MESSAGE FROM THE MANAGING DIRECTOR
This year Pfizer completes 70 years of its journey in India. We say we are as old asthe Republic both coming into life in 1950I It has been a memorable seventy years and weare proud to have introduced many breakthroughs and innovations that have truly impactedour patients' lives while also creating value for our shareholders. To commemorate thisplatinum jubilee and to optimally utilize surplus cash your Company declared a landmarkspecial dividend of ?320/- (3200%) per equity share for the financial year 2019-20.
These past 70 years have witnessed your Company transform into a powerhouse brand withover 150 products across 15 therapeutic areas strategically altering our model to adaptto the latest healthcare challenges in India. Over the past few years your Company hasmade a conscious effort to truly unleash the power of our global research and innovationfor the benefit of patients in India. Worldwide Pfizer has established itself as aninnovation powerhouse with a focus on bringing Breakthroughs that Change Patients'Lives. As a result of this effort your Company's share of global brands is now almost50% vs 36.3% in 2016 in India.
2020: A year of new products and growth of flagship brands
I am proud to say that in this momentous Platinum Jubilee Year your Company launched Zinforo(ceftaroline fosamil)-a novel cephalosporin indicated for treatment of adult patientswith community-acquired Pneumonia. What was even more exciting was the unique way in whichwe launched this important new innovative therapy in India; we adopted a digital-firstapproach making Zinforo your Company's first ever launch that is 100% digitallInterestingly we did this even before the enforced COVID-19 lockdown in a way signallingour mindset and capabilities of going digital even before being compelled to do so. Westrongly feel that digital will be the way forward and will drive the way we do businessin the years to come. Your Company is consciously investing its efforts towards creatingdigital assets that will help us reach patients far and wide.
During a challenging and uncertain year I am pleased to inform you that your Company'sflagship brands including Prevenar Minipress Meronem Eliquis and Becosules continued toshow strong performance. During this period a number of innovative interventionsincluding transforming our go-to-market strategy and building digital initiatives toconnect with healthcare professionals among others were rolled out to ensure our strongposition in the marketplace.
Responding to the COVID-19 challenge globally and in India
For the first time I am writing this letter to you not from my office but from whathas become a new workspace for all of us - our home. The COVID-19 crisis has changed ourlives and has forced us to quickly adapt to challenging circumstances. As India attemptsto find ways to get back the road to recovery will be undoubtedly paved with challenges.Indeed in the way the markets will operate people will work patients will be treatedand consumers will buy the new normal will not be anything like the old normal. YourCompany has been hard at work through the pandemic to put in place a clear andwell-defined strategy for bringing business operations back on track. Pfizer's response totackling and battling COVID -19 is taking place at multiple levels.
Globally Pfizer Inc. has been at the forefront of research and development to developtherapeutics and vaccines against the novel Coronavirus. The Company has marshalled someof its best resources to join the global scientific community in developing drugs andvaccines to reduce the death toll and bring an end to this pandemic.
While Pfizer Inc. and indeed the world is in active pursuit of these solutions yourCompany has also been at the forefront of providing relief and succour to our brave COVIDwarriors who have devoted their daily lives to provide care to those affected by thispandemic. Through its CSR efforts your Company has provided essential equipments likestate-of-the-art ventilators to Government facilities that are treating COVID patientssupplied medication to the Government for their COVID-19 relief efforts; worked alongsideGovernment and NGO partners to distribute food to labourers; and has supplied N95 masks tofrontline and supporting healthcare personnel across 15 cities in India. Your Company isalso supporting a dedicated quarantine and treatment facility for Mumbai Police Officers.
Through the Pfizer Foundation Pfizer Inc. has also supplemented our efforts in India.A special grant provided to NGOs by the Foundation has allowed a supply of essentialequipments and consumables to a dedicated quarantine facility in Mumbai's Dharavi andprovided N95 protective masks far healthcare workers across the country.
New healthcare in a post-COVID world
The COVID-19 crisis has brought about an unprecedented focus on health. In particularpreventive health. One of the important lessons that this tiny virus has taught us is thatindividuals and businesses can no longer be complacent when it comes to safeguarding thehealth of their workforce. That there are solutions today to protect employees andthrough them families and communities from both communicable and non-communicablediseases. And that it is the responsibility of organizations managers owners andindividual departments to make sure that all these solutions are fully utilized.
It is for this reason that Pfizer has focussed and will continue to focus onencouraging companies to introduce Adult Immunization as a mechanism to provide employeeswith the protective shield of vaccines and prevent disease that can be prevented today. Tothis end we have introduced a new and easily implementable concept which we call;Building the Corporate Immunity Quotient on the understanding that Immunity is thenew Intelligence and that IQ must take on a completely different meaning in the post-COVIDworld. This is indeed the time to bring back focus on preventive health immunization andhealthcare reforms.
We believe that the unique challenge posed by COVID-19 in our country puts a spotlighton the need for more fundamental healthcare reforms and investment in public healthinfrastructure. Our brave COVID warriors have fought diligently to keep our recovery rateshigh mortality rates low and ensured that India fares better than many countries on thesecounts. Yet there is no doubt that our decades of underspending in healthcare has beenall too apparent in these past months. The latest World Bank numbers suggest that forevery 1000 population India has 0.7 hospital beds as compared to a global average of 2.70.9 physicians vs 1.6 and 1.7 nurses and midwives against global mean of 3.8. It is nowonder that our healthcare system has been severely overburdened during these testingtimes.
On the policy front too many of our rules and processes require to be overhauled tobring them into alignment with the modern times. It is heartening to see that work on thishas already started at least with regard to our Drug Regulations. India must also investsignificantly in creating a robust Digital Health backbone add impetus to telemedicineadopt more nuanced policies on enhancing access to healthcare and medicines and trulyfoster public-private partnerships to bring vitality to important programs such as JanAushadhi and Ayushman Bharat. In fact given its unique mandate and guided by the visionof the National Flealth Authority and the Niti Aayog the Ayushman Bharat-Pradhan MantriJan Arogya Yojana is set to be a precursor to universal health coverage in India.
In this and other ways COVID-19 may well leave a positive legacy behind. That oftriggering a period of long-awaited healthcare reforms in India that can catapult ourcountry into a modern healthcare state.
Dear Shareholders we mark our 70"' anniversary in India by rededicating ourselvesto our patients. We look forward to the next 70 years with renewed energy and commitment.We look to bringing new therapies that change our patients' lives we commit to findingnew solutions that enhance the access of our medicines we will maintain our focus onaddressing some of the most pressing healthcare challenges of our times.
On behalf of the Management of your Company I thank you sincerely for your steadfastsupport in this incredible journey and for your continued encouragement for our pathahead.