Indoco Remedies Ltd.

Message From the Top Management

Dear Stakeholders,

Indian pharmaceutical industry is globally recognized and is one of the most successful industries in India. However, in the last couple of years, the industry faced several challenges, which include rise in competition, delayed product approvals, decreased value from new product launches and increasing price control. This has resulted in lower sales growth, both in Domestic as well as Export business for the industry as a whole.

The Financial year 2017-18 was full of challenges for the Company. GST transition, warning letter received from USFDA for Goa Plant II and restricted GMP compliance from UKMHRA for Goa Plant I affected growth.

In the Domestic business, the supply chain is normalised post GST implementation. Efforts are on to get the Regulatory compliance in line with the latest cGMP guidelines, subsequent to which, International business will see a revival.

In the meantime, ANDA/Dossier filing is in progress. In Emerging Markets, focus is more on trade business for consistent growth and profitability. Cost saving measures are also being taken to minimize impact on the overall profitability. The Company is confident that the current issues will be addressed expeditiously.

We express our gratitude to all our Stakeholders, including, shareholders, customers, bankers and the medical fraternity for their trust and support in Indoco. We thank all Indocoites for their contribution and trust, which we value the most.

Thanking you all,

Suresh G. Kare

 Aditi Panandikar
Managing Director

Sundeep V. Bambolkar
  Jt. Managing Director