Dear Colleagues,
As we end the first month of the New Year, we are filled with hope for new possibilities and a chance to contribute towards a better world.
We wish you and your families, happiness, health, peace and prosperity in the coming days of the New Year.
Your hard work, commitment and zeal have strengthened our businesses in the past year and we are poised for greater success.
2023 also marks three years of our combat with COVID-19. It has been one of the most challenging global public health crisis in a century and brought to the forefront the resilience and capability of the global health systems. This year yet again we are surrounded by uncertainties with respect to the new variant of COVID-19 fast spreading in China. The safety and well-being of our people remains our top most priority and we are confident that through our commitment towards COVID-19 appropriate behaviour, we will be able to overcome this new threat as well.
The last three years of COVID-19 have created challenges and accelerated opportunities in the areas of our businesses – Life Sciences and Pharmaceuticals. Overall, the COVID-19 scenario pushed all businesses for more ‘co-created experiences’ towards the creation of the greater good, encouraging more collaborations and alliances than ever before. This has paved way for future trends as well.
In our various businesses, in FY2022 we saw some significant developments.
For Jubilant Ingrevia Limited, the Company reported strong demand and growth in various segments despite challenges related to energy and raw material. The Company added two new plants in the Speciality Chemicals and Chemical Intermediates businesses last year and won some strategic contracts in the CDMO business. Additional new plants in Speciality Chemicals Business are anticipated in the current year along with the addition of a new business in the agro space. Jubilant Ingrevia successfully maintained its leadership positions in its various business segments owing to demand from downstream sectors and with the backup of an integrated business model.
For Jubilant Pharmova Limited, the focussed remain on sustaining momentum through improving operational efficiencies, maintaining present leadership positions, ensuring robust demand book, forging strategic alliances and expansions among others. The Radiopharmaceuticals business continues to maintain leadership in stable products and has witnessed improvement driven by higher volumes. The Radiopharmacies business also witnessed growth resulting from recovery in demand as the pandemic’s impact waned. The Allergy Immunotherapy business continues to report robust growth and has plans to further expand in global markets. For CDMO Sterile Injectables, the massive capacity expansions investments will come to fruition this year apart from addition of a new Ophthalmic line. In CRDMO, Drug Discovery Services continues to maintain momentum from robust order book and the API business with good volume growth is poised to gain further from the asset upgradation program at Nanjangud plant. The last few months have been extremely challenging for the Generics business driven by pricing pressure and regulatory compliances. However, serving the patient remains the core of our business philosophy. We understand that the patient needs high quality, low cost and high availability of medicines. To enable this, we are working to maintain the highest quality standards and streamline our cost structure in line with the industry’s best practices. In our Proprietary Novel Drugs business, we have achieved successful FDA clearance of IND filing for our second oncology pipeline drug (PRMT5 inhibitor), which is now ready for Phase I trial.
Our commitment to sustainability can be demonstrated by our achievement in our ESG ratings in the last couple of years on prominent platforms like DJSI S&P Global, Responsible Business Rankings by ET-Futurescape among others. In 2022, both Jubilant Ingrevia and Jubilant Pharmova received Gold rating in the Ecovadis sustainability ratings. Jubilant Ingrevia was amongst top 7% of global performers and Jubilant Pharmova was among Top 5% of Global Pharma companies.
The COVID-19 crisis, its related economic effects and the ongoing conflict in Ukraine have exposed the vulnerabilities of today’s global supply chains.
In the coming year, we will continue to invest in future-proofing and building a resilient supply chain by (a) by anticipating and mitigating variability upfront, e.g., using Analytics based demand sensing, accelerating process automation etc. (b) building structural agility into supply chain, e.g., integrated planning and collaboration, by building asset flexibility, proximity to customers, third party logistics and (c) by ensuring operational reactivity, e.g., autonomous e2e planning, achieving product launch excellence, process robustness, plant digitization etc.
The pandemic fundamentally changed the way we work. Businesses are now in a continuous state of re-imagination and technology is more important than ever before. Digital in this context will help us drive operational excellence, find innovative solutions for our customers, and build an agile, resilient organisation for the future. Sustainability like digital is also a way of life. ESG metrics and business metrics are deeply intertwined. Going ahead some of our businesses have embarked on their journey toward net-zero.
To continue our leadership positions in our chosen businesses we need to renew our focus on critical fronts like Safety, Quality, Capacity, Innovation, Sustainability, Environment etc.
Each one of us, should aim to bring fresh perspectives to our own areas of work so as to bring-in maximum value to the organisation, the environment and to society.
I thank each one of you for your commitment and dedication towards your work and to your families for being the behind-the-scene actors and supporting you.
Here’s wishing you all a very happy and successful New Year 2023!
Regards