Management Discussion and Analysis Report
ECONOMIC OVERVIEW
Global Economy
The year 2023 saw steep increase in interest rates across the globe - all regions alike. This caused stress on interest expenses and therefore, profit after taxes (PAT) of many companies. The funding environment for industries became tougher, and companies that were more capital-intensive or highly-leveraged, like manufacturing, oil & gas, metals & mining, biotech companies, huge upfront investment, were impacted.
Life Sciences, as an industry, is secular - fairly less affected by global economic cycles. However, if we look at the composition of this segment, while the large to mid-size biopharmaceutical companies were resilient to economic conditions, the financial stress especially on funding did impact the Biotech companies, and to a certain extent, the medical devices companies.
Sources: Bank for International Settlements; Consensus Economics; Haver Analytics; and IMF staff calculations.
Note: Sample includes 16 AEs and 65 EMDEs. "Other" aggregates are medians. Real rates are calculated by subtracting 12-month-ahead inflation expectations, computed based on Consensus Forecast surveys of professional forecasters, from nominal policy rates. The 12-month- ahead inflation expectations are constructed as the weighted sum of forecasts for the current and next calendar years (see Buono and Formai 2018). AEs = advanced economies; EMDEs = emerging market and developing economies.
LIFE SCIENCES INDUSTRY OVERVIEW
Market overview
The global life sciences industry was estimated at Rs.138.3 trillion (US$ 1.8 trillion) in 2023 up 4.6% YoY from Rs.132.2 trillion (US$ 1.7 trillion) in 2022. The steady growth in the industry is attributable to rampant increase in chronic conditions, discovery of new diseases, innovation in biotechnology, growing patient awareness, etc. By 2026, the industry is expected to reach Rs.163.5 trillion (US$ 2.1 trillion) at 5.5% CAGR.
The life sciences industry comprises entities engaged in the research, development, and manufacturing and marketing of drugs and medical devices. The industry is broadly bifurcated into two main segments, namely, the biopharmaceutical and medical devices segments. The biopharmaceutical segment comprises companies that discover, develop, manufacture, and sell drugs (chemical and biological-based) to cure, vaccinate, or alleviate symptoms of medical conditions or diseases. The medical devices segment comprises companies involved in the research, development, production, and sale of systems and devices of medical applications, used to treat or diagnose diseases or medical conditions.
The biopharmaceuticals segment constituted 69% or Rs.8.3 trillion (US$ 107.4 billion) of overall life sciences operations spend in 2022. The biopharmaceutical segment saw a dip in growth in 2022 due to the restructuring of clinical trials. However, in 2026, the share of biopharmaceuticals is expected to remain at same levels constituting 69% of the total industry. The growth is expected to be driven by advances in drug development and increasing penetration of digital tools and technologies, among other factors. In 2022, as compared to previous years, the medical devices segment increased its contribution to ~31% due to changes in global regulations (such as post-pandemic transition plans in the U.S., increasing scrutiny on compliance in China and Japan, the United Kingdoms formalized exit from the EU leading to divergence in regulations and phased implementation of the IVDR in the EU), expansion of the wearables market, and increasing investment capital from private equity and venture capital.
Life sciences operations spend has grown at 6.7% CAGR over 2020 to 2022, estimated at Rs.12.0 trillion (US$ 156 billion) in 2022. The overall life sciences operations spend is expected to grow at a similar pace of 6.5% CAGR to reach Rs.15.5 trillion (US$ 201 billion) by 2026. The growth is to be led by aging population, growing prevalence of chronic diseases and discovery of new diseases, etc. The growth rate in the 2020-2022 period is slightly higher than the forecasted growth rate (from 2022 to 2026) due to the one-time impact of the pandemic.
Life science companies undertake several activities to discover, manufacture, and market their products. These processes referred to as life sciences operations can be categorized into five broad value chain segments:
Drug discovery and clinical trials
This segment comprises discovery of new therapies, vaccines, diagnostic procedures, medical devices, and new ways of using known treatments.
Regulatory and medical affairs
This segment involves the processes to be followed to obtain approvals for new biopharmaceutical products or medical devices and communicate the value of drugs and medical devices to key stakeholders such as payers, providers and regulatory bodies.
Marketing and sales
This segment aims to increase awareness, attract patients, buyers and physicians to use certain drugs or medical devices, and influence healthcare professionals (HCPs) to prescribe drugs or medical devices.
Pharmacovigilance or complaints management
This segment is responsible for detection, assessment, reporting, understanding, and prevention of adverse effects or product complaints that could result in product safety incidents.
Manufacturing, supply chain and distribution
This segment comprises functions that support the manufacturing process and enhances the supply chain processes of life sciences companies.
In 2022, the marketing and sales segment had the highest operations spend, estimated at ~ 4.2 trillion (US$ 55 billion), constituting approximately 35% of the overall life sciences operations market. This was followed by drug discovery and clinical trials, and regulatory and medical affairs, which constituted 23% and 16% of the market, respectively. Until 2026, marketing and sales is expected to continue to be the largest value chain segment by spend mainly due to increased digital HCP engagement, and adoption of beyond- the-pill services, among other factors. Pharmacovigilance / complaints management is likely to observe the largest growth due to increasing regulatory importance on safety, among other factors.
In terms of region, North America, a life sciences industry hub, dominated the life sciences operations spend in 2021, with 65% share. Between 2022 and 2026, the life sciences operations spend in North America is expected to grow at 6.8% CAGR led by large number of ongoing clinical trials and a robust drug pipeline for launch in the United States, among other factors. Europe is the second-largest market by geography and accounted for 25% of global life sciences operations spend in 2022. The rest of the world (RoW) which includes Latin America, the Middle East, and the Asia Pacific region, cumulatively contributed to approximately 10% to the overall life sciences operations spend in 2021.
Growth drivers
Rise in aging population
The life span of humans has increased due to growing prosperity and better access to healthcare facilities. Globally, population aged 65 years and above grew at 3-4% CAGR from 663 million in 2017 to 780 million in 2022. In the United States, 20.3% of the overall population is expected to be over 65 years of age in 2030. The aging population having low immunity levels and high recovery time is prone to illnesses, thus creating significant opportunities for the global life sciences industry to improve care, including through novel and more efficient therapies for treatment.
Increasing prevalence of chronic diseases and discovery of new diseases
Currently, six in 10 adults in the United States have a chronic condition, and four in 10 adults have two or more chronic conditions. Globally, there has been a rampant increase in chronic conditions. Chronic diseases are expected to contribute ~56% of the global burden of diseases in 2030. As the population with chronic conditions continues to increase, the number of chronic lifestyle disorders would also increase. Innovation in life sciences industry will be needed to ensure continual development of chronic therapies and upgradation in technologies to enable virtual care.
Also, the number of new diseases is growing rapidly. The diseases listed in the International Classification of Diseases (ICD)-11 code (a list of diseases, injuries, and causes of death published by the World Health Organization) rose to approximately 55,000 in 2022 from 14,000-15,000 in the previous version, the ICD-10. This presents huge growth opportunities for life sciences companies to develop novel and efficient therapies which can aid in early detection and disease prevention.
Growing patient awareness and adoption of remote monitoring and telehealth strengthening therapy engagement.
There is a steady rise on wellness and preventive healthcare among individuals with increasing number of patients actively engaged in managing their health and treatment decisions. To cater to this rising consumerism and to improve patient outcomes, the life sciences industry has observed an increased demand for smart medical devices including wearables, remote patient monitoring applications, and telehealth applications. This also helps in increasing access to care. Additionally, several companies have started to invest in connectivity enablement of medical devices to deliver enhanced experiences in a cost-effective manner.
Biotech innovation and novel drug therapies enabling improvements in patient care
There has been a steady growth in novel drug therapies and innovation by biotech companies on novel drugs. This renewed focus has been led by the rampant use in next-generation computing technologies such as AI and ML, and the advancement in cell and gene therapies. In 2022, novel drugs accounted for ~31% of overall New Drug Application (NDA) approvals and Biologic License Application (BLA) approvals by the Center for Drug Evaluation and Research (CDER). This increase in use of AI/ML has prompted FDA to be encouraged to establish a regulatory framework that encourages innovation.
Advancements in precision medicine
Precision medicine tailors treatments to individuals based on their genes, environments, and lifestyles.
The advancements in precision medicine have led to powerful discoveries and approved treatments. Physicians are increasingly using precision medicine to better enable selection of treatments that can improve the survival rate and reduce exposure to adverse effects. The U.S. Food and Drug Administration (FDA) is playing an active role in advancing precision medicine by working with stakeholders in the industry, laboratories, academia, and patient and professional societies to develop a flexible regulatory.
Challenges and threats
R&D overhaul of life sciences enterprises
Growing complexity of regulations and approval systems has been slowing down the entire drug pipeline and R&D process in the recent years. As of 2021, only ~12% of drugs entering clinical trials are ultimately approved for introduction by the FDA. Within the generics market, the number of abbreviated NDA approvals during 2022-2023 has declined by 4.4% when compared with the approvals during 2018-2019.
Pricing and margin pressures and value-based pricing models
Life sciences companies are required to offer discounted pricing or rebates on pharmaceutical products under various federal and state healthcare programs across countries. Drug pricing caps create margin pressures on biopharmaceutical companies, reducing the overall profitability of the industry and consequently, operations spend. Pricing pressures are further compounded by loss of exclusivity of drugs due to patent cliffs leading to loss of revenue in high value drugs. In U.S., there is increasing pressure from consumers, payers, providers and the government to control prices especially for novel treatments.
This has prompted the United States medical system to shift from the traditional fee-for-service model to a value-based model, wherein life sciences companies will need to demonstrate measurable value and bake it into commercialization and pricing. This creates potential risks of payment and reimbursement delays until outcomes are realized, impacting top line revenue and operating ratios.
Only a fraction of the overall drugs approved are reaching blockbuster status
Blockbuster drugs refer to drugs with annual gross sales greater than US$ 1 billion. Based on an analysis of leading anticipated drug launches from 2017 to 2022, only 37% of such drugs attained blockbuster status and only 54% managed to cross the US$ 500 million revenue mark. In 2023, many high revenue drugs lost exclusivity due to patent cliffs. The number of such patent cliffs for blockbuster drugs that are due to occur over 2023-2026 are three times more than those that occurred over 2020-2022.
Impact of economic slowdown in 2023
In 2023, recessionary concerns were prominent across the globe with persisting inflation prompting the central banks to keep interest rates high. This was coupled with heavy amounts of fiscal and monetary stimulus being pushed to the markets. For the life sciences industry, while the end consumption of drugs and medical devices remained inelastic, there were certain cost pressures on companies which nudged them to adopt cost-effective digital-enabled solutions.
Increasing product recalls
Product-related recalls are a key challenge encountered by life sciences enterprises. The product recall rate has increased significantly after the pandemic. Unless the major factors contributing to product recalls such as unintended side effects, manufacturing defects, and quality issues are addressed, it may significantly impact the projected top-line growth of life sciences enterprises and corresponding operations spend.
Accelerating adoption of digital technology
Traditionally, technology adoption has been relatively slower in the life sciences industry as compared to other industries. In the recent past, this scenario has changed with life sciences companies placing a higher emphasis on digital innovation and enterprise-wide transformation initiatives to improve their operational efficiencies. The growing use of technology tools is also leading to requirements of domain-centric digital expertise. Life sciences companies are embracing technological partners with the requisite domain expertise to aid them in this digital journey.
Effective and efficient interaction with HCPs
Earlier, marketing and sales was handled by sales representatives who visited HCPs in person. With time, the life sciences industry pivoted to a hybrid omnichannel model using a mix of communication channels including both in-person and digital channels. Various modes of remote interactions through various technological platforms, e-mails, telephonic conversations, and automated online detailing are used while maintaining personalized communication and ensuring uniform experience across various touchpoints.
Automation in pharmacovigilance
There has been a tremendous increase in the use of automation tools to control costs and increase effectiveness of pharmacovigilance functions. Though this was initiated as the need of the hour during the pandemic, the benefits that automation offers to organizations has led to continued focus on pharmacovigilance automation.
Rise in adoption of decentralized clinical trials
Recently, the industry has adopted decentralized trials, an innovative technique to enable clinical trial testing in various settings from various point-of-care locations to trials conducted at patients homes, while collating data in a unified platform. Decentralized trials have established benefits like an improved patient enrollment and retention rate, better efficiency, reduction in trial timelines, more diverse patient population and access to real-time data.
COMPANY OVERVIEW
Established in 1998, Indegene Limited, is a digital-first, life sciences commercialization company providing services for the life sciences industry, including biopharmaceutical, emerging biotech and medical devices companies. We assist them with drug development and clinical trials, regulatory submissions, pharmacovigilance and complaints management, and the sales and marketing of their products. We offer solutions through their life cycle resulting in increased effectiveness and efficiency using latest technology. Our portfolio of solutions covers all aspects of commercial, medical, regulatory and R&D operations of life sciences companies.
Life sciences companies struggle due to limited availability of requisite talent pool. These companies are currently grappling with severe margin pressures due to recent drug pricing caps and are also facing loss of exclusivity of multiple drugs due to patent cliffs. Amidst these challenges, the role of digital innovation and enterprise-wide transformation initiatives becomes crucial to improve operational efficiencies. Life sciences companies are therefore increasingly embracing technological partners. Our vast domain expertise and fit- for-purpose technology makes us a preferred partner. The 20 largest biopharmaceutical companies in the world by revenue for the Financial Year 2023 (Source: Everest Report) are our clients. As of 31 March 2024, we had a total of 63 active clients (i.e., clients from whom we earned US$ 0.25 million or more in revenues during the 12 months preceding the relevant date).
We offer end-to-end solutions across multiple regions to cater to our clients requirements from six operation hubs and 17 offices located across North America, Europe and Asia. Our streamlined global processes and the scalable nature of our solutions enables us to work with our clients across time zones and languages, leading to better client engagement. Our Key Managerial Personnel and Senior Management Personnel are positioned across India and United States, and have domain experience in life sciences, marketing and digital transformation.
Solutions and business models
Positioned at the intersection of healthcare and technology, we provide solutions spanning across the various stages of the commercialization lifecycle of drugs and medical devices. Our Enterprise Commercial Solutions and our Omnichannel Activation Solutions cater to the commercial functions of life sciences companies while our Enterprise Medical Solutions and Enterprise Clinical Solutions cater to their medical and R&D functions.
Enterprise Commercial Solutions
We primarily cater to the digital marketing operations, one of the major cost items, of the life sciences companies through our Enterprise Commercial Solutions. We help life sciences companies drive scale efficiency as well as technology and analytics-enabled personalization of their engagement strategies for HCPs and patients, and operations. Our services include consolidation of the widely fragmented activities involved in the development of promotional and educational content, and designing and execution of marketing campaigns directed at HCPs and patients using digital communication channels such as websites, emails, and social media. We also provide digital asset management, marketing automation, customer data management and analytics solutions to measure the effectiveness of marketing campaigns. Our Enterprise Commercial Solutions leverage our proprietary natural language processing (NLP) and Gen AI based tools and platforms for achieving reduction in dependence on manpower, efficiency and driving regulatory compliance.
Omnichannel Activation
Our Omnichannel Activation solutions enable life sciences companies leverage digital technology to optimize the last-mile promotion of biopharmaceutical products and medical devices to HCPs across multiple channels. We promote products to HCPs using digital technologies and proprietary analytics like emails, virtual sales representatives, social media and other digital platforms. This results in higher efficiencies and reduced costs as compared to promotions done by medical representatives. Our NEXT HCP Journey Optimization platform, which has Digital Rep Equivalence capabilities, assists with customer segmentation, channel optimization activities, and deploy medical representatives more effectively. We also assist with marketing strategies, creative design, and producing marketing content for deployment across channels through our subsidiary, Cult Health.
Enterprise Medical Solutions
Our Enterprise Medical Solutions set-up centers of excellence (CoEs) to consolidate large scale regulatory and medical operations for our clients. CoEs comprise multidisciplinary teams that work on one or more client engagements. Through these CoEs, we assist with:
(i) writing medical content, regulatory submissions, product labels and other medical information;
(ii) reviewing medical communications to ensure compliance with regulatory guidelines and ethical practices;
(iii) pharmacovigilance services, i.e., the monitoring and processing of adverse occurrences arising from the use of biopharmaceutical products; and
(iv) conducting RWE-based medical research to support market access and pricing strategies. We use our proprietary NLP-based and Gen AI-based tools for Enterprise Medical Solutions to offer customization to clients for handling medical information. Our tools help us improve the quality of medical content, ensure regulatory compliance of medical content, and achieve headcount-independent scalability.
Others
In addition, we offer Enterprise Clinical Solutions and Consultancy Services. The Enterprise Clinical Solutions assist in the drug discovery and clinical trial operations of life sciences companies. These solutions include digitally-enabled patient recruitment for clinical trials, clinical data management and assistance with regulatory submissions. To identify the right sites for clinical trials, relevant patient cohorts to recruit and thereby fast track site selection and patient recruitment, we leverage real-world data (RWD).
To assist biopharmaceutical companies in handling and analyzing multiple sources of data during clinical trials and build a case for regulatory approvals we leverage our expertise in data management and analytics. We provide consultancy services through our subsidiary, DT Consulting, to help life sciences companies leverage digital transformation efforts for superior customer experience.
All our solutions are offered primarily through two delivery models, enterprise-wide technology-enabled COEs and digital Omnichannel Activation solutions. Our COEs, comprising individuals with subject expertise across multiple functional, work closely with our clients to deliver our multiyear, enterprise-wide, global solutions. These CoEs are capable of handling multiple upstream and downstream activities with multiple business verticals or with different global and regional teams of the same organization.
Our digital Omnichannel Activation helps run sales and marketing campaigns digitally, reducing or eliminating the need to engage medical representatives. They do not require dedicated teams to be engaged on a full-time basis.
FINANCIAL REVIEW
During FY 2023-24, revenue from operations crossed the Rs.25,000 million mark, increasing 12.3% to Rs.25,896 million from Rs.23,061 million in FY 2022-23. Our revenues very closely mirror the global life sciences industrys spends on operations. 72.1% of our revenues come from the top 20 (by revenue) global Biopharma companies.
Consolidated Financial Highlights for the Financial Year 2023-24
(in Rs. Million) | |||
Particulars | FY 2023-24 | FY 2022-23 | YoY Growth |
Revenue from operations | 25,896 | 23,061 | 12.3% |
Revenue from operations (US$ Mn) | 312.8 | 287.5 | 8.8% |
Adjusted EBITDA | 5,817 | 4,542 | 28.1% |
Profit before tax | 4,586 | 3,630 | 26.3% |
Profit after tax | 3,367 | 2,661 | 26.5% |
Adjusted EBITDA increased 28.1% to Rs.5,817 million from Rs.4,542 million in FY 2022-23. This growth reflects our focus on operational excellence, cost optimization and value-driven service delivery.
PAT increased 26.5% to Rs.3,367 million from Rs.2,661 million in FY 2022-23. Profit margin increased to 13% in FY 2023-24 from 11.5% in FY 2022-23.
During the year, cash flow from operating activities generated Rs.5,077 million up from Rs.1,302 million in FY 2022-23.
Ratio analysis
The Company has identified the following ratios as key financial ratios:
Particulars | FY 2023-24 | FY 2022-23 |
Days sales outstanding (DSO) | 73 | 85 |
Cash and investments as a % of total assets | 38.7% | 31.8% |
Revenue growth (%) | 12.3% | 38.5% |
Net profit margin (%) | 13.0% | 11.5% |
Basic EPS (Rs.) | 15.19 | 12.03 |
BUSINESS OUTLOOK
We are delivering healthy performance in line with industry growth. Our robust financial performance with a healthy cash conversion and a strong balance sheet, provides us with the flexibility to invest in growth opportunities. We remain committed to delivering value to our clients and shareholders through deep domain expertise, innovation and operational excellence.
As a part of our strategy, we will continue to strengthen our go-to-market engine, which involves: (i) deepening our relationship with our existing clients, including each of the 20 largest biopharmaceutical companies globally, and tapping into cross-sell, up-sell and geographic expansion opportunities; (ii) expanding our customer base to biopharmaceutical companies beyond such 20 largest biopharmaceutical companies; (iii) making inroads into new market segments; (iv) focusing on high value opportunities with our key clients; and (v) scaling nascent business verticals.
We remain focused on developing our technology portfolio to aid our solutions. We also aim to continue to execute strategic acquisitions to, among other things, acquire capabilities that are missing in our spectrum of solutions and further improve delivery of our solutions. We remain focused on achieving operational excellence through our talent, quality of offerings, and efficiency in delivery.
RISK MANAGEMENT
We have devised and implemented a robust Enterprise Risk Management (ERM) framework to proactively identify, evaluate and address risks across operations in various geographies. The ERM function is headed by the Chief Risk Officer and is overseen by the Board of Directors. The Groups risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits.
ERM ensures robust management of strategic, operational and financial risks, and ensuring the implementation of effective mitigation plans. It also monitors and reports on key risk indicators and metrics and conducts periodic risk assessments and audits to identify and prioritize areas of improvement. It is responsible for implementing several risk management initiatives, such as the development of a business continuity plan, strengthening infrastructure, enhancement of data security and privacy policies, adherence to various regulatory requirements, and the adoption of new risk management tools and systems.
Risk management policies and systems are reviewed regularly to reflect changes in regulations and the Groups activities to ensure preparedness against both internal and external risks. The Group through its training and management procedures aims to develop a disciplined and constructive control environment in which all employees operate.
HUMAN RESOURCES
Aligned to our purpose of making healthcare/life sciences future-ready, we nurture multi-skilled, multi-geography talent to build leaders for the future. We offer unique, differentiated career experiences that combine deep domain and technology expertise, driving growth and strengthening our competitive edge.
Recognized as an exciting place at the convergence of domain and tech, we provide career experiences that prepare individuals for today and tomorrow. Our team spans medical, technology, and commercial domains, with over 36 job families and 700+ skill sets. As of 31 March 2024, we have 4,367 employees in India, 527 in North America, 108 in Europe, 67 in China, and 12 in other regions.
Our distinct culture fosters leadership development, focusing on building a cohesive, accountable team committed to organizational goals. Our Talent Development strategy includes Talent Development, Future Skills, and Career Development, supporting our organizational goals and vision.
We hire for over 600+ skills across 36 job families globally, continuously evolving to meet industry needs. Our inclusive talent management strategy promotes diversity, with 43.4% of employees being women. Our Talent Engagement and Wellness Strategy centers on holistic employee well-being, with programs like #MyHealthMatters emphasizing health and wellness.
Our global recognition and rewards program fosters appreciation and performance, offering culturally-sensitive rewards across diverse markets. We ensure a safe workplace with policies promoting diversity and inclusivity. Anti-sexual harassment policies and grievance redressal systems are in place to ensure safe workplace.
CORPORATE SOCIAL RESPONSIBILITY
We strive to act as catalysts for the change we need in communities we work in, as an organization founded to enable future-ready healthcare. With the help of our collaboration in healthcare and education, we work to support projects that demonstrate clear purpose and the opportunity to make a meaningful impact. Our CSR efforts include funding to improving education and healthcare access, volunteering by our teams and sharing knowledge in fields we have expertise in.
We have adopted a corporate social responsibility (CSR) policy in compliance with the requirements of the Companies Act, 2013. For FY 2023-24 and FY 2022-23, our CSR expenses amounted to Rs.33.96 million and Rs.28.31 million, respectively. Our CSR activities are primarily focused on initiatives relating to education, and health and technology.
Healthcare and technology
Our contribution to healthcare is our way of giving back to an industry that we owe our founding purpose to. We share our expertise in patient engagement with Mithra, so their counselors understand how to engage with tuberculosis patients calling their helpline. We applied our technology expertise to build a platform to streamline information collection and documentation for Enfold, an organization committed to preventing child sexual abuse. We supported FAME to offer speech and language therapy for children with neurodevelopmental challenges. During Covid-19, we deployed an Autonomous Bot to support healthcare professionals monitor affected patient wards and reduce their exposure to the virus.
Education
We view industry-academia relationships as critical to healthcare research and nurturing future leaders and actively seek collaboration opportunities with educational institutions. Through the Faculty Chair for Digital Health at Plaksha University, we are contributing to advancements in the field of digital health by attracting exceptional educators and researchers. Vulnerable children could continue their education virtually during Covid-19 through our laptop distribution partnership with Reaching Hand.
ENVIRONMENTAL SOCIAL GOVERNANCE (ESG)
Indegene has demonstrated significant progress on sustainability practices, and commitment to GHG targets. We have published comprehensive sustainability data, and our performance has surpassed expectations of clients and various stakeholders who have an interest in our sustainability plans. Our greenhouse gas reduction targets have been validated by the Science Based Targets Initiative (SBTi) with 2023 as the baseline year.
We are in compliance with the requirements of the applicable regulations, including the SEBI Listing Regulations, the Companies Act and other applicable regulations of SEBI, in respect of corporate governance including in respect of the constitution of the Board and Committees thereof, and formulation and adoption of policies. Our Board of Directors is the primary force determining our corporate governance policies with accounting, transparency, fairness, and responsibility as the fundamental governing principles.
We, at Indegene, believe in contributing to the social development and betterment of our community, country and the world at large. Consequently, our corporate social responsibility (CSR) is aimed at enabling communities to be future-ready and make a meaningful impact. We strive to meaningfully contribute to the development and sustainability of the societies that we are a part of. Our CSR policy and initiatives revolve around harnessing our medical and technology expertise and combining it with the collective desire of our team to make an impactful contribution to improving the health of our society.
We manage our internal compliance by monitoring and evaluating internal controls and taking reasonable steps to maintain appropriate procedures for relevant statutory and regulatory compliances. We review our internal controls on an ongoing basis, as risks evolve and develop. Audit Committee is responsible for reviewing, with the management, performance of statutory and internal auditors, and adequacy of the internal control systems. The Committee reviews the findings of investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature. Any irregularity is reported to the Board which then ensures adequate corrective measures are implemented.
The responsibility of the respective Management and Board of Directors of the companies included in the Group includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Financial Information.
12 August 2024
Dear Members,
You are cordially invited to attend the 26th Annual General Meeting (AGM) of the members of Indegene Limited ("the Company") to be held on Friday, 06 September 2024 at 16:30 hours IST through video conference and other audio-visual means ("VC").
The Notice of the meeting, containing the business to be transacted, is enclosed herewith. As per Section 108 of the Companies Act, 2013 ("the Act"), read with the related rules and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the LODR Regulations"), the Company is pleased to provide its members the facility to cast their vote by electronic means on all resolutions set forth in the Notice.
Very truly yours,
Sd/-
Manish Gupta
Chairman, Executive Director & Chief Executive Officer
DIN: 00219269
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