| Our ability to rapidly scale production and our extensive
portfolio of active pharmaceutical ingredients (APIs) and finished dosage forms (FDFs)
positions us as a key player in the global pharmaceutical supply chain. As a result, we
are well-placed to seize opportunities arising from supply chain de-risking driven by
geopolitical factors. |
Dear stakeholders,
FY24 was a pivotal year for your Company as we reinforced
our position in the pharmaceutical industry while adhering to our commitment to
Environmental, Social, and Governance principles.
Industry landscape
The pharmaceutical industry in India continues to evolve
rapidly, its growth driven by an increasing demand for healthcare services, a rise in
chronic diseases, and the country's critical role as a global supplier of affordable
medicines. The government's support through policies such as Ayushman Bharat Yojana, which
aims to provide accessible healthcare to millions of citizens, further boosts the sector's
growth prospects. At Laurus Labs, we are strategically positioned to capitalise on these
emerging opportunities. Our robust R&D capabilities, state-of-the-art manufacturing
facilities, and commitment to quality and innovation ensure that we can meet the growing
demand for high-quality pharmaceuticals, both in India and abroad. Our ability to rapidly
scale production and our extensive portfolio of active pharmaceutical ingredients (APIs)
and finished dosage forms (FDFs) positions us as a key player in the global pharmaceutical
supply chain. As a result, we are well-placed to seize opportunities arising from supply
chain de-risking driven by geopolitical factors.
The industry's emphasis on green chemistry and renewable
energy sources has resulted in a sharper focus on minimising carbon footprint and waste
generation in pharmaceutical manufacturing. Socially, it is ensuring equitable access to
medicines, investing in community health programmes, and maintaining high standards in
employee welfare and safety. For the pharma sector, governance structures that promote
transparency, ethical practices, and robust risk management are essential in navigating
regulatory requirements and maintaining the confidence of investors, regulators, and the
public.
Commitment to ESG
We believe that sustainable business practices are integral
to our long-term success. Our commitment to ESG is reflected in our adherence to stringent
quality systems and global regulatory standards. We have made significant progress on our
Environmental, Health, and Safety (EHS) agenda. Our efforts include implementing renewable
energy projects, and committing to the Science Based Targets Initiative (SBTi). These
initiatives reduce our environmental footprint and align with our goal of sustainable and
responsible growth.
People and culture
Our success is deeply rooted in the dedication and
expertise of our employees. With a team of over 6,700 employees, including 2,458 in
R&D and quality, we foster a culture of innovation and continuous improvement. We
prioritise talent development and employee well-being, ensuring that our workforce is
equipped to meet the challenges of the evolving pharmaceutical industry. As I complete my
second term as an Independent Director on the Board, we demonstrated our commitment to
nurturing the next generation of leaders within Laurus Labs. In line with effective
succession planning, we reorganised our Board of Directors, appointing Dr. Ravindranath as
the Non-executive Chairman, effective May 18, 2024. This transition ensures that we comply
with the regulatory mandates for tenure of Independent Directors and continue to benefit
from experienced leadership while grooming new talent to take on increased
responsibilities.
Closing remarks
In conclusion, I would like to extend my gratitude to our
shareholders, customers, employees, and partners for their continued support and trust in
Laurus Labs. I am confident that we will continue to drive innovation, uphold the highest
standards of quality and sustainability, and achieve the vision of improving global health
outcomes. I extend my best wishes to the Company for its future endeavours.
Sincerely,
Dr. M. Venu Gopala Rao
Non-Executive Chairman and Independent Director