including Management Discussion and Analysis Report
To the Members,
Your Directors take pleasure in presenting this 72nd Annual Report along
with the Audited Financial Statement for the financial year ended March 31, 2023. The
Company operates only in one business segment that is, "Pharmaceuticals" and
this Report covers its pharmaceutical business performance.
DiViDeND
The Board of Directors (Board') at its meeting held on September 6, 2022,
declared an Interim (Special) Dividend of `30/- (300%) per equity share for the financial
ended March 31, 2023, in view of the gain on account of the after tax stood at sale of
Upjohn Business to Mylan Pharmaceuticals Private Limited. The said Interim (Special)
Dividend was paid on September 30, 2022 and the payout was `137.24 Crores. The Board of
Directors at its Meeting held on
May 15, 2023, recommended a final dividend of `35/ (350%) per equity share and a
special dividend of `5/ (50%) per equity share in view of the gain on account the sale of
business undertaking at Thane, aggregating total dividend of `40/- (400%) for the
financial year March 31, 2023, The payout for the said dividend will
`182.99 Crores.
The aggregate dividend for the financial year March 31, 2023, including the interim
(Special) dividend of `30/- (300%) paid on September 30, 2022 and the final dividend of
`40/- (400%) recommended by the Board, amounts to `70/- (700%) per equity share and total
dividend payout for the financial year
March 31, 2023, will amount to `320.23 Crores.
FiNANciAL HiGHLiGHtS
Particulars |
Year ended March 31, 2023 |
Year ended March 31, 2022 |
Sales of products |
2,337.63 |
2,530.28 |
Other Operating |
87.13 |
80.71 |
Income |
|
|
Revenue from |
2,424.76 |
2,610.99 |
Operations |
|
|
Other Income |
101.05 |
62.65 |
Profit Before Tax |
824.01 |
772.89 |
Income Tax Expense |
200.08 |
160.33 |
Profit for the year |
623.93 |
612.56 |
Total other comprehensive income (net of tax) |
3.61 |
7.17 |
Total comprehensive income for the year |
627.54 |
619.73 |
Your Company's sales for the financial year ended March 31, 2023, stood at `2,337.63
Crores as compared to
`2,530.28 Crores in the previous year, which represents a decline of 7.6%. The sales
for the year under review are strictly not comparable with that of previous year, mainly
on account of COVID-19 tailwinds in the financial year 2021-22, impact of National List of
Essential Medicines (NLEM) 2022 and of divestment of Upjohn business in the current year.
The Profit before tax for the financial year ended March 31, 2023, was `824.01 Crores
as compared to
`772.89 Crores in the previous year, representing a growth of 6.6%. The profit `623.93
Crores for the financial year ended March 31, 2023, as comparedto
`612.56 Crores in the previous year.
KeY FiNANciAL RAtioS
Pursuant to the SEBI (Listing Obligations and Disclosure Requirements), Regulations
2015, we give below the key financial ratios:
Particulars |
FY 2023 |
FY 2022 |
1 Debtors Turnover Ratio |
17.74 |
22.41 |
2 Inventory Turnover Ratio |
2.02 |
2.14 |
3 Interest Coverage Ratio |
N.A. |
N.A. |
4 Current Ratio |
3.84 |
2.81 |
5 Debt Equity Ratio |
N.A. |
N.A. |
6 Operating Profit Margin |
29% |
28% |
7 Net Profit Margin |
26% |
23% |
8 Return on Net Worth |
21% |
23% |
The Current Ratio has changed by 37% mainly on account of income booked in the year
under review for sale of
Thane plant against advance received of `178 Crore, thus decreasing the current
liabilities. None of the other aforementioned ratios have undergone a change of more than
25% as compared to the previous financial year.
The return on net worth is computed as net income by average shareholders equity. The
change in return on net worth was primarily on account of lower sales during the year
under review. ecoNoMic oVeRVieW
India's growth continues to be resilient despite some signs of moderation in growth.
Although significant remain in the global environment, India was one of the fastest
growing economies in the world, which is reflection of robust domestic consumption and
lesser dependence on global demand and challenges. There are several factors responsible
for India's growth resilience, such as, strong infrastructure spending, export growth
driven by services, improved labour market, and robust revenue collections to support
public spending.
The World Bank, in its latest India Development Update (IDU) report remarked that the
country's growth is expected to be constrained by slower consumption and challenging
external conditions. The World Bank has revised its FY 2023-24 GDP forecast for India to
6.3% from 6.6% (December 2022). Rising borrowing costs and slower income growth will
weigh on private consumption growth, and government consumption is projected to grow at a
slower pace due to the withdrawal of certain pandemic-related fiscal support measures. A
recent spike in international crude oil prices is one of the major worries as India
is a net importer of energy. Despite the ongoing slump in global economic growth, many
market analysts believe that this could well be India's decade. The International Monetary
Fund (IMF) expects India to grow by 5.9% in FY 202324 and by an average rate of 6.1%
over the next five years. In the medium to long term, progress on structural reforms, such
as changes to labour laws and strengthening manufacturing through investment incentive
schemes, are likely to spur economic growth. cURReNt HeALtHcARe AND PHARMAceUticALS
eNViRoNMeNt and indian Pharmaceutical Market overview:
The Indian Pharmaceutical Market (IPM) with a turnover of `200,507 Crores for the
period April 2022 to March 2023 has registered a growth of 7.9% as against 18.2% in the
previous year. While the previous year registered robust growth primarily driven by
volumes post recovery of the second wave of COVID-19, for the year under review price
increase (5%) emerged as a key growth driver for
IPM followed by new introductions (2%). Multinational companies hold about 17% market
share and have grown at 5%. therapeutic Growth:
While Chronic segment has slowed down from 13% to 11% over MAT, much larger slowdown is
seen for Acute segment where growth has come down from 22% to 6%. This could be attributed
to higher Acute base of March, 2022 MAT which was driven by COVID-19. In Acute therapies,
lower growth is observed in all therapies compared to March, 2022 MAT with highest
drop in growth for Anti-Infectives from 35% to 6%. Vitamin segment also witnessed
significant drop from 16% to 3%.
Market Prognosis:
As per the IQVIA Prognosis report for FY 2022 - 23, the Indian Pharmaceutical Market
(IPM) is forecast to grow at a CAGR of 8.8% (?2.0%) between 2022 and 2027, reaching
`3,08,300 Crores by 2027. However, the healthcare budgetary allocation remains to be low.
A total of `86,175 Crore has been allocated for the Ministry of Health and Family
Welfare (MOHFW) under FY2023-24 union budget, an increase of just under 4% on the
`83,000 Crores budgeted for FY2022-23. The expenditure on health as a percentage of GDP
has only grown from
1.4% in FY 2018-19 to 2.1% in FY2022-23. The Government continues to work towards its
focus area of targeting spend of 2.5% of its GDP on overall public health by 2025.
Key factors affecting Market Growth: expansion of e-pharmacy and chain businesses.
E-pharmacy has emerged as a major source of competition for bricks and mortar
pharmacies in the recent years. Several Indian investors have pursued entry into the
online channel leading to rapid growth of the sector. During the pandemic, the government
also classifiede-pharmacies as an essential service and promoted it through the
Arogya Setu' app, Digital India' initiatives and the National Digital
Health Mission (NDHM). Factors such as rise in internet penetration, improved digital
payments infrastructure, rise in industry investments and medicine spending, and the
introduction of a formal regulatory framework is likely to fuel sector growth. increase
in health insurance coverage. The Central
Government's flagship Ayushman Bharat Pradhan
Mantri Jan Arogya Yojana (AB-PMJAY) health insurance scheme will drive public health
insurance coverage. Since its inception, new programs have been launched in a bid
including the rollout toboost of digital initiatives, such as electronic health cards for
AB-PMJAY affiliates, online physician and health facility registries, and electronic
medical records.
Additionally, the introduction of voluntary contributory coverage for 400 million
people who cannot afford health insurance at market prices is underway. While coverage
under the scheme is limited to hospital in patient care, it will increase access to
healthcare, rates of diagnosis and raise disease awareness, thereby also benefiting the
private clinic and retail pharmacy sectors. In the short-medium term, the
AB-PMJAY is unlikely to have a significant direct impact on major Indian providers. initiatives
to improve access to healthcare and essential medicines. Efforts to strengthen public
healthcare provision are being pursued under the government's Ayushman Bharat'
(Healthy India) initiative.
Government data indicates that the roll-out of 150,000
Health and Wellness Centers (HWCs) was completed by the end of 2022. The central
government has launched several schemes such as PM Atmanirbhar Swasth Bharat
Yojana', PM Ayushman Bharat Health Infrastructure Mission' and PM Swasthya
Suraksha Yojana' to improve public provision across primary, secondary and tertiary care.
Ayushman Bharat Digital Mission' (ABDM) is being developed to expand access to
digital healthcare services, while subsidized medicines will be made available more widely
as the Jan Aushadhi' store network is expanded further. While improved healthcare
access will have a positive impact on volume growth, the government's pro-generic measures
to ensure better affordability of drugs are expected to slow down price growth over the
prognosis period.
Further, Ayushman Bharat Digital Mission (ABDM), which aims to develop the backbone,
necessary to support the integrated digital health infrastructure of the country, was
strengthened with enhanced funding for developing the National Digital Health Ecosystem.
With the announcement of National Digital Health Ecosystem, the healthcare industry is
expected to witness the development of a robust platform for managing digital registries
of healthcare providers and facilities, unique health identities and universal access to
health facilities. Your Company endorses this initiative as digital health, in years to
come, is likely to become the central pillar to influence care models, deliver value-based
services throughout the healthcare continuum in India, and have a cascading impact on all
stakeholders within the eco system.
Draft New Drugs, Medical Devices and cosmetics Bill.
Overall, the year witnessed a relatively slow movement in terms of regulatory changes
in the pharmaceutical sector. The most significant is the introduction of the draft New
Drugs, Medical Devices and Cosmetics Bill, 2022 to overhaul the existing pharmaceutical
regulation. The Draft Bill is intended to be a comprehensive legislation with provisions
to regulate drugs, medical devices, cosmetics, clinical trials and online pharmacies,
among others. Once enacted, the Draft Bill will replace the Drugs and Cosmetics Act, 1940
India's primary drug regulation at present. The Ministry notified the Drugs (Seventh
Amendment) Rules, 2022 on
August 24, 2022, for enabling the parallel submission of applications for marketing
approvals and manufacturing licenses for new drugs in India. The Amendment Rules have been
issued after taking into consideration various representations from the industry
submitting that the entire process of obtaining new drug permission and manufacturing
license is sequential and has led to delays in introducing the product in the market.
implementation of over the counter (otc') regulations
The creation of an explicit OTC category, and rules governing the classification and
regulation of non prescription drugs, have been on the government's agenda for several
years. In May 2022, the government published a draft list of 16 drugs to be included in a
new
OTC category which it plans to expand over time. However, policymakers had not
definedan explicit regulatory framework, including approval, pricing, promotion, and rules
governing Rx-to-OTC switching procedures. The new framework is also expected to drive a
shift in consumer attitude towards self-medication and preferences for OTC drugs over
prescription drugs without compromising on patient safety, thereby boosting the OTC
market, going forward.
AN oVeRVieW oF tHe PHARMA oPeRAtiNG eNViRoNMeNt
The government's pharmaceutical policy has been driven by three key aspects of
accessibility, affordability and quality of drugs. Towards these priorities, deliberations
in the Ministry of Health and Department of Pharmaceuticals have been ongoing, focusing on
how best to accelerate approval pathways for new drugs to be available in India,
innovative mechanisms to enhance affordability and a significant on ensuring that
medicinesfocus made and sold in India, and indeed exported from the country, comply with
stringent quality standards. Additionally, research & development aimed at
strengthening domestic capabilities and policies supporting domestic production continue
to be important features of the government's policy.
Your Company has been advocating for a consultative process on the National List of
Essential Medicines (NLEM) revisions and has also made recommendations on streamlining and
rationalizing the Drug Price Control Order (DPCO) such that sustainable affordability and
enhanced access can be delivered to patients in the country.
The revision in National List of Essential Medicines (NLEM 2022) was released by
the Government in September, 2022 after multiple rounds of deliberations. these The list
has a total of 384developments medicines with 34 additions including four patented drugs.
While a total of 34 additional drugs have been added to the list, 26 drugs in the previous
list have been removed. As a result, all drugs included in the new NLEM are now subject to
price control. During the last quarter of 2022-23, the National Pharmaceutical
Pricing Authority (NPPA) has issued several orders to refix the ceiling prices of
hundreds of drug formulations and new drugs'.
Further, the Industry also had multiple discussions with Department of Pharmaceuticals
and NPPA for developing a consensus around implementation of Trade Margin
Rationalization (TMR). Your Company in-principle supports rationalization of trade
margin while advocating for non-trade supplies to be excluded from the working
calculations of TMR.
Towards the regulatory regime, your Company has been advocating the need for a
predictable, time-bound, transparent and globally aligned regulatory system which would go
a long way in expediting access to lifesaving drugs and providing confidenceon quality as
well. Certain operational challenges around regulatory processes, if resolved, will
significantly reduce delays, ensure alignment with best practices around the world and go
a long way in helping deliver safe and effective medicines in the least amount of time
. tRANSFeR oF UPJoHN BUSiNeSS
Members are aware that Pfizer Inc., USA hadannounced on July 29, 2019, that it had
entered into a definitive agreement to combine its Upjohn business which consists of
off-patented branded and generic established medicines with Mylan N.V., thereby creating a
new global pharmaceutical company, viz., Viatris Inc. Your Company had thereafter on
September 30, 2021 entered into a Business Transfer Agreement (BTA) with Mylan
Pharmaceuticals Private Limited (Mylan), a subsidiary of Viatris Inc. to transfer certain
primarily off-patented branded and generic established medicines business comprising six
brands which included Lyrica, Viagra,
Celebrex, Amlogard, Daxid and Dilantin as a going concern to Mylan for a consideration
of 180.48 Crores.
Consequent to the completion of conditions precedent in the BTA, including receipt of
regulatory approvals, your Company has completed the transfer of Upjohn business along
with related business assets and liabilities to Mylan effective August 1, 2022. The
Company recorded a net exceptional income' of `188.92 Crores (after working capital
adjustments) on account of the said transfer
. tHANe PLANt BUSiNeSS tRANSFeR AGReeMeNt
Members are also aware that in September 2015, the Company had entered into a Business
Transfer Agreement (BTA) for transfer of the Company's manufacturing facility at Thane as
a going concern.
Pursuant to the receipt of all requisite approvals from the concerned authorities, your
Company has transferred its
Business Undertaking at Thane including the land, plant and machinery and all workmen
employed at the said business undertaking to Vidhi Research & Development LLP
effective February 24, 2023.
ReVieW oF oPeRAtioNS
Business operations:
Your Company's commercial operations are conducted through distinct business units that
focus on clearly defined therapeutic areas. Between these business units, your Company
collectively addresses 15 therapy areas with a portfolio of over 150 products that include
therapeutics and vaccines.
1. Vaccines:
Your Company's Vaccine business focuses on Prevenar 13, a pneumococcal conjugate
vaccine that is administered to infants who are 6 weeks and older as part of primary
vaccination, toddlers, adolescents, adults, and elderly population. This vaccine provides
coverage against the most prevalent 13 serotypes of streptococcus pneumoniae. Prevenar 13
is the first and only conjugated vaccine approved for all age groups in India. Moreover,
Prevenar 13 is the no. 1 vaccine by revenue in India's private vaccine market.
Your Company continues to enjoy a leadership position in the private pneumococcal
vaccines market with a unit share of 46.2 % and Prevenar 13 becoming the most prescribed
pneumococcal vaccine. With 62.5% value market share, your Company maintained a leadership
position by value as well in the private pneumococcal vaccine market as of March 2023.
Children below 5 years of age, elderly, those suffering with chronic diseases, and
individuals with immunocompromised conditions are highly susceptible to pneumococcal
disease. Your Company, being a leader in this market undertook various initiatives to
creating awareness amongst diverse stakeholders, including parents, patients, healthcare
practitioners, paramedic staff, pediatricians, pulmonologists, physicians, and other
specialists to help them recognize the disease burden and vaccination benefits.
Market data source: IQVIA MAT March 2023
Continuing the need to strengthen the adult vaccine ecosystem in India, your Company
rolled out initiatives to build conviction among experts such as pulmonologists and
infectious disease specialists across the nation. Your Company provided a platform to
pulmonologists to establish the need of adult immunization and reduce the burden on
vaccine preventable diseases.
2. Inflammation and immunology:
Pfizer is a global leader in discovering and developing novel therapeutics for patients
living with chronic autoimmune diseases. Inflammation & Immunology vertical focused on
the next generation of therapies in this space. Your Company's current portfolio includes
two advanced therapies, which cater to patients suffering from diseases related to chronic
immune system such as Rheumatoid Arthritis, Psoriatic
Arthritis, Ankylosing Spondylitis, Juvenile Idiopathic
Arthritis, Psoriasis and Ulcerative Colitis. enbrel is the first Tumor Necrosis
Factor (TNF) inhibitor launched across the globe for chronic indications like Rheumatoid
Arthritis (RA), Ankylosing Spondylitis (AS),
Psoriatic Arthritis (PsA), Psoriasis (PsO) and Juvenile Idiopathic Arthritis (JIA).
This product is available with pre-filled pen and syringe options and is applied
subcutaneously among pediatric and adult patients. To date, Enbrel has impacted the lives
of over 6 million patients worldwide. Enbrel is backed by more than 500 clinical trials
and more than 7,000 publications. Enbrel is currently prescribed by rheumatologists,
dermatologists and selected orthopedic treating physicians in India. With a legacy of over
22 years, Enbrel continues to maintain its growth trajectory in your Company. The heritage
and trust, backed by years of experience and robust scientific data remain the key drivers
for Enbrel, which is further fueled by strong medical and marketing activities focused on
experience sharing among HCPs and disease awareness for public.
Your Company expanded its inflammation and immunology portfolio in 2016, with the
launch of Xeljanz (Tofacitinib) for RA and PsA. Xeljanz is the first oral Janus Kinase
(JAK) Inhibitor, which inhibits the activity of one or more of the Janus
Kinase family of enzymes. Based on recent clinical evidence, Xeljanz has been approved
for additional indication of Ulcerative Colitis and AS. With these new indications, your
Company has expanded coverage to gastroenterologists and has driven advocacy for oral
advanced therapies for chronic rheumatic conditions.
Your Company has also initiated several innovative initiatives in the digital space for
driving patient awareness to improve disease diagnosis and to help patients achieve a good
quality of life during treatment. One of the highlights is the launch of a YouTube
Channel, "All About Arthritis" and "Psorted" focusing on disease
awareness for rheumatic and psoriatic conditions respectively.
3. internal Medicine:
Internal Medicine business of your company represents the Primary Care vertical and
serves millions of patients every year. Enhanced HCP connect, meaningful customer
engagements and better distribution capabilities are at the core of Internal Medicine
business. It is our aim to equip ourselves with the right capabilities to deliver
industry-defining customer experience
(CX). Staying true to our commitment to a new Go-To-Market (GTM) strategy and to meet
CX goals, we now transform the way we engage with patients and physicians through
efficient omnichannel marketing. Through the new GTM strategy, Internal
Medicine is building the business on three main pillars viz: (a) Productivity
enhancement through tailored engagements, improved segmentation, targeting and expansion,
(b) Enhanced customer reach to identified government & private medical college HCPs,
through an independent and qualified tele-calling team,
(c) Improved distribution and reach to ensure ease of access through various channel
expansion initiatives. eliquis: Eliquis? (Apixaban), a Factor Xa
Inhibitor Anticoagulant is a leading oral anticoagulant,
predominantlyprescribedbycardiologists,physicians/ pulmonologists, vascular surgeons, and
orthopedic surgeons for the management of Atrial Fibrillation (AF). This year Eliquis
witnessed Loss of Exclusivity (LoE) and started witnessing mushrooming of generic brands
in the market. Your Company strategized to increase the unit sales significantly through
expanded reach complemented by price rationalization. Eliquis continues to out-perform the
market and grew by 13%. The team has initiated significant penetration for the brand
through the new GTM co-promotion strategies. This strategy has been able to create
traction in prescribers as well as prescriptions.
Neuroscience and cardiovascular: Your Company's Neuroscience portfolio represents
multiple brands that are leaders in their respective segments. Pacitane (Trihexyphenidyl)
leads in its therapeutic category with 67% market share and 32% Rx growth over last year.
Ativan (Lorazepam) is one of the largest anxiolytic brands in the Benzodiazepine
Tranquilizer market growing at 23% in Rx. Minipress XL continues to hold the leadership
position in the uncontrolled hypertension market with 45% market share and 10% growth.
Your Company continued to focus on increasing awareness, bridging the knowledge gap among
physicians and continued its engagement initiatives in uncontrolled hypertension through
medico-marketing initiatives with physicians, nephrologists, and cardiologists.
Respiratory Portfolio: Your Company has presence in the Respiratory portfolio with
Cough and Oral
Corticosteroids therapies. The flagship brand Corex
Dx has maintained its leadership position in the dry cough space with 15.3% market
share. Your
Company continued the program "Cough the Right Way" to spread awareness on
cough etiquettes among patients. The major focus for Corex DX was aimed at building
awareness on the usage of rational cough combinations in the management of dry cough. As
part of its future growth strategy, your Company continues to focus on building brands in
the productive cough segment with line extensions of
Corex LS.
Women's Healthcare:
Your Company's portfolio in Women's Healthcare spans across important life-stages of
women such as contraception, pregnancy and menopause with established iconic brands across
the continuum of care. These brands are market leaders in the represented market
with 12.4% market share, 13.2% growth and 103 EI. Nutritional portfolio is growing at
12.2% with 9.8% market share, contraception range is growing at 15% with 37% market
share and menopause portfolio is growing at 22.% with 14.7% market share as at MAT March,
2023.
Brands like Folvite, Ovral L, continue to maintain their leadership position in the
represented market and the consolidated portfolio continues to drive strong growth.
Adoption of focused digital and physical engagement tools to drive awareness helped drive
robust prescription growth, with Folvite being among the top 5 brands and Folvite active
and Autrin being amongthetop100brandsprescribedbygynecologists.
The key focus in your Company's nutritional portfolio continues to sustain the
leadership position for Folvite and strengthening the line extension brands,
especiallyoutreach and via the "Partners through Parenthood" program that
supports HCPs to optimize outcomes in pregnant women in their pre-conception, pregnancy,
and lactation phases through the right nutritional support. This on-going flagship program
is now geared up to reach consumers through social media platforms partnering with eminent
gynecologists for better pregnancy outcomes.
In the Oral Contraceptive space, your Company continues to lead the represented market
with Ovral L being the market leader. Pioneering initiatives in the digital space
targeted at gynecologists and consumers have been the differentiators. Key focus
initiatives aim at driving consumer awareness around contraception and enabling a 100%
digital journey from awareness to e-consultation with 20 million Indian consumers this
year through #SpilltheBeans campaign on social media. This has resulted in positive
traction with consumers HCPs.
Your Company continues its endeavor to increase awareness around Menopause and its
management among young gynecologists through partnership with Indian Menopause Society.
This has been supported through in-clinic consumer awareness initiatives and through
social media platforms to help women in their menopausal age to seek support from
gynecologists.
Your Company's commitment towards SCIENCE FIRST is reinforced in the current times by
leveraging partnerships with renowned scientific associations such as Family Welfare
Committee of Federation of Obstetric and Gynecological Societies of India
(FOGSI), Spina Bifida Foundation (SBF) and Indian Society of Perinatology and
Reproductive Biology (ISOPARB) to upgrade scientific knowledge of gynecologists through
innovative digital channels to spread awareness about importance of folic acid during
pregnancy. Your Company pioneers gynecologist education and building resources and tools
for advancing better quality of care for patients, with commitment to improve maternal
outcomes and reproductive health.
Gastric Portfolio:
Your Company has presence in gastroenterology segment with brands like Neksium, Gelusil
and Mucaine. The focus of our Esomeprazole Proton Pump Inhibitor (PPI) - Neksium, has been
on delivering excellence by driving strong in-clinic focus on key specialties including
gastroenterologists and orthopedicians. Neksium and Neksium D underwent a pack change from
a strip of 10s to a strip of 15s to improve adherence to therapy. Your Company launched
GERDian campaign to promote rational use of PPIs and is working with international
associations like American Society of Gastrointestinal
Endoscopy (ASGE) with the Gastro Video Theatre portal for knowledge upgradation and
enhanced patient outcomes on the most relevant topics in the gastroenterologist domain.
Your Company has intensified focus on nursing to sustain momentum. Your Company has
launched a Hospital Staff Education and Learning Program (HOPE) a module-based content
platform designed especially for the nursing community and paramedic staff. Neksium D,
launched in 2019, continues to build growth for the brand and has been positioned to drive
differentiation by targeting patients with symptoms related to Refractory GERD.
Leading brands such as Gelusil and Mucaine have further entrenched your Company's
dominance in the Antacids segment. Gelusil's position in the Antacids market has
strengthened with dominance in the high potential states leading to a 17% market share.
With a refreshed GTM strategy and consistent innovation, your Company has increased the
on-ground activation to ~50,000 retailers which has helped to improve Gelusil's visibility
and availability to consumers. Additionally, outreach and engagement via awareness
campaigns on hyperacidity conditions through social media campaigns on Facebook,
Instagram, YouTube have helped reach over 23 million target consumers. Meaningful
partnerships with trade partners have enabled the brand to increase its reach. Mucaine has
maintained its leadership position in the Antacids market with 18% market share. Mucaine
is driven by robust prescription growth of 13% across specialties within a prescriber base
of 52,000. Identifying the needs of the market for patients consuming Mucaine for a longer
duration, a line extension of Mucaine 400ml was launched for better adherence to the
treatment.
Pain and inflammation Portfolio:
Your Company has a pronounced presence in the pain and inflammation category withbrands
Dolonex (Piroxicam) and Wysolone (Prednisolone). Both are legacy brands with more than 40
years of presence in India and are leaders in their respective categories, having impacted
lives of more than 10 million patients in the country. Dolonex DT and Wysolone have an EI
of 98 and 95 respectively, each backed by strong Rx growth of 9% and 33% respectively.
Your Company has continued its engagement activities in osteoarthritis (OA) and low back
pain (LBP) through medico-marketing initiatives like Back in Action' campaign with
orthopedicians and physicians. The portfolio expanded in December 2020, with the
introduction of Dolonex E (Etoricoxib) for the treatment of osteoarthritis. Your Company
plans to expand the portfolio to provide a range of solutions for management of
osteoarthritis and rheumatoid arthritis. Your Company also does digital promotion of
Dolonex range at doctor networking platforms and medical journal and associations
websites.
Vitamins (VMN) Portfolio:
Your Company has established a strong presence in the VMN market with its Becosules
range. Becosules, being a flagship multivitamin brand continues to andsmallhospitals lead
and shape the B-complex vitamins market.
With the legacy of more than 60 years, Becosules continues to impact lives of million
patients/ consumers every month. Continuous focus on expanding the prescriber base,
increasing consumer demand and innovative channel initiatives have been the key pillars to
strengthen brand leadership. Taking this one step further, your Company started
programmatic consumer promotion campaigns through social media platforms such as Facebook,
YouTube, Instagram and reached out to 27 million target consumers. Continued focus on
HCPs has been pivotal in increasing prescriber base to ~50,000 HCPs and prescriptions of
12.5 million.
Becosules having over the counter (OTC) brand status coupled with the new GTM model
helped to expand its retail reach. This new model helped drive aggressive retail
engagement with ~50,000 chemist outlets and build consumer awareness to help consumers
boost immunity with Becosules.
4. Hospitals:
Pfizer Hospital Business Unit (HBU) focuses on institutions including hospitals and
nursing homes through advanced anti-infectives portfolio. Pfizer's breakthrough
innovation, Zavicefta (ceftazidime-avibactam) continued its spectacular growth driven by
high conviction of HCPs, with increased demand across a greater number of hospitals. This
novel drug is indicated for the management of hospital acquired pneumonia including
ventilator-associated pneumonia (HAP/VAP), complicated intra-abdominal infection (cIAI),
complicated urinary infection (cUTI) and Bacteremia associated or suspected to be
associated with any of the three indications in adults. Zavicefta has created significant
patient impact in India and earned accolades in the
Pfizer Global arena. With Zavicefta,the team has strengthened the focus across multiple
stakeholders in the value chain such as clinicians and microbiologists to drive diagnosis
and early and appropriate usage of Zavicefta in eligible patients. Pfizer's efforts will
continue to focus on driving right drug usage and innovative healthcare solutions for
hospitals by partnering with Subject Matter Experts.
The category also has a strong presence across the anti-bacterial continuum, ranging
from beta-lactam/ beta-lactamase-inhibitor (BL/BLI) products to high-end anti-bacterial
products. Amongst these, Magnex Forte is the leading brand with 6.7% market share by value
in the represented market segment. In 2017, the team acquired and launched the brand
Meronem, an injectable antibiotic indicated for the treatment of serious bacterial
infections which are difficult to treat due to resistant pathogens. Meronem enjoys 5.5%
market share by value in the represented market.
Our endeavor is to build a strong ecosystem of Antimicrobial Stewardship (AMS) from
awareness to implementation to ensure appropriate usage of anti-infectives in hospital
setups. As part of our broader
Antimicrobial Resistance (AMR) objective, HBU has engaged over 200,000 HCPs across the
country through various campaigns such as "Take a pledge with Pfizer", which
followedan omnichannel approach, spreading awareness through 10 different external and
internal channels. Over 3000 HCPs took a pledge with Pfizerin the war against AMR. The
platform was used to spread awareness with the public on the right way of consuming
anti-microbials. Your Company has pioneered initiatives to boost Diagnostic Stewardship in
India by facilitating knowledge dissemination at large & mid-tier hospitals and
supported access to diagnosis.
MANUFActURiNG oPeRAtioNS
Your Company's manufacturing operations are carried out in full compliance with local
laws and in line with the stringent Global Pfizer Quality, Compliance and Environment
Health & Safety standards.
Your Company has successfully sustained Integrated Manufacturing Excellence Program
(IMEx) throughout the Goa site i.e. Pfizer's internal production system and is recognized
for their achievement of delivering value with all colleagues working in Integrated
Manufacturing
Excellence Program (IMEx) way. Your Company is also honored with the 2022 PGS
Performance Award for their extraordinary efforts in making the site an amazing workplace
for all.
Your Company focusses strongly on environmental sustainability through implementation
of green energy initiatives and waste minimization projects.
People positive
Over the past year, your Company set up a Colleague Resource Group (CRG) to improve
diversity and inclusion initiatives across the site. The CRG conducted several programs
and initiatives to train and motivate employees to foster a DEI (Diversity, Equity &
Inclusion) culture. Your Company also continued the quarterly Compliance Champions awards
program to strengthen & sustain the compliance and data integrity culture at the site.
IMEx way of working is being followed to deliver best-in-class performance.
Your Company imparted Six Sigma Yellow/ Lean Green & Lean Black Belt trainings and
other Operational Excellence trainings to improve the competency and capability of site
colleagues. The site colleagues have also implemented various Six Sigma and Lean projects.
environment Sustainability
Your Company follows stringent global safety, environmental health and occupational
hygiene standards. We have created an excellent model for environmental sustainability
with focus on conservation of resources, green energy and waste minimization.
Your Company has continued its journey towards Green Energy and completed Phase V (100
KWP) Solar project during the year. site's solar power generation during the period was
662 MWH which is nearly 1.9 times higher compared to 345 MWH in the previous year. Our
green energy effort have resulted in ~13% of the total energy demand for the Manufacturing
operation at our Goa plant coming from the site's renewable source. The total carbon
footprint of your Company has reduced by 865 tonnes since initiation of the solar project
in 2019.
Your Company has continued its drive towards energy conservation through replacement of
old manufacturing operations machines with high-efficiency machines. Plants have also
reduced their Greenhouse gases from 3720 tons (2021-22) to 3394 tons (2022-23) which is an
8.76% reduction; this is despite a significant volumes by 6%. The carbon footprint per
million tablets has also reduced from 1.01T to 0.98T. These initiatives have resulted in
significant in energy utilization. reduction
MeDicAL AFFAiRS
During the year under review, your Company's Medical Affairs Team partnered with
various business units to help deliver our medicines in a way that would not only create
greater impact for our customers, but also for patients and communities.
During the year under review, Medical Affairs focused on increasing the access and
reach of vaccines to the most vulnerable groups of patients and population. The team in
collaboration with Market Access and Public Affairs team, identified several high-risk
population groups vulnerable to pneumococcal disease like elderly, children and adults
with Sickle Cell Disease (SCD) and thalassemia, and people living with HIV. Efforts are
ongoing in terms of several long-term data generation and external partnerships to build
advocacy and policy shaping around adult pneumococcal vaccination. One of the early key
wins is the release of national guidelines on management and control of SCD by Indian
College of Hematology, the academic wing of Indian Society of Hematology & Blood
Transfusion (ISHBT), Indian Council of Medical Research (ICMR) and the implementation of
pneumococcal vaccination for patients with SCD in Madhya Pradesh and Maharashtra. The
Medical Affairs, to improve awareness on vaccination and improve advocacy, was able to
conduct over 24 meetings with HCPs from diverse specialties covering over 1000
participants in knowledge dissemination and interactive discussions. Through physical,
virtual and hybrid engagements, the team was able to connect with over 2000 doctors to
discuss and engage them to build a robust scientific messaging around importance of
pneumococcal vaccination across different ages and risk factors.
The Medical Affairs continued its partnerships with Medical Associations across
portfolios for focused medical education programs like ECHO & C-CON in collaboration
with API and AFPI & GUTS in collaboration with Asian Institute of Gastroenterology.
Its partnership with IMS (Indian Menopause Society) helped to reach more than 300 HCPs to
educate them on the effective management of menopause and its associated symptoms. The
Medical
Affairs took a lead in patient centric initiatives like creation of the BLOOM booklet,
in association with IMS and ISOPARB, for awareness on menarche to menopause, which reached
more than 5000 patients.
Antimicrobial resistance (AMR) is a major global health concern and your Company is
committed in its efforts towards addressing the challenges posed by AMR in India. Our
pillars continue to be surveillance, evidence generation, healthcare system strengthening,
diagnostic awareness & stewardship implementation.
The Medical Affairs Team continue to monitor the trends in resistance and the
susceptibility of antibiotics in the country through our surveillance program,
Antimicrobial
Testing Leadership and Surveillance (ATLAS). We periodically publish the data in
various national and international forums and journals. The team also continue to generate
evidence on the real-world effectiveness of our breakthrough molecules that help tackle
the problem of AMR, through our non-interventional studies and supporting investigator
sponsored research (ISR). This year we supported four such ISRs.
Improving awareness around diagnostics is important to ensure infections are treated
early with the appropriate. Antimicrobials so as to prevent the spread of resistance. We
have focused on educating 200 doctors and 900 nurses through digital modules on diagnostic
stewardship through our support towards Delhi Society for Promotion of Rational Use of
Drugs (DSPRUD). To understand the behavioral aspects pertaining to implementing AMS in
hospitals, we supported the Indian School of Business (ISB) for a study focused on
understanding the antimicrobial use practices in health facilities and outline the
behavioral barriers and enablers in these practices. We also supported quality improvement
grants that focus on demonstrating outcomes from implementing AMS in hospitals through
shared resource models.
PeoPLe exPeRieNce (Px)
The year 2022-23 was a year of transformation. Over the last two years, your Company
has embarked on a large-scale change in its GTM model and your People Experience
(PX) team extended strong partnership in enabling the business to build the right
structures, attract and deploy strong talent into varied roles. Recognizing that our new
ways of working would need a mindset shift, requiring our workforce to unlearn old habits
and adapt to newer ways of working, the PX team placed appropriate interventions to lead
our workforce through the phases of seeing the change to living the change throughout the
transformation journey.
The new GTM model also gave rise to several novel roles in the enterprise and your
Company consciencely aimed to attract a truly diverse talent pool in these emerging roles
from a wide range of backgrounds and industries.
Additionally, your Company continues to strive for an inclusive and empowering work
environment, adopting practices to simplify processes and remove needless complexity,
rewarding both performance and leadership skills, fostering career growth and internal
mobility, and offering competitive compensation and benefits programs that encourage
mental and physical wellbeing.
Focus on talent diversity: The transformation resulted in the creation of several
new roles to offer an elevated experience to our customers and patients. The roles
required a wide array of skills from analytics to content, from strategic account
management to mining insights and designing and delivering solutions for our customers.
The PX team was able to successfully onboard talent from a range of industries such as
advertising, HealthTech and medical devices, ensuring the collective skills of this cohort
would deliver a seamless experience for our patients and customers.
Activatinggrowth:YourCompanylaunchedatransformed talent management framework to
address the evolving needs of our employees. The new framework focuses on building a more
fluid approach to career development, promoting growth through several distinct pathways
within and outside the home function. Growth gigs were also activated as a means for
employees and leaders to gain new skills and experiences, while staying in their current
role. As a result, your Company saw strong traction in our colleagues traversing very
non-conventional career paths and our leaders receiving talent and skills on-demand'
from several corners of the company. The strength of
Pfizer's talent systems has helped your Company nimbly identify and assess
high-potential internal talent and offer a fulfillingpathway into traditional as well as
emerging job functions. the coNNect' sessions: The PX team headed out to meet and
spend time with our field through a series of roadshows titled The CONNECT.' Panning
six cities over 12 days, the sessions were held across all our Regional Centers to steer
conversations with nearly 250 colleagues on Growth and Learning, understanding our
benefits proposition and gathering candid feedback on what we can do differently. The
sessions received tremendous positive feedback, allowing the enterprise to offer
perspective, gather feedback and touch our workforce across the length and breadth of our
operations.
Diversity, equity & inclusion (Dei)
Diversity, Equity, and Inclusion is a key priority for your Company, and it is our
constant endeavor to make Pfizer India a truly diverse and inclusive workplace. Towards
this, we have prioritized Gender Diversity as a core area of focus and our Leadership team
has taken important measures to enable building gender-diverse teams. With the appointment
of four women leaders, we have made considerable progress in increasing gender diversity
within our Leadership team to ~22%. We continue to work towards our goal of increasing
women representation in the field force to 15%.
Fine Balance Workshops: As we continue focusing on building gender-diverse teams in
the field, it is important for us to build managerial capability to lead diverse teams
successfully. With this objective, we continue our partnership with a leading consulting
firm in the DEI space to co-create workshops to equip our managers to exhibit behaviors
and develop a leadership style that will help colleagues realize their true potential
through all life-stages.
Men as allies to drive social change: Recognizing the critical role men play in
being allies to drive social change and recognizing the importance of male partnership to
enable women to enter and stay in the workforce, your Company introduced a 12-week
paternity break policy for all male colleagues. The policy attempts to enable both parents
to celebrate critical moments in their parenting journey, but also share responsibilities
equally during this important life-event.
Abha a community for women @ Pfizer: Recognizing the many facets of a woman
and a woman's life, on International Women's Day, Pfizer India launched Abha
(meaning Radiance). Abha has been established for the empowerment, recognition, and
celebration of women across their life-stages. Community, Self-Expression, Health, and
Diversity & Inclusion are the founding principles of this program, which has come to
life through strong partnership and collaboration between the Medical, Colleague
Communications and DEI teams. Abha strives to address critical issues on women's health,
growth & development and steer important conversations that will reinforce our efforts
to become a more diverse and culturally inclusive organization. In the time to come, it
serves to become the unified voice of and for our women colleagues
. employee Health & Wellness colleagues
Your Company continues its focus on holistic wellness for all employees. In addition to
the existing suite of mental and physical health focused offerings, this year saw the
introduction of OPD coverage for our employees as part of our insurance offering. We also
offered employees the freedom to choose their annual health service, offering flexibility
of time and place to ensure that all employees have the opportunity to take control of
their health more proactively.
LeGAL
Your Company's Legal division is committed to providing pragmatic solutions in line
with the legal and commercial interests of the Company. Being a specialized department,
the Legal Division works proactively with the business to drive compliant and innovative
business ideas, strategies and programs right from inception and thereby promotes
Pfizer's commitment to Patients First. Your Company 's Legal Lead also serves as the
Risk Counsellor Lead (RCL) and acts as the primary risk management interface for all
functions in India. In this capacity, the RCL provides comprehensive risk management
advice and counsel to the business and enabling functions, with strong support partnership
and in consultation with in-market Compliance and other risk management functions, as
appropriate.
The Legal Division continues to spearhead solutions with the business, especially
pertaining to digital initiatives to enhance reach to physicians and increase awareness
among patients by leveraging technology. It plays a leadership role in the following
areas:
Spearheading proactive litigation against infringers and protecting the IP rights and
entitlement of the Company.
Constant support for business development projects across divisions and enabling
functions.
Mitigation of risks associated with the Company's business operations and intellectual
property rights.
Defending the Company against litigation as well as pro-actively initiating litigation,
wherever necessary, to ensure that the Company is insulated from operational risk.
BioPHARMA oPeRAtioNS GRoUP
The Biopharma Operations organizational structure and service catalog is designed to
enable our Biopharma Purpose by delivering excellence in how we operationalize the
commercial model. The fundamentals of Biopharma Operations are:
Performance: Capturing and leveraging new insights and data enhances, our
ability to optimize and accelerate performance across the organization
Scale: Engaging both a GLocal and cross BU model accelerates the roll out of key
learnings and best practices Consolidating knowledge enables faster, more efficient
delivery of solutions and reduces the need for teams to start from square one
Simplification: Streamlining our engagement model and operational expertise reduces
the lift required for colleagues
The Biopharma Operations (bio-ops) Group works in close partnership with the business
to ensure delivery of key services efficiency and agility. Thewith enhancedspeed, bio-ops
team is responsible for strategizing, operationalizing and meeting the needs of key
stakeholders and customer facing colleagues at Pfizer. It is this collective advantage of
the group that has led to strong partnerships with business and other customers; thereby
helping Pfizer to deliver breakthroughs that change patients' lives.
SUPPLY cHAiN
At Pfizer , the objective of Supply Chain is to deliver breakthroughs that change
patients' lives through interventions that enhance our services across the value chain.
In our efforts to stay ahead of the curve, we have created a framework to capture the
voice of our customers and use the inputs to enhance their experience with Pfizer.
Predictive analytics to anticipate customer purchase patterns, disease profiles, value
added services etc. have been a few of the new initiatives. We have also created a
calendar for educating our first paying customers on best practices for safety and
handling of temperature-controlled products. All these interventions thereby form pillars
in our journey to drive Customer Delight.
To further complement all these initiatives a differentiated logistics network strategy
has been put in place to increase the reach of our medicines and to tap wider customer
segments beyond our current footprint. All these initiatives have helped us evolve as an
agile and sustainable customer supply chain organization. The Supply Chain function is
also constantly and successfully developing a talent pool to provide logistics solutions
in India.
HeALtHcARe SoLUtioNS PARtNeR
Healthcare Solutions Partner (HSP) is the most recent
Subject Matter Expert (SME) role in India, created with a vision to lead improvements
in healthcare outcomes and customer experience by bringing innovative solutions that meet
and exceed customers' needs across the patient journey. Healthcare Solutions Partner is a
customer facing, commercial, non-demand generating team of scientific experts, who
identify unmet HCP & patient needs and partner with internal and external stakeholders
to create strategic interventions addressing those identified needs, for a transformed
customer experience.
Healthcare Solutions Partners provide insights and solutions to customers across
multiple categories including Hospitals and Vaccines. They develop a deep understanding of
the customer needs across the patient journey and help categories unlock more value in the
ecosystem. This enables categories to have a deeper relationship and differentiated
engagement with the customers, resulting in commercial advantage for Pfizer. Healthcare
Solutions Partners also undertake work in areas which impact us and our customers the
most. Some of the key areas of value creation are implementation of AMS in hospitals,
eliminating barriers and creating opportunities for adult vaccination against pneumococcal
disease and enabling early diagnosis & improved outcomes across key therapy areas.
In the firstsix months, Healthcare Solutions Partners have already identified and
sourced capabilities to deliver differentiated engagement with customers, profiled and
engaged key stakeholders, built a robust system to capture customer insights and started
bringing in innovative solutions to address actionable insights. As your Company continues
to transform the way we engage with our customers, the team is committed to championing
the voice of our HCPs and patients as we strive to understand them and service them better
with innovative beyond-the-pill' offerings.
PFiZeR HeALtHcARe exPeRieNce StUDio (PHex)
When we think differently, we can innovate and innovations lead to breakthroughs. Under
Bold Move 3.3 last year, Your Company brought a dynamic group of thinkers under PHEX
Studio team, with different skillsets to boost innovative business approach and creative
thinking.
The PHEX Studio team is an integral lever of Pfizer's transformation journey in India.
The team comprises four Subject Matter Experts (Patient Experience Specialist, HCP
Experience Specialist, Content & Channel Specialist and Data & Omnichannel
Specialist) who identify need-gaps of our patients and customers, benchmark our services
against our competitors, create informative yet engaging content and utilize Artificial
Intelligence and Machine Learning to identify actionable insights.
Within a short span of six months, the team has created an impact by building an
omni-channel customer engagement dashboard to enable data driven decision making, built
SEO based content strategy for a higher brand presence, conceptualized a first-ever
in-house public interest digital campaign, designed innovative digital models to power
Next-Gen Bot driven outreach, won the Emerging Market
Vaccine Innovation Challenge' and more.
The PHEX team envisions disrupting innovations within the digital ecosystem that will
continue to advance the way we engage with our customers and deliver value beyond
the pill'.
DiGitAL
As the world adapts to an amalgamation of the old & new, the pharmaceutical sector
will need to adopt novel technology andalter its methods of operation. Today digital
processes whichefficiency and have enrichedoperational facilitated adherence to standard
operating procedures with greater ease have already replaced conventional methods. In the
aftermath of the COVID-19 pandemic, the industry is facing challenges arising from
fluctuating market demand and changing consumer needs. The team this year embraced a new
GTM model and achieved significant milestones,
Colleagues (CFCs) with multiple solutions to better engage with our customers.
Technology has proven to be crucial in keeping the pharma business resilient. As a
company we adopted many digital efficiencystreamline operations solutions to improve and
continued to make progress on cyber security controls to ensure our company is secure from
external threats to our Intellectual Property and mission critical information.
Artificial Intelligence has been one of the most buzzing technologies in recent years.
This has led to significant advances in many areas such as speech recognition, natural
language processing, robotics, machine learning and computer vision. Keeping up with the
times, we Introduced AI-enabled chat bots to our customers and AI and behavioral
science-based nudges to our field colleagues as companions to drive winning behavior. As a
Company, we continue to be at the forefront of adopting new and innovative digital
technologies. We have recently taken a foot forward to identify use cases to leverage
Metaverse and Digital twins to provide immersive and interactive experiences to our
customers.
FiNANce
The Finance Division has been a strong and effective business partner to provide
guidance and leadership while upholding the highest standards for internal controls and
corporate governance. The division has been instrumental in driving performance, managing
risks and opportunities, in rolling out new GTM strategies, change management and leading
various enterprise-wide initiatives.
During the year under review, your Company's Finance team partnered strongly with each
business units to develop and execute various key projects, the Finance team led
the completion of transfer of Upjohn Business and transfer of your Company's Thane
business undertaking and played the role of enabler in multiple high impact business
critical matters.
In addition to partnering strongly with business, the Finance division played a pivotal
role in ensuring fiduciary integrity, upholding high corporate governance standards,
developing governance policies, maintaining good investor relations, institutionalizing
effective internal controls and consistently driving strong business performance and
financial prudence. Your Company's Annual Report and financial statements for year ended
31st March 2022 have been adjudged as winner of "ICAI Award for Excellence
in Financial Reporting 2021-22" in the Silver Shield category, by The Institute of
Chartered Accountants of India in the Manufacturing and Trading Sector with turnover equal
to and between `500 Crores and `3000 crores. The awardees were selected after
reviewingtheaccountingpracticesadoptedbyparticipating enterprises while preparing their
financial statements, the policies adopted for disclosure, and presentation of financial
statements, degree of compliance with Indian our AccountingCustomerStandardsFacing and
statutory guidelines, among other information contained in the annual report.
internal control Systems, their adequacy and compliance:
The Compliance Controls and Risk (CCR) is responsible for ensuring adequacy and
effectiveness of internal controls through continuous monitoring. CCR's objective is to
give senior management, Risk Management Committee and the Audit Committee, an independent
and reasonable assurance on the adequacy and effectiveness of the Company's risk
management, control and governance processes. This is achieved through a co-sourced
internal audit model wherein audit reviews are performed through an independent Chartered
Accountancy firm.
Your Company has laid down Internal Financial Controls that include a risk-based
framework to ensure orderly and efficient conduct of its business, safeguarding of its
assets, accuracy and completeness of the accounting records and assurance on reliability
of financial information. The control environment comprises a mix of preventive and
detective controls which are manual, semi-automated and automated in nature. Your Company
has followed principles such as segregated duties, authorization, reconciliation, physical
inventory, periodic review etc. while designing the internal control framework.
The Risk Management Committee & Audit Committee has evaluated the design framework
and operative assessment and deliberated with members of management and Statutory Auditors
to ascertain their views or opinions.
The Audit Committee has satisfied itself on the adequacy and effectiveness of the
internal financial control system laid down by management. The Statutory Auditors have
confirmed the adequacy of the internal financial control systems over financial reporting.
The CCR conducts periodic risk assessments during the year wherein all the risks to
Company's objectives are assessed, and mitigating plans are recorded in the risk register.
This risk register includes operational, financial, regulatory, legal, business and
compliance risks. During the Risk Assessment exercise, current as well as emerging risks
which may impact your Company's objective achievements are considered and assessed based
on their likelihood and impact. All the key risks along with mitigating plans are
presented and discussed twice a year/ semiannually with the Risk Management Committee and
the Audit Committee.
Based on the risk assessment and findings from previous internal audits, CCR prepares
an annual audit plan which is based on the audit universe comprising all business,
enabling functions, risk and compliance related requirements and control maturity across
the processes.
The audit plan is approved by the Risk Management Committee and the Audit Committee.
CCR ensures execution of the audit plan throughout the year. As part of the quarterly
review, status of the annual audit plan, design assessment, operating effectiveness, key
audit findings and remediation status of prior findings are presented and discussed with
the Audit Committee. coMPLiANce AND etHicS
Your Company operates ethically and thoughtfully in everything that we do, driven by
our responsibility to change lives for the better. Your Company's ethical decision-making
guides us as we work to achieve our purpose of delivering breakthroughs that change
patients' lives. Through proactive, business-led risk management, Pfizer prioritizes
integrity, safety, and quality in every aspect of our business.
Your Company has a robust Compliance framework with lightspeed approach. This helps to
identify and mitigate emerging compliance risks by adopting a thoughtful risk-taking and
leadership accountability approach.
During the year under review, the Compliance team introduced various innovative
compliance programs to further enhance a culture of ethics & integrity at the
grassroot level and implemented a proactive, and robust risk and compliance governance
framework. The team enhanced the use of digital approach and adopted data analytics and
technology for compliance monitoring and adherence which has led to more effective
monitoring and dealing with risks at early stages. With the new GTM strategy, we
proactively identify emerging risks and implemented a mitigating framework of controls and
governance. With the new SME roles onboard, we have rolled out customized training plans
to ensure the activities carried out by SMEs are as per the guidance. The compliance and
business processes, tools and system have been further simplified with the use of new
technology which has also led to better compliance adherence.
Your Company has a well-defined policy covering interaction with Healthcare
Professionals and Government officials called My Anti-Corruption Policy &
Procedures' (MAPP). The policy addresses both local legal requirements while also
leveraging the best practices followed in other markets. The right tone from the top
leadership and regular training and awareness also provides frequent reinforcement of
Pfizer's compliance and ethics values. We continue to enhance and update our policies
keeping in mind the evolving environment and emerging risks. As a way of reinforcing
ethics and integrity, your Company has identified around 66 colleagues from various teams
as "Compliance Champions". They act as the first point of contact for colleagues
when they have policy related questions. These measures have ensured that your Company is
well placed to drive the spirit of compliance across its stakeholders.
Compliance cultural is an integral part of your company's value system. Our culture
initiatives like Act with Integrity Campaign', Joint Roadshow with PX' helped
inculcate compliance learning with Joy. With 66 Compliance champions on field, the
acclaimed framework of the Compliance Champion League (CCL) has gone a long way in
ensuring phenomenal success and scripted an unparalleled compliance driven culture for
Pfizer India.
Office of the ombudsman
Your Company offers Office of the Ombuds' and unlike any other resource at
Pfizer, it provides a safe place where any colleague can reach out and have a completely
private, confidential and unbiased discussion regarding any work-related issue, question
or concern. Office of the Ombudsman also provides insights, perspectives and points of
view that can help colleagues develop strategies and potential options to resolve
workplace concerns or questions. Office of Ombuds' is available to all colleagues
regardless of title and role
coRPoRAte AFFAiRS
The Corporate Affairs Division works in the domains of Government Relations, Public
Policy, External Communications, Patient Advocacy and Corporate Social Responsibility.
During the year under review, the division undertook numerous policy advocacy initiatives;
stakeholder engagement outreach; campaigns to build corporate and therapy area reputation
and community and colleague engagement programs.
Your Company undertook direct advocacy with the Government and engaged stakeholders
through industry associations such as Organization of Pharmaceutical
Producers of India (OPPI), Federation of Indian Chambers of Commerce and Industry
(FICCI), US India Strategic Partnership Forum (USISPF) and US India Business Council
(USIBC) on matters of priority for the business.
Some of the key issues which we advocated included allowing private sector companies to
drive public awareness campaigns for vaccine preventable diseases, regulatory
modernization for expediting drug approvals, strengthening the existing Intellectual
Property Right (IPR) regime to incentivize innovation and research, exemption of our
patented/breakthrough drugs from the instructions relating to the Global Tender Enquiry
(GTE) issued by the Government, pricing and other matters which came up from time to time.
Your Company played a pivotal role in driving multiple initiatives with the Government
including the areas mentioned above. This covered specificrecommendations/ representations
on the existing challenges with reference to global best practices, import and trade of
patented medicines in India, strengthening of Intellectual Property ecosystem, inclusion
of innovative therapies under Government programs among others. Your Company continued to
participate and play an active role in leading the dialogue with relevant government
stakeholders and contributing recommendations on the above-mentioned policy level issues.
coRPoRAte SociAL ReSPoNSiBiLitY
The purpose of your Company is to promote access to quality healthcare in the country
by nurturing innovations, encouraging community involvement of our employees and
synergizing efforts in partnership with government and other stakeholders for collective
impact. This year, the team continued to identify and work on projects that are aligned to
Pfizer's CSR priorities as listed below:
Promote Indian innovation and Indian intellectual property with a focus on healthcare;
Undertake awareness and access programs in partnership with NGOs, government and
healthcare providers in areas such as women and child health, among others;
Support Government, national and/or state programs and priorities with linkages to
healthcare; and
Participate in disaster relief activities.
Your Company's flagshipCSR initiatives undertaken during the year under review gained
significant momentum leading to high-impact outcomes.
Pfizer along with NGO partner, Americares India Foundation (AIF) rolled out two major
projects to combat India's AMR challenges.
1. ProjectParivartanfocusses onaddressingthecurrent Infection Prevention and
Control (IPC) challenges in healthcare facilities. In this multi-year project, your
Company is supporting the development of a model for Institutional Capacity
Building' to deliver facility-based IPC and Anti-Microbial Stewardship among 11 small and
mid-size hospitals across India. The project has now completed 2 years reflecting marked
positive impact on the IPC & AMS practices across the 11 shortlisted hospitals.
2. Pfizer along with an NGO partner, launched an online learning program called oPeN-AMR
for healthcare workers to offer access to quality training on IPC across India. The
project provides AMPS/ IPC module as per the WHO guidelines. The platform is accessible
free of cost with certification in six languages Pfizer's Healthcare(English,
Hindi, Tamil, Telugu, Malayalam, and Marathi). It is implemented by Americares India
Foundation (AIF) with Trained Nursing Association of India (TNAI) as a certificate
partner. 22,000 + nurses to the platform. The program is highly appreciated amongst the
nurses adding to their skills on AMS &
IPC.
The Indian Council of Medical Research (ICMR)- Pfizer collaboration aims at enhancing
the existing AMR Stewardship Program with a focus on awareness. The project helps address
the growing threat of antimicrobial resistance (AMR) in India.
The Pfizer-ACF (Tata Trusts) Cancer Care Project has been set up to work with the
high-risk population that requires healthcare attention. Overall, this project aims to
serve as a one-stop, information and support center for patients and families at Tata
Trusts?key cancer hospitals.
Alamelu Charitable Foundation (ACF) was established by Tata Trusts to support the setup
of a comprehensive healthcare network across India. The program is in the first phase of
its operation andincludes the following:
Health and wellness kiosks in Ranchi, Diphu, Silchar and Tirupati. The kiosks provide
services such as counselling and interactive sessions on preventing cancer and
lifestyle-related disorders to reduce the risk of non-communicable diseases (NCD),
counselling sessions for smoking cessation and prevention, screening for Oral, Cervical
and Breast cancer, general physician examination and basic laboratory investigation
including haemotological, serological and bio- chemical tests, etc.
Community outreach and early detection for NCD, screening of catchment population and
referral to the nearest center. Set-up and operationalization of a patient referral and
tracking platform.
Manage and operate a virtual patient helpdesk, complemented by one on-site patient
navigator in OPD and day care centers in the four locations. The project has positively
impacted lives of over 500,000 beneficiariesand over 3000+ healthcare workers. This
project is a breakthrough in providing access and high-quality consistent care as
the primary objective of the program.
As a part of the Company's CSR initiative, your Company has partnered with NGO Doctors
for You to set up physical help desks at 14 high burden cancer hospitals
across
India. 4 of the 14 Aastha help desks have been launched in this financial year. The aim
of the initiative is to improve the treatment experience for cancer patients throughout
their journey by hand holding them and their caregivers through the diagnosis, treatment
and rehabilitation phases. 200,000 + patients and their caregivers supported through the
help desk.
Innovation Project, that started in 2015 in partnership with IIT Delhi (Pfizer-IIT
Innovation and IP Program) has supported 34 Indian innovators till date. The
programme's Version 2.0 "Pfizer
INDovation" was rolled out in partnership with Social Alpha a healthcare
accelerator company focusing on supporting start-ups with specific themes in healthcare
for 24 months. The current focus for the next 24 months would be on Oncology and Digital
Health. This unique partnership model is designed to provide funding, resources, expertise
and infrastructure to propel India's healthcare innovations from prototype to market. The
program envisages active support for venture acceleration from other market investors. The
overarching objective of this programme is to nurture, support, celebrate and reward
healthcare innovations that are Made in India'.
The project funded by Pfizer would be unencumbered in nature, with all rights of
innovations being owned by the innovators. 6 start-ups have been selected and are on the
journey to commercialization. the Journey So Far Supported 28 innovators
5 start-ups graduated
3 start-ups in market
4 start-ups under regulatory and clinical approvals
6 start-ups in oncology and digital health being presently
incubated across India Your Company is working towards developing the village of Kaulale,
Jawhar under the Pfizer Village transformation Project with BAIF
Institute for Sustainable
Livelihoods and Development as the implementation partner. At present, work is ongoing
in nine villages of the same Gram Panchayat Kaulale for proposed integration of the key
components for holistic village development this year to achieve several development
ideals that include, but are not limited to:
Clean drinking water and sustainability of water sources.
Quality education for all, (primary education).
Safe food and nutritional security for all.
Safe sanitation facilities and access to quality curative and preventive healthcare
services through awareness.
Livelihood security and financial inclusion.
Optimal use, management, and sustainability of natural resources and conservation of
biodiversity.
Shortfall in cSR Spend
The CSR funds were earmarked for five key projects AMR Parivartan Hospital
Transformation Project in partnership with Americares, Pfizer-Tata Trusts Cancer Care
project, Village Transformation Project (BAIF), Pfizer INDovation and IP Programs and
Cancer helpdesks by Doctors for You.
Given the scale and scope of these projects, the programs could not utilize the full
funds earmarked for the financial year under review for some of these projects. These CSR
projects are long term and continuing projects which would be supported by the Company
during subsequent years. Accordingly, the said CSR funds are being released in a phased
manner according to the progress on the projects.
As per the provisions of the Companies Act, the unspent CSR amount of `4.59 Crores in
respect of ongoing projects for the financial year ended March 31, 2023 has been
transferred to Pfizer Limited - Corporate Social
Responsibility Unspent Account FY 2022 23 and will be subsequently spent on the
Company's ongoing CSR projects within a period of three years.
A brief outline of the initiatives undertaken during the year and details of CSR
projects undertaken by your Company during the financial year under review are provided in
the Corporate Social Responsibility Report which forms part of this Report and annexed
herewith as
"Annexure - A".
WHiStLe BLoWeR / ViGiL MecHANiSM
Your Company has established a Whistle Blower/Vigil Mechanism through which its
Directors, Employees and
Stakeholders can report their genuine concerns about unethical behavior, actual or
suspected fraud or violation of the Company's code of conduct or ethics policy. The said
Policy provides for adequate safeguards against victimization and direct access to higher
level supervisors. The e-mail ID for reporting genuine concerns is:
corporate.compliance@pfizer.com?. In appropriate and exceptional cases, concerns
may be raised directly to the Chairman of the Audit Committee at
Chairman.IndiaAuditcom@pfizer.com? . No person has been denied access to the Audit
Committee Chairman. A quarterly report on the whistle blower complaints received
and action taken thereon is placed before the
Audit Committee for its review.
PReVeNtioN oF SexUAL HARASSMeNt PoLicY
The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013? (the Act') seeks to protect
women colleagues against sexual harassment in their workplace. Your Company has specially
designed training modules to help all colleagues and contingent associates understand what
constitutes sexual harassment in the workplace, how to address it and Pfizer'srole in
preventing it. Your Company has an Internal Complaints Committee constituted under the
purview of the Act and has ensured adherence to the Act. The details of complaints filed
and disposed of during the Financial Year under review are as under:
Particulars |
Number of complaints |
1. Number of Complaint pending as on beginning of FY 2022-23 |
NIL |
2. Number of complaints filed during FY 2022-23 |
1 |
3. Number of complaints disposed of during the FY 2022-23 |
1 |
4. Number of Complaints pending as on end of FY 2022-23 |
NIL |
In accordance with the provisions of the Companies Act,
2013, Mr. Samir Kazi, (DIN: 07184083) retires by rotation at the ensuing Annual General
Meeting, and being eligible, offers himself for re-appointment.
Mr. S. Sridhar (DIN: 05162648), ceased to be Managing Director & Chief Executive
Officer ofthe Company with effect from close of business on March 31, 2023. Your Directors
wish to place on record their appreciation of the distinguished association of Mr. S.
Sridhar with the Company and the invaluable contributions made by Mr. S. Sridhar
during his tenure as the Managing Director & CEO of the Company.
The Board of Directors of the Company at their Meeting held on February 9, 2023,
pursuant to the recommendation of Nomination and Remuneration Committee, appointed
Ms. Meenakshi Nevatia (DIN: 08235844) as an Additional
Director and Managing Director of the Company, for a period of 5 (five) years with
effect from April 3, 2023, subject to the approval of Members and Central Government.
All Independent Directors have given the declaration that they meet the criteria of
independence as laid down under Section 149(6) of the Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
Board Performance evaluation
The Company has devised a Performance Evaluation Framework and Policy, which sets a
mechanism for the evaluation of the Board, Board Committees and Directors. Performance
Evaluation of the Board, Committees and Directors was carried out through an evaluation
mechanism in terms of the aforesaid Performance
Evaluation Framework and Policy.
The performance evaluation of each individual Director, the Board and Committees was
carried out through deliberations. The said performance evaluation was done based on the
parameters stated in the templates designed under the aforesaid framework and after taking
into consideration the guidance note issued by the Securities and Exchange Board of India
("SEBI").
independent Directors' Meeting
During the year under review, one Meeting of the Independent Directors was held on May
20, 2022, without the presence of the Executive Directors. At the said Meeting, the
Independent Directors carried out performance evaluation of Non-Independent Directors and
the Board of Directors as a whole, performance of Chairman of the Company, the quality,
content and timeliness of flow of information between the Management and the Board, based
on the Performance Evaluation framework of the Company. All the Independent Directors were
present at the aforesaid Meeting.
FAMiLiARiZAtioN PRoGRAM FoR iNDePeNDeNt DiRectoRS
Your Company has in place a Familiarization Program for Independent Directors to
provide insights into the Company's business to enable them to contribute significantly to
its success. The Executive Directors and Senior Management make presentations periodically
to familiarize the Independent Directors with the strategic operations and functions of
the Company. Your Company also circulates news and articles related to the industry and
provides specific regulatory updates to the Independent Directors on a regular basis.
A summary of the major Familiarization Programs carried out during the year for the
Independent Directors is given below:
Particulars of the Programs / Presentations |
Date |
No. of Hours |
1. Pharma Market, Industry |
20.05.2022 |
4 |
Performance and Regulatory changes update. |
05.08.2022 |
|
(Duration one hour each) |
11.11.2022 |
|
|
09.02.2023 |
|
2. Presentation on Internal Medicine Business market maximization and
expansion opportunity for Eliquis |
20.05.2022 |
0.5 |
3. Business presentation on Vaccines Strategy |
20.05.2022 |
1 |
(Duration 30 mins each) |
09.02.2023 |
|
4. Presentation on Go to Market Transformation Design Blueprint |
20.05.2022 |
1 |
(Duration 30 mins each) |
05.08.2022 |
|
5. Presentation on Digital Marketing |
05.08.2022 |
0.5 |
6. Presentation on Risk Management Framework and Key Business |
05.08.2022 |
1.25 |
|
27.01.2023 |
|
Risks |
|
|
total Duration (Hours) |
|
8.25 |
NoMiNAtioN AND ReMUNeRAtioN PoLicY
The Board has, on the recommendation of the Nomination and Remuneration Committee,
framed a policy for selection and appointment of Directors, Senior Management, Key
Managerial Personnel and their remuneration. The Nomination and Remuneration Policy forms
part of this Report annexed herewith as "Annexure - B".
MeetiNGS oF tHe BoARD
The details of the meetings of the Board and Committees are provided in the Corporate
Governance Report which forms part of this Report and annexed herewith as
DiRectoR'S ReSPoNSe to AUDitoR'S coMMeNt
The comment by the Statutory Auditors under para 2A(b) under Other Matter'
section of Independent Auditor's Report dated May 15, 2023, was on account of absence of
daily electronic back-up of the books of account and other relevant books and papers on
servers located in India during August 11, 2022 till February 22, 2023. The Ministry of
Corporate Affairs (MCA) had mandated the frequency of back-up of books of accounts on
daily basis (from periodical basis) on servers located in India effective August 11, 2022.
The Company was carrying periodical back-up of its back of accounts on servers
physically located in India and the process to change the frequency from periodical basis
to daily basis was under implementation. The mechanism for daily basis back-up was
thereafter made live in February
2023.
DiRectoRS' ReSPoNSiBiLitY StAteMeNt
Your Directors make the following statements in terms of
Section 134(3)(c) of the Companies Act, 2013:
that in the preparation of the annual financial statements for the year ended March 31,
2023 the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any; that such accounting policies as mentioned in
Notes 2 and 3 of the Notes to the Financial Statements have been selected and applied
consistently and judgments and estimates have been made that are reasonable and prudent so
as to give a true and fair view of the state of affairs of the Company as on March 31,
2023 and of the profit of the Company for the year ended onthat date; sufficient has been
taken thatproperand for the maintenance of adequate accounting records in accordance with
the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
that the annual financial statements have been prepared on a going concern basis;
that proper internal financial controls were in place and that the financial controls
were adequate and were operating effectively; and
that systems to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
AUDit coMMittee
The details pertaining to the composition of the Audit Committee are included in the
Corporate Governance Report, which forms part of this report.
RiSK MANAGeMeNt PoLicY
The details pertaining to the Risk Management Policy are included in the Corporate
Governance Report, which forms part of this Report.
ReLAteD PARtY tRANSActioNS
All Related Party Transactions that were entered in during the financial year were on
an arm's length basis and were in the ordinary course of business. There are no materially
significantrelated party transactions made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons which may have a potential conflict with
the interests of the Company at large. The Company had entered in materially significant
related party transactions with Pfizer Service Company
BVBA, Belgium for purchase of raw materials, bulk drugs and finished goods. The same is
within the limit duly approved by the members at the 65th Annual General
Meeting.
All Related Party Transactions are placed on a quarterly basis before the Audit
Committee for approval and before the Board for consideration and noting.
The Policy on Related Party Transactions as approved by the Board is uploaded on the
Company's website www.pfizerltd.co.in. The weblink for the Policy is
https://www.pfizerltd.co.in/files/ revisedrelatedpartytransactionpolicypfizerwebsite.pdf
None of the Directors have any material pecuniary relationships or transactions
vis-?-vis the Company. Pursuant to Section 134 of the Companies Act, 2013 and Rules made
thereunder, particulars of transactions with related parties as required under Section 188
(1) of the Companies Act, 2013, in the prescribed Form AOC-2 forms part of this Report and
annexed herewith as "Annexure - c".
PARticULARS oF LoANS, GUARANteeS AND iNVeStMeNtS
The Company has not granted any loans, guarantees, or investments under Section 186 of
the Companies Act, 2013 for the financial year ended March 31, 2023.
DePoSitS FRoM PUBLic
During the financial year under review, the Company has not accepted any deposits from
the public and as such, no amount on account of principal or interest on deposits from the
public was outstanding as on the date of the Balance Sheet.
DiScLoSUReS oF oRDeRS PASSeD BY ReGULAtoRS oR coURtS oR tRiBUNAL
No orders have been passed by any Regulator or Court or Tribunal which can have impact
on the going concern status and the Company's operations in future.
GeNeRAL iNFoRMAtioN
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with
Rule 8 of The Companies (Accounts) Rules,
2014, forms part of this Report and annexed herewith as
"Annexure - D".
A table containing particulars of employees in accordance with the provisions of
Section 197(12) of the Companies Act, 2013, ("the Act") read with Rule 5(1) of
the Companies (Appointment and Remuneration ofManagerial Personnel) Rules, 2014, forms
part of this Report and annexed herewith as "Annexure - e".
The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of
The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in
respect of employees of the Company, forms part of this
Report. However, as per the provision of Sections 134 and 136 of the Act, the Report
and Accounts are being sent to the Members and others entitled thereto, excluding the
information on employees? particulars which is available for inspection by the Members
through electronic mode up to the date of the ensuing Annual General Meeting. Any member
interested in obtaining a copy of such statement may write to the Company Secretary at the
Company's
Registered Office.
The Company does not have any subsidiary company or associate company or joint venture
company.
Hence, neither the Managing Director nor the Whole-time
Directors of your Company received any remuneration or commission during the year, from
any of its subsidiaries. The details of difference between amount of the valuation done at
the time of one-time settlement and the valuation done while taking loan from the Banks or
Financial
Institutions along with the reasons thereof - Not Applicable The details of application
made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of
2016) during the year along with their status as at the end of the financial year-Not
Applicable tRANSFeR to ReSeRVeS
During the year, no amount was transferred to the general reserves.
MAteRiAL cHANGeS AFFectiNG tHe coMPANY
There have been no material changes and commitments affecting the financial position of
the Company between the end of the Financial Year and date of this report.
AUDitoRS
The Auditors, Messrs. B S R & Co. LLP, Chartered Accountants (Firm Registration No.
101248W/W-100022), were appointed as Statutory Auditors to hold office for a term of 5
(five) years from conclusion of the 71st Annual General Meeting till the
conclusion of the 76th Annual General Meeting.
Accordingly, Messrs. B S R & Co. LLP will continue to hold office till the
conclusion of the 76th Annual General Meeting of the Company. Messrs. B S R
& Co. LLP have confirmed their eligibility and that they are not disqualified to hold
the office of Statutory Auditor.
The Auditor's Report for the financial year ended March
31, 2023 does not contain any qualification, reservation or adverse remark.
coSt AUDitoRS
Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost
Records and Audit) Rules, 2014, as amended from time to time, the cost audit records
maintained by the Company is required to be audited. The Board of Directors had, on the
recommendation of the Audit Committee, appointed Messrs. RA & Co., to audit the cost
accounts of the Company for the financial year 2023-24 on a remuneration of `14,70,000/-
(Rupees Fourteen Lakhs Seventy Thousand only).
As required under the Companies Act, 2013, the remuneration payable to the Cost Auditor
is required to be placed before the Members in a general meeting for their
ratification. Accordingly, a Resolution seeking Member's ratification for the
Messrs. RA & Co., Cost Auditors is included at Item No. 5 of the Notice convening
the Annual General Meeting. Your Company is required to maintain the cost records as
specified by the Central Governmentunder sub-section (1) of Section 148 of the Companies
Act, 2013. Your Company has accordingly maintained the same and has filed the Cost Audit
Report for Formulations and Compliance
Report for the financial year ended March 31, 2022 on
October 11, 2022, which is within the stipulated timeline prescribed under the
applicable regulations. The Cost Audit Report for Formulations for the financial year
ended March 31, 2023 is due to be filed by October 26, 2023.
Messrs. R. A. & Co., have confirmed their eligibility to be the Cost Auditors and
have been appointed to conduct Cost Audit of the Company's records for the financial year
ending March 31, 2024. The remuneration is subject to ratification by the shareholders.
SecRetARiAL AUDit
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed Messrs. Saraf & Associates, a firm of Company Secretaries in Practice to
undertake the
Secretarial Audit of the Company. The Secretarial Audit Report forms part of this
Report and annexed herewith as "Annexure - F". The Secretarial Audit
Report for the financial year ended March 31, 2023, does not contain any qualification,
reservation or adverseremark.
ANNUAL SecRetARiAL coMPLiANce RePoRt
The Company has undertaken an audit for the financial year 2022-23 for all applicable
compliances as per SEBI Regulations and Circulars/Guidelines issued thereunder. The Annual
Secretarial Compliance Report has been submitted to the stock exchanges within 60 days
from the end of the financial year under review. The Annual Secretarial Compliance Report
is available on the Company's website at www.pfizerltd.co.
coMPLiANce WitH SecRetARiAL StANDARDS
Your Directors confirm that the Secretarial Standards issued by the Institute of
Companies Secretaries of India, as applicable to the Company and which are mandatory in
nature, have been duly complied with.
ANNUAL RetURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act 2013 and
rules made thereunder, the Annual Return of the Company as on March 31, 2023 in Form MGT-7
is available on the Company's website at www.pfizerltd.co.in
coRPoRAte GoVeRNANce AND BUSiNeSS ReSPoNSiBiLitY & SUStAiNABiLitY RePoRtiNG
A Report on Corporate Governance along with a Certificate from B S R & Co. LLP,
regarding compliance with the conditions of Corporate Governance as stipulated under
Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 forms part of this Report and annexed herewith as "Annexure - G".
A Business Responsibility & Sustainability Report as stipulated under Regulation
34(2) of SEBI (Listing
Obligations and Disclosure Requirements) Regulations,
2015, describing the initiatives taken by your Company from an environmental, social
and governance perspective, forms part of this Report and annexed herewith as
"Annexure-H". cAUtioNARY Note
Certain statements in respect to Management Discussion and Analysis may be forward
looking and are stated as required by the applicable laws and regulations. The future
performance of the Company may be affected by many factors, which could be different from
what the Directors envisage in terms of future performance and outlook.
AcKNoWLeDGMeNtS
Your Directors would like to place on record their sincere appreciation for the support
and assistance extended by the Company's suppliers and business associates. Your
Directors are thankful to the esteemed shareholders for their continued support and the
confidencereposed in the
Company and its Management.
Your Directors wish to place on record their appreciation for the support and guidance
provided by its Parent
Company, Pfizer Inc. USA.
For and on behalf of Board of Directors |
|
Pradip Shah chairman |
Mumbai, May 15, 2023 |
DiN: 00066242 |
|