During the last year we saw some bold initiatives by the Indian Government such asMake-in-India Digital India and Swatch Bharat Abhiyan. This will hopefully lead toimprovement in the countrys economy and shall have positive future impact onhealthcare sector. The recent introduction of "Goods & Service Tax" afterDemonetization has also been a major landmark. Its true that there will be initialuncertainty & transition problems but hopefully in the long run we will all benefitfrom these initiatives.
I would like to share with you recent development in India pertaining to our Pharmaindustry. from being a net importer of drugs upto mid 70s India is now a majorexporter. We are today regarded as Pharmacy capital of the world. Over 40% of generic drugconsumed in America have their origin in India. Drug price in India are the lowest in theworld. In R&D & Pharma technology our Indian technical expertise is among thebest. This has been due to combination of progressive laws Investment in infrastructure& new generation of entrepreneurs entering the Healthcare sector.
Currently there is multitude of issues between the Govt. & Industry. In thelast year alone the Medical Council of India (MCI) guidelines on generic prescriptions;expansion in the list of drug under price control have all presented challenges to IndianPharma manufacturers leading to an atmosphere of uncertainty.
All these developments do have an impact on the working of your Company and make theway ahead more challenging for us .
With determination strong will power and the support of our dedicated work force I amsure we will be able to fight back all these challenges and emerge as a winner.
I acknowledge with thanks the support of my Directors employees and variousstakeholders without whom we would not have been able to pass these difficult times.
S.R. Mehta Chairman