pain and disfigurement, carrying profound
social and psychological implications. As a leading cause of permanent disability, LF
demands urgent attention.
In partnership with the World Health Organization (WHO), your company
has spearheaded mass drug administration (MDA) efforts in affected regions in India. In
2023 alone, the company supplied 44.5 million albendazole tablets towards this cause. With
a cumulative distribution of nearly 3.96 billion tablets to date, your company remains
steadfast in its commitment to providing support for as long as LF is eradicated in India.
GSK Scholars: Empowering Tomorrow's Healthcare Leaders
As a responsible corporate citizen, your company has launched ‘GSK
Scholars,' a flagship community initiative aimed at empowering meritorious yet
financially disadvantaged students to pursue medicine in government medical colleges. This
programme provides financial assistance over a four-and-a-half-year period, covering
academic expenses for the
MBBS programme. Through this initiative,
GSK Scholars benefits approximately 400 deserving scholars annually.
ESG Initiatives: Nurturing
Communities and Preserving
Resources
Your company is also committed to environmental, social, and governance
(ESG) initiatives that positively impact local communities. Collaborating with local
organisations, your company focuses on water basin replenishment and access projects.
Partnering with the Watershed Organisation
Trust (WOTR), your company endeavours to reduce water volume depletion in the Nashik
watershed while enhancing the well-being of local families through improved health and
education opportunities.
Furthermore, your company is also a founding partner of the Women + Water Collaborative
in India, a pioneering effort in collaboration with the Water Resilience Coalition. By
harnessing women's leadership, this initiative aims to improve access to clean water
and sanitation, thereby supporting the health and vitality of local communities.
In closing, I extend my heartfelt gratitude to your company's exceptional
employees, partners, and stakeholders for their unwavering support and dedication. It is
through their collective efforts that we stand poised to achieve new milestones and create
lasting impact in the lives of those we serve. Together, we are shaping a future where
healthcare reaches new heights of excellence.
Underpinned by 100 years of stakeholder trust, your company is ever more committed to
positively impact patient's lives and work for the wellbeing of humanity through
science and innovation,
| Renu Sud Karnad |
| Chairperson |