Amongst India's leading health management companies Panacea Biotec consistentlyfocuses on integrating the ever-evolving science and technology with its steadfastcommitment & resolution to spread good health and healthy living in masses. One ofyour Company's goals has been to enhance & boost India's image in the global marketsas a competent and reliable provider of medicines and healthcare. To accomplish thisobjective we have been working relentlessly on developing and commercializingbest-in-class medicines and expanding our business operations and in doing so building astable and sustainable future.
India celebrated a landmark achievement in public health on 11 February 2014 thevictory over polio a signi%cant milestone in the worldwide eo rt to eradicate polio whenIndia celebrated three years since its last new case of the disease. Viewed against thechallenges India's achievement is an epic success story a proof that any country thatreally wants to can defeat polio. We at Panacea Biotec are proud of being havingpartnered with the Government of India Ministry of Health & Family Welfare WHOUNICEF GAVI Alliance BILL & MELINDA GATES Foundation and other stakeholders inensuring defeat of polio in India.
Panacea Biotec has played a key role in the polio eradication program by supplyingaround 10 billion doses of safe and ecacious Oral Polio Vaccines (OPVs) to Government ofIndia and through UNICEF in India and abroad in last 25 years. Panacea Biotec startedmanufacturing OPVs at its Vaccine Formulation Facility at Okhla New Delhi in 1989 and wasthe rst to obtain WHO pre-qualication for trivalent OPV in 2003. The Company has also beena pioneer in successful development of monovalent OPVs (mOPV Type 1 2 & 3) andbivalent OPV (Type1 & 3) formulations during 2005 to 2009 to fulll the specicrequirements of global Polio immunization mission of WHO and had a distinct record ofobtaining WHO pre-qualication of all the possible combinations of OPVs in a short span of6 years (2003 - 2009).
To meet the post-polio-eradication needs we launched the salk based InactivatedPoliomyelitis Vaccine (IPV) in India in 2007 and are also under advanced stage ofdevelopment of an innovative Sabin based Inactivated Poliomyelitis Vaccine (sIPV) thesafest polio vaccine in technical collaboration with Intravaac the Netherlands with aview to sustain immunization against Polio disease in post eradication phase. Again it wasa matter of great pride when WHO selected us as a trusted partner in Asia to develop andlaunch such vaccine.
I am also pleased to inform you that during the year the Company received the muchsought-after pre-quali%cation from WHO for its pentavalent vaccine (Easyv e-TT) on October2 2013. Further the Company has also received a long-term supply award from UNICEF forthe period 2014-16 and the supplies have already been initiated early 2014.
The Company has not only made signi%cant contribution in the development of vaccinemarket but also in improving the life of millions of children by providing innovativevaccines at a ordable prices across the globe. The Company is continuing with its e ortsto strengthen its vaccines portfolio by adding more and more vaccines in future and iscurrently developing several vaccines including hexavalent vaccine pneumococcalconjugated vaccine Japanese encephalitis vaccine and Dengue vaccine under development.
We at Panacea Biotec are steadfast in our e orts to increase both the topline andbottom line and the results have started showing in the %rst quarter of current nancialyear. All the major costs including manufacturing administrative selling &distribution and research & development have signicantly reduced and at the same timethe turnover has increased by 26% during this quarter. While this is only the beginningwe are con%dent to continue to progress in this direction in the times to come.
Although the future is full of uncertainty and challenges but it is also full ofopportunities. A bright sunlight follows a dark and gloomy weather conditions. Birdschirping and a shine behind the mountains are the signs that a beautiful sunrise is nevertoo far away.
With these words I express my sincere thanks to all our stakeholders bankersemployees vendors partners and associates for their unbroken support participation andguidance which we continue to count on as we forge ahead towards our destination.
Soshil Kumar Jain