Dear Shareholders,
We have undertaken several strategic initiatives to drive improvement across operating
parameters and create a more efficient and sustainable business framework. Focusing on
growth investments, while rationalizing cost structures. Growth has been broad- based
across key segments, triggering the multiple demand drivers that underpin our
multi-faceted business. The trend this year is once again looking positive.
The Technology driven solutions and re-engineering of its business and processes would
have stress on current year's performances to achieve long term sustainable market
penetration and market share improvements.
Amid the pandemic and challenges thrown open by it, the global pharmaceutical industry
responded with agility. Since March 2020, the industry has been hit with debilitating
restrictions and impediments in reaching customers and supplying drugs to India and the
world. However, the pharmaceutical industry has surpassed expectations in response to this
global crisis, supplying drugs to over 150 countries besides meeting all domestic demands.
India's pharmaceutical industry has grown at a compounded growth rate of approximately
11% in the domestic market and approximately 16% in exports over the past two decades.
While the domestic market has grown at a similar pace to the gross domestic product (GDP),
the overall growth has been driven by the industry's leadership in supplying generic
formulations to markets across the globe.
According to IQVIA, the global medicine market is expected to grow at 3-6% CAGR through
2025, reaching about $1.6 trillion in total market size in 2025. This excludes spending on
COVID-19 vaccines, where total cumulative spending through 2025 is projected to be $157
Billion.
Emerging industry opportunities include innovation and R&D, healthcare delivery,
manufacturing and supply chain, and market access. Efficient capacity building and
optimizing productivity will be essential in the next normal.
On behalf of the Board, I would like to thank all our stakeholders including
shareholders, investors, bankers, creditors and employees for their continued support. I
would like to express my sincere gratitude to all the members of our Board for their
continued insights and invaluable guidance as we explore new opportunities and move ahead
with confidence.
Warm regards,
BHUMISHTH N. PATEL
CHAIRMAN & MANAGING DIRECTOR