Amongst India's highly progressive and innovative health management companies. PanaceaBiotec consistently focuses on integrating the ever-evolving science and technology withits commitment & resolution to spread good health and healthy living in masses.
The Indian pharmaceuticals industry at this time is facing multiple challenges in termsof growing concerns over the quality of drugs price control measures over dependence onChina for bulk drugs. Governments push for generics drugs and lack of clarity &predictability in regulations and the IPR regime. Complex approval procedures andstringent regulations too have led to a considerable slowdown in the clinical trialsindustry impacting the innovation and drug discovery environment in the country.
The challenges and hardships faced by us in the last few years have helped us tostrengthen our creative emotional and intellectual muscles. While the obstacles were highand mighty they have enabled us to hasten the transformation of our culture into one ofexcellence. Together we have overcome challenges by redefining challenges adoptinginnovative solutions and have delivered positive results. The focus was on expansion ofyour Company's customer base and product portfolio for its existing products and brandsand increasing market penetration in both established and emerging markets at globallevel.
The year under review was a year of continuous growth for the Company. Strengtheningthe existing business in market place and venturing into new markets was the key. Duringtheyear the Company's net revenues from operations have increased to Rs.5799 million ascompared to Rs.5440 million during previous financial year mainly on account of highersale of hexavalent vaccine EasySix in the domestic market sale of oral poliovaccine to Government of India and growth in the pharmaceutical formulations business. TheEBITDA has also increased to Rs.814.25 million as compared to Rs.694.85 million duringFY2016-17.
In pharmaceutical business your Company has increased its footprint in Internationalmarkets and is currently in the process of launching new products across differentcountries such as US Germany CIS countries Brazil Middle-East and other emergingSouth-East Asian Countries.
The Company's gross turnover of pharmaceutical formulations business has grown at aCAGR of around 5.7% to Rs.3779 million in FY2017-18from Rs.2407 million in previousyear.
During the year the Company has launched two new products.
viz. Rizatriptan Oral Dispersible 5mg and lOmg Tablets and Prasugrel HCL 5mg and 10mgtablets in US markets. The pharmaceutical exports have grown by more than 40% to Rs.850million from Rs.605 million during previousyear.
The Company's ANDA for Paclitaxel Protein bound particles for Injectable SuspensionlOOmg/vial has been accepted for filing by the USFDA. In addition the approval processfor other ANDAs filed earlier with the USFDA is in progress. The Company plans to launchthese products in US Europe etc. through strategic collaborations with leading pharmacompanies.
The Company is also building a robust pipeline of several products forfiling in severalother emerging markets which it will be filing in the next 1-2 years and aims to improvethe accessibility and affordability of medicines as the Company's contribution toGovernment of India's "MAKE IN INDIA" mission.
During the year the Company has received the Certificate of GMP Compliance from StateService of Ukraine on Medicines and Drugs Control with manufacturing authorization for 22medicinal products including 4 oncology products valid till June 242020. Under thisManufacturing Authorization the Company's oral solid dosage manufacturing facility andoncology facility at Baddi have been certified as complying with the Good ManufacturingPractices.
The Company has tied-up with leading regional companies in emerging markets like LatinAmerica South East Asia CIS and Africa to expand business reach and leverage theuntapped markets. The Company has successfully got registered the nephrology and pharmaproducts in these markets and commercialization of products is expected to start duringthe current year.
Your Company continues to focus on vaccines business as a core business segment. YourCompany has played a pivotal role in eradication of polio disease from India & manyother countries by having supplied over 10 billion doses of OPV to UNICEF/Govt. ofIndia/PAHO etc. in the last 2 decades. During the year your Company has initiatedsupplies of bOPV to Govt of India from its Baddi vaccine facility.
Your Company has also pioneered in development of wP based fully liquid combinationvaccines and has launched world's first fully liquid wP-IPV based hexavalent vaccineEasySix (Diphtheria Wholecell Pertussis Tetanus Hepatitis B Hib and IPV) inMarch 2017.1 am pleased to share that the
same is ranked among the Top 5 new launches in Indian pharmaceutical market. As aresult of strong growth in sales of EasySix vaccine. Panacea Vaccine SBU registeredimpressive growth of 170% and achieved sales of Rs.836 million during the year underreview.
I am also pleased to share that during the year your Company has entered into ahistorical collaboration with Serum Institute of India Pvt. Ltd. with respect tohexavalent vaccine. Under this collaboration the Company will get assured supply of IPVbulk an important constituent of hexavalent vaccine through Serum's subsidiary at TheNetherlands and Serum shall be entitled to manufacture & sell hexavalent vaccine.
As a leading research based company your Company has filed more than 1500 patentapplications worldwide including 230 patent applications in India. About 466 patentapplications have been granted / accepted for grant including 2 patents granted in Indiaand one each in USA Russia Europe and Myanmar during the year including patents on keynew chemical entity formulations and hexavalent vaccine EasySix.
We at Panacea Biotec are steadfast in our efforts to overcome the challenges andincrease both the topline and bottom line and we are confident to continue to progress inthis direction in the times to come.
Panacea Biotec continues its efforts to make a significant difference in lives ofpeople everywhere. It works closely towards the development of society in line with itsphilosophy of creating happierand healthier society.
Although the future is full of uncertainty and challenges but it is also full ofopportunities. As an organization we have evolved and we have evolved for the better.Let's all gear up and prepare for the better days ahead which is not very far away.
With these words I express my sincere thanks to all our stakeholders bankersemployees partners and associates for their unbroken support participation and guidancewhich we continue to count on as we forge ahead towards our destination.
Soshil Kumar Jain