Pfizer Ltd Directors Report.

Including Management Discussion and Analysis Report

To the Members,

Your Directors take pleasure in presenting this 70th Annual Report along with the Audited Financial Statement for the financial year ended March 31, 2021. The Company operates only in one business segment that is, "Pharmaceuticals" and this Report covers its Pharmaceutical business performance.


The Board of Directors at their meeting held on May 26, 2021 recommended a normal dividend of 30/- (300%) per equity share and a special dividend of 5/- (50%) per equity share, aggregating to total dividend of 35/- (350%) per equity share for the year ended March 31, 2021. The Dividend payout will be 160.12 Crore.


Particulars Year ended March 31, 2021 Year ended March 31, 2020
Net Sales 2,190.04 2,096.32
Other Operating 48.51 55.33
Revenue from 2,238.55 2,151.65
Other Income 81.12 184.02
Profit Before Tax 668.72 642.49
Income Tax Expense 171.11 133.36
Profit for the year 497.61 509.13
Total other comprehensive income (net of tax) (0.96) (8.93)
Total comprehensive income for the year 496.65 500.20

Your Companys sales for the financial year ended March 31, 2021 stood at 2,190.04 Crore as compared to 2,096.32 Crore in the previous year, which represents a growth of 4.48.%. The sales for the year under review are not strictly comparable with that of the previous year on account of the impact of COVID-19.

Profit before tax for the financial year ended March 31, 2021 was 668.72 Crore as compared to 642.49 Crore in the previous year. The profit after tax stood at 497.61 Crore for the financial year ended March 31, 2021 as compared to 509.13 Crore in the previous year which included prior year tax reversals of 44 Crore.


One year into the COVID-19 pandemic, economic recoveries continue to diverge across countries and sectors, reflecting variation in pandemic-induced disruptions and the extent of policy support. As per the International Monetary Fund (IMF), after an estimated contraction of 3.3% in 2020, the global economy is projected to grow at 6% in 2021. The contraction for 2020 is 1.1% lesser than projected in the October 2020 World Economic Outlook, reflecting a higher-than-expected growth outturns in the second half of the year for most regions after lockdowns were eased and as economies adapted to new ways of working. For the emerging and developing Asia regional group, projections for 2021 have been revised up by 0.6%, reflecting a stronger recovery than initially expected after lockdowns were eased in some large countries like India.

The IMF raised its growth forecast for Indian economy by 100 basis points in its latest edition of World Economic Outlook projecting growth forecast at 12.5% in FY 2022, the highest among emerging and advanced economies. India is the only country expected to register a double-digit growth this fiscal. India battled one of its biggest recessions in recent memory. However, signs of recovery were seen in the Indian economy which recorded a marginal growth in the third quarter of the financial year 2021. Till recently, economic activity seemed to be gathering momentum at a sustainable pace with people demonstrating greater confidence in stepping out and spending. The vaccination drive has made good progress too with over 18.2 Crore people inoculated by mid May 2021, mostly from the vulnerable segment.

Much like the previous year, India has suffered on all accounts but at an even greater rate this year. While ascertaining the impact of the second wave of the COVID-19 is difficult, given the various lockdowns different magnitudes in several states and its economic impact, India is hopeful for a V-shaped recovery, but with its own set of stressful challenges. The rapid pace of vaccination; strong growth in private investment, and its rebound stimulated by reforms and schemes; pent-up demand backed by savings made by high and mid-income consumers who are waiting to spend and; fiscal spending on building assets and infrastructure (that have a high multiplier effect on income, jobs, and private investments) will likely start gaining momentum on the ground and is expected to steer growth over the next two years.

The overall recovery will also depend on the path of the health crisis, including whether the new COVID-19 strains prove susceptible to vaccines or they prolong the pandemic; the effectiveness of policy actions to limit persistent economic damage; the evolution of financial conditions and commodity prices and the adjustment capacity of the economy.

Current Healthcare and Pharmaceuticals Environment

According to the Indian Economic Survey 2021, the domestic pharmaceutical market is expected to grow three times in the next decade to US$ 42 billion in 2021 and US$ 65 billion by 2024 and may reach ~US$ 120-130 billion by 2030.

The Union Budget 2021 puts a spotlight on health and well-being. Doubling up healthcare spending and allocating a sizable outlay for developing capacities of primary, secondary and tertiary healthcare systems and promoting new and existing institutions to concentrate on emerging diseases over the next 6 years, is a welcome move. The focus is now on overall well-being of the people including preventive and curative health with a larger emphasis on immunization. Allocating Rs.35,000 crore for COVID-19 vaccine and the assurance that any additional spending required would be provided for vaccination, is a welcome step. However, much needs to be done to improve national healthcare spending as a percentage of GDP.

Indian Pharmaceutical Industry

Market Overview:

The Indian pharma market (IPM) grew at 4.3% over the April 2020 - March 2021 period, with a turnover of 1,56,797 Crore. The growth was primarily driven by price, which contributed 4.3% to the total, followed by new products at 3.6% and volume at -3.6%. Multinational companies hold about 20% share in the market and have grown at 2.6%.

Therapeutic Growth:

Cardiac has overtaken anti-infectives to emerge as the top therapy. Antivirals have registered highest growth of 161% due to pandemic. The acute care segment is growing at a meager 2% due to low patient volume during the pandemic. in Anti-infective, being the most impacted, declined by 12%. Within the acute therapeutic areas, vitamins, minerals & supplements (VMS) was least impacted. Chronic segment has also suffered due to the pandemic as growth slipped to 8.4% (Mar21 MAT) from 11.7% (Mar20 MAT). Both cardiac and cardiovascular and neuroscience (CNS) therapies posted double-digit growths.

COVID-19 Impact on Pharmaceutical Industry: IPM grew faster in March 2021 due to the base effect of lockdown beginning March 25, 2020. IPM growth declined to 4.3% in 2021 as compared to 10.5% growth last year. Loss in potential sales is estimated at approximately 8,000 Crore.

Market data source: IQVIA MAT March 2021

The impact was higher as the lockdown period overlapped with monsoon season which typically are growth drivers for acute therapeutic areas. With limited face-to-face detailing, new launches were either delayed or saw lower uptake but are now picking up. Vitamins has shown strong recovery driven by consumer awareness and their role in immunity building for COVID-19. The respiratory therapeutic area has shown lower growth levels. A research indicates lockdown linked drop in asthma attacks mainly due to lower levels of air pollution, fewer coldandfluinfections. Limited access to healthcare professionals in Tier 1 Cities due to stricter lockdown, reverse migration, lower inter-district travel for medicine purchase and increased focus on rural markets are potential drivers for rural growth. Going forward, health systems needs to be mindful of increasing co-morbidities/ new diagnosis in COVID-19 recovered patients.


As the pandemic persisted, the Government continued to engage with the Industry to remove possible bottlenecks adversely affecting the availability of medicines to the patients across the country. With the launch of two COVID-19 vaccines in January 2021, the Government embarked upon a massive phase-wise immunization drive.

The Government has undertaken deep structural and sustained reforms to strengthen the healthcare sector and also announced conducive policies for encouraging foreign direct investment. The Aatmanirbhar Bharat Abhiyaan packages includes several short and longer-term measures for the healthcare system, including production-linked incentive (PLI) schemes for boosting domestic manufacturing of pharmaceuticals and diagnostic devices. Your Company welcomes the PLI Scheme which aims at incentivizing the setting up of manufacturing units for patented molecules/drugs in the country and world class Research & Development facility in India by global pharma companies.

The objective of PLI Scheme is to enhance Indias manufacturing capabilities by increasing investment and production in the pharmaceutical sector and contributing to product diversification to innovative and patented drugs. The Scheme also aims to create global champions out of India who have the potential to grow in size and scale using cutting edge technology and thereby penetrate the global value chains. The criteria for releasing the incentive is based on minimum cumulative investment made and percentage growth in sales achieved, each year. Separate thresholds for investments and sales have been defined for each group of companies. The Scheme will be implemented by the Department of Pharmaceuticals through a Project Management Agency. The Empowered Group of Secretaries (EGoS) shall undertake periodic review of the Scheme.

The COVID-19 pandemic has also accelerated the adoption of digital technologies, including telemedicine.

The National Digital Health Mission was launched this year with an aim to create a management mechanism to process digital health data and facilitate its seamless exchange; develop registries of public and private facilities, health service providers, laboratories and pharmacies; and support clinical decision-making as well as offer services like telemedicine.

The Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) is the worlds largest non-contributory Government-sponsored health insurance scheme that enables increased access to inpatient healthcare for poor and vulnerable families in secondary and tertiary facilities. The programme continues to make progress in terms of its population coverage and the number of healthcare institutions that offer treatment and other services to the AB-PMJAY beneficiaries across the country. However, the adoption of the revised Health Benefit Packages (HBP 2.0) by the states has not been completed and continues to progress slowly during the current year. The AB-PMJAY has the potential to make innovative therapies available to the beneficiaries across the country. The Pharma Industry continues to engage with National Health Authority towards this goal.

Process for Revision of the National List of Essential Medicines (NLEM) and Price Controls: The Standing National Committee Medicines (SNCM) continued the process of consultation with the industry as well as other relevant stakeholders on the NLEM. However, the deliberations have been slowed due to the continuing pandemic situation in the country. We understand that the NLEM-2021 preparations are in its final stages and may announced soon. Your Company as well as various industry associations have made representation to the SNCM, providing evidence-based arguments for consideration. The industry has represented to the Government to delay the review, finalization and notification of the NLEM since the industry has been involved in ensuring the manufacture and supply of medicines in the pandemic.

Intellectual Property Rights (IPR) Protection:

Your Company advocates for strong IPR protection for innovative companies. The Industry has been in discussion with the Government on various IPR issues at different forums and has raised concerns on pending reforms. Some progress around enforcement of IP which is voluntary, and reduction of patent grants time frame have been steadily improving. However, challenges around lack of clarity around certain sections of the Patent Act which pose a challenge to IP protection and unauthorized exports of patented molecules from neighboring countries into India remains an area of concern.

Advancing discussions with the Government on Pfizer-

BioNTech COVID-19 vaccine: The Government of India has constituted a National Task Force on COVID-19 vaccine under the NITI Aayog and the Ministry of Health and Family Welfare. Your Company continues to engage with this Task Force and the Government to make the Pfizer-vaccine available for use in the Country.

Regulatory system strengthening: The Central Drugs

Standards and Control Organization (CDSCO) has embarked on three-year action plan to transform the Indian regulatory system to Stringent Regulatory Authority (SRA), as outlined by World Health Organization and at par with the International Council for Harmonization of Technical Requirements for Pharmaceuticals for Human Use (ICH). Overall, the operating environment in India was defined by an immediate and short-term focus to resolve COVID-19-related bottlenecks and minimise disruption of manufacturing, supply chains and availability of medicines. The regulatory authority of India has adopted multiple agilities including local testing waivers, special import permits, relaxation in import criterias and emergency use authorisations to vaccines and therapeutics for use in COVID-19. Overall, it is expected that the internationally aligned practice adopted by Indian regulatory authority will continue to be part of regulatory ecosystem.


Pfizer Inc., USA had announced on July 29, 2019, that it had entered into a definitive agreement to combine its Upjohn Business which consists off-patented branded and generic established medicines with Mylan N.V., thereby creating a new global pharmaceutical company, viz., Viatris Inc. It may be noted that six brands currently marketed by PfizerLimited in India, viz., Lyrica, Amlogard, Daxid, Dilantin Viagra & Celebrex are expected to be a part of this combined entity. While the global transaction closed in November 2020, certain markets, including India, have not been transitioned to Viatris. This local transition is expected to be concluded in the financial year ending March 31, 2022, subject to receipt of all regulatory approvals.


Pfizer Inc., USA had announced on October 10, 2017, that it was considering a review of strategic alternatives for its Global Consumer Healthcare business. Further to this, in December 2018, Pfizer Inc. had announced the formation of a joint venture between Pfizer Inc. and GlaxoSmithKline Plc. to create a premier global consumer healthcare company with robust iconic brands. On July 31, 2019, Pfizer Inc and Inc completed the transaction in which Pfizer GlaxoSmithKline (GSK) combined its respective consumer healthcare businesses into a new consumer healthcare joint venture that operates globally under the GSK Consumer Healthcare (GSKCH) name. Subsequent to GSKCHs deliberations on Pfizer Consumer Health (PCH) India business, Pfizer Limited was requested to take appropriate steps to wind down the PCH business in India. This included two brands - Anacin (a non-narcotic and anti-pyretic product) and Anne French (a depilatory cream).

Your Company thereafter completed the wind down activities. The compensation of 27.5 Crore derived based on the fair value of Pfizer Consumer Healthcare Products as determined by the independent valuers along with the wind down cost of 11.6 Crore will be received by the Company.


In September 2015, the Company entered into a Business Transfer Agreement (BTA) for transfer of the Companys manufacturing facility at Thane as a going concern. The BTA will be concluded upon receipt of all necessary approvals.


COVID-19 impact on Business Operations:

While healthcare and health delivery system in the country continue to be under tremendous stress, especially during the second wave of COVID-19, your Company has put in place several proactive measures to ensure uninterrupted supply of essential medicines to the patients. The Companys state-of-the-art Goa Plant continues to remain operational at its usual capacity while strictly following the protocols on social distancing and providing safe working environment to its workforce at the Plant. Our Field colleagues adopted a hybrid model to engage with customers and healthcare professionals using a mix of virtual and in-person interactions. This helped ensure continued engagement with all external stakeholders while preventing the pandemic from adversely affecting our most important duty making our medicines available to those in need.

To control the spread and transmission of corona virus, all colleagues under non-essential functions of your Company continued to work from home. Several measures were put in place for communications, technology and productivity improvements to help employees cope with this change. As a responsible corporate citizen, your Company made significant department and public healthcare workers as part of its COVID-19 CSR initiatives.

During the year under review, your Company stood by its Stockists and their employees, who selflessly dedicate their services as a shining example of the nobility of the profession of healthcare. The Company partnered with a leading insurance and risk management service firm, to provide its stockists and their employees a special complimentary COVID Insurance Cover to take care of COVID-19 treatment costs for a period of one year. This has benefitted approximately 18,000 Stockists and their employees across the Country. The Company also rolled out several initiatives for its employees during these challenging times by way of COVID care insurance including home quarantine cover, telemedicine tie-up, employee assistance programme, etc. The Company also created a task force comprising of senior leaders and representations from the field country for providing assistance to employees in case of immediate medical needs. Your Company also granted a weeks leave to all employees under non-essential functions to take break from work during these stressful times and recharge their energies.

Business Operations:

Your Companys commercial operations are conducted through distinct business units that focus on clearly defined therapeutic areas. Between these business units, your Company collectively addresses 15 therapy areas with a portfolio of over 150 products that include therapeutics and vaccines.

1. Vaccine:

Your Companys Vaccine business focuses on a pneumococcal conjugate vaccine - Prevenar 13.

This vaccine provides broad coverage against the most prevalent 13 serotypes of streptococcus pneumoniae. Prevenar 13 is now ranked 16th in the Indian Pharma Industry (March 2021). Prevenar 13 is truly the only vaccine for all age groups, as the Drugs Controller General of India in May 2021 has granted approval for 18-49 years age group in addition to the pediatric, adolescent and 50 plus age group. Your Company continues to enjoy a leadership position in the pneumococcal vaccines market with a share of 55.4%. It is committed towards creating awareness, education and make vaccines available so that more individuals can be protected against devastating pneumococcal infections.

To support Healthcare Professionals (HCPs) with robust scientific updates and global best practices, your Company conducted multiple experience-sharing initiatives by enlisting the support of international contributions support Government, health The Company undertook various initiatives to win the digital race:

Under the campaign "FIGHT PNEUMO", your Company shared an awareness message on importance of pneumococcal vaccination amongst adults and at-risk patients. Your Company launched the Fight Pneumo YouTube Channel and partnered with Adult Vaccination Specialists (such as infectious disease specialists, pulmonologists, cardiologists, etc.) across the country to create patient awareness in nine regional languages.

Your Company partnered with parenting health portals to create awareness and education of pneumococcal vaccination amongst parents. Your Company also integrated a toll-free number in these campaigns to help consumers get an additional information on vaccination.

To leverage the digital presence of HCPs on various social media platforms, your Company initiated Virtual customer discovery programme to increase awareness and acceptance of pneumococcal vaccination amongst HCPs. The campaign also enabled HCPs to seamlessly get in touch with a Company representatives.

With an objective to protect the employees against pneumococcal disease, your Company initiated vaccination awareness amongst the decision makers of organisations through a unique initiative "Build your Corporate Immunity Quotient" and engaged Occupational Health Physicians of leading organisations across the country. Availability of vaccines for adults is a critical step to complete the circle of protection. Hence, your Company partnered with approximately 100 hospitals across India to encourage them to deploy adult vaccination centers a dedicated resource from where information on adult immunization can be obtained. Your Company has an ambition to expand such strategic partnership to protect more lives against pneumococcal disease in the future.

2. Inflammation and Immunology:

The Inflammation and Immunology vertical makes available medicines to patients suffering from chronic diseases related to immune system like Rheumatoid Arthritis, Psoriasis, Psoriatic Arthritis, Ankylosing Spondylitis and Internal Bowel Diseases. These advance therapies include drugs made from protein-cytokine, and oral therapies that manage inflammation and pain.

The goal of this team is to transform the management of chronic inflammatory diseases, many of which are not well managed by existing treatment options that provide only symptomatic relief. Your Company has two products in the Rheumatology therapy area:

Enbrel is the first Tumor Necrosis Factor (TNF) inhibitor launched across the globe for chronic indications like Rheumatoid Arthritis (RA), Ankylosing Spondylitis (AS), Psoriatic Arthritis (PsA), Psoriasis (PsO) and Juvenile Idiopathic Arthritis (JIA). Till date, this auto prefilled injection that can be applied subcutaneously among all age groups, has impacted the lives of over 6 million patients worldwide. Enbrel is currently prescribed by Rheumatologist, Dermatologist, Pediatric Rheumatologist and selected orthopedic treating physicians in India. Your Company continued to maintain the growth of this 20-year old brand through various medical marketing initiatives like Train the Trainer, Case Based Discussions and Communication campaign focusing on safety and efficacy, etc.

Xeljanz (tofacitinib), launched in India in 2016, is oral Janus Kinase (JAK) inhibitor, a type the first of medication that functions by inhibiting the activity of one or more of the Janus kinase family of enzymes, launched for chronic conditions such as RA. Being Oral Medication, it does not require cold storage, it is safer compared to TNFs and has ease of compliance.

In 2020, Xeljanz received approval for an additional indication of Psoriatic Arthritis (PsA) and active promotion to dermatologists. The launch of the new indication was managed digitally with medico-marketing initiatives such as International Speaker Webinars, Virtual Train the Trainers, Experience Sharing Meeting, Virtual Symposium in national conferences etc.

3. Internal Medicine:

In 2019-20, your Companys Internal Medicine (IM) team framed a new mission for the next five years and developed a strategic roadmap "To deliver sustainable, market-beating growth through differentiated go-to-market strategies (GTM)". The key shift in GTM was to create two distinct market segments: Core market, focused on specialists in the urban geographies and Multiplier market, focused on general/family physicians in the extra-urban rural geographies.

During the year under review, this shift in GTM enabled your Company to significantly maximize its presence in specialties like cardiologists, gynecologists, chest physicians, orthopedics etc. in the core geographies and increased reach and penetration in the rural and extra-urban geographies, leading to consistent market beating growth for key brands. Your Company also deployed innovative digital channels to improve trade engagement (retail, semi-stockist, stockist) across core and multiplier markets and ensure availability of key medicines for the patients, especially during lockdown.

Respiratory Portfolio:

Your Company has presence in the Respiratory portfolio with Cough, Oral Corticosteroids and Smoking Cessation therapies. The flagship brand Corex Dx has maintained leadership position in the dry cough Respiratory Portfolio Market with 18.1% value market share. One of the major initiatives taken during the year was ‘cough the right way a campaign that aimed to create awareness and educate patients on good practices to be followed to avoid spread of infections. As part of future growth strategy, your Company continues to focus on building brands in the productive cough segment with line extensions of Corex LS and Corex LS Junior. During the year, there has been continued focus on the smoking cessation drug Champix with launch of #BreakTheStick campaign.

The campaign was initiated by your Company in November 2020 with the aim to create an ecosystem to support smokers looking to quit smoking, while also enabling more primary care physicians to address smoking cessation successfully. A detailed omni-channel programme aided outreach to over 1,00,000 consumers, with 14,000 engaging on the for a deeper understanding of the therapy, and over 330 smokers going through with an actual online consultation. The HCP engagement arm of the programme, designed for primary care physicians and chest physicians, empowered over 2500 doctors through more than 25 Key Opinion Leader (KOL) advisory and certification programs.

Vitamins Portfolio:

Your Companys flagship brand Becosules continues to lead and shape the B-complex vitamins market with growth of 32%. With a legacy of more than 60 years, the brand is still growing faster than the market with an Evolution Index (EI) of 103, which has resulted in moving its market share to 75.1%. Continuous focus on expanding the prescriber base, increasing consumer demand and innovative channel initiatives have been the key pillars to strengthen brands leadership. With Becosules getting the over the counter (OTC) brand status coupled with the new GTM model helped your Company to expand its retail reach. Your Company also drove aggressive retail engagement and connect at approximately 50,000 chemist outlets and build consumer awareness to help them Boost Immunity with Becosules.

Over the years, Becosules has expanded its range to cater to needs of different patient types with Becosules Z focused on providing Immunity, Becosules Performance to combat Oxidative Stress in Co-morbid patients, Becosules Syrup and Becosules Junior for children and Becosules Women in nutritional needs for women.

Neuroscience and Cardiovascular:

Your Companys Neuroscience portfolio represents multiple brands that are leaders in their respective segments. Pacitane (Trihexyphenidyl) leads in its therapeutic category with 68% market share with 13% growth over last year. Ativan (Lorazepam) is the second largest anxiolytic brand in the Benzodiazepine Tranquilizer market growing at 14.6%.

The Cardiovascular (CV) team operates in the anti-hypertensive segment with its brands Minipress XL and Targit Range. Minipress, the leading brand in the market, for uncontrolled hypertension has maintained its market share at 43.9% with growth of 8% and EI of 101. Your Company continued its engagement activities in the area of uncontrolled hypertension through medico-marketing initiatives with physicians, nephrologists and cardiologists.


EliquisR (Apixaban) a Factor Xa Inhibitor Anticoagulant is a leading oral Anticoagulant, predominantly prescribed by cardiologists, cardio like physicians and orthopedic surgeons. Eliquis is the leader in the Novel Oral Anti-Coagulants (NOAC) Market, with an EI of 125 and it grew by 69% over last year same period as per MAT

Mar 2021.

During the year under review, the team has bought in extraordinary reach and penetration for the brand through the new go-to-market strategies. As per this new structure, Eliquis is now promoted by two teams under one leadership, allowing for increased reach amongst consulting physicians and orthopedic surgeons while sharpening focus and coverage amongst cardiologists.

This co-marketing strategy has also helped maximize geographic penetration beyond metro and tier 1 cities which enables your Company to improve lives of more patients across the country than ever before.

Your Company has been on the forefront of leading scientific education programmes like Expert Conclave, International speaker programmes, Masterclasses, AF Live webinars etc. that have helped improve the overall management of patients with Atrial Fibrillation. Over 5,000 cardiologists, cardio-like physicians and vascular surgeons have been engaged in various educational initiatives. During the year in review, attain Eliquis has made significant No 1 brand position in NOAC category.

Womens Healthcare:

Your Companys portfolio in Womens Healthcare comprises many of the segments iconic brands, supporting important life-stages like pregnancy, menopause, reproductive health including contraception. Brands like Folvite, Autrin, Premarin and Ovral L continue to maintain their leadership position in the represented market and the consolidated portfolio continues to grow faster than the market average. Shift in go-to-market strategies and enhanced focus on gynecologists accelerated the prescription growth and now three brands in the portfolio Folvite, Autrin and Folvite MB feature amongst the top 100 IPM brands prescribed by gynecologists.

Your Company pioneers in gynecologist education and building resources and tools for advancing better quality of care for patients, with commitment to improve maternal outcomes and reproductive health. With this objective, your Company launched its flagship programme "Partners through Parenthood" which supports gynecologists to manage patients in the 24-months journey of parenthood, at various stages including pre-conception, pregnancy and post-partum.

In the first year itself, your Company engaged with over 3000 gynecologists, supporting millions of couples in their parenthood journey. Various scientific educational modules in partnership with reputed national and international societies like The Federation of Obstetric and Gynaecological Societies of India, Royal College of Obstetricians and Gynaecologists, Spina Bifida Foundation and patient awareness programmes have been developed to drive this initiative, leveraging innovative digital channels. These patient-centric programmes have paved the way for your Company to maintain leadership position in the represented market and impact patient lives.

Gastric portfolio:

Your Company has presence in gastroenterology segment with brands like Neksium, Gelusil and Mucaine. The focus of our Esomeprazole Proton Pump Inhibitor (PPI) - Neksium, has been on delivering excellence by driving strong in-clinic focus at key specialties including gastroenterologists and orthopedicians. Your Company launched Gastroesophageal Reflux Disease (GERD) Clinic, Pfizers first ever annual initiative than 10,000 HCPs and drive GERD awareness.

Your Company has intensified homes and small hospitals that have helped sustain momentum. Neksium D, launched in 2019, continues to build growth for the brand and has been positioned to drive differentiation by targeting patients with symptoms related to Refractory GERD.

Other leading brands such as Gelusil and Mucaine have further entrenched your Companys dominance in the gastric segment. Gelusil has strengthened its presence in the Antacid category with growth of 24% and increased market share to 24%. This was fueled by the shift in GTM and innovative consumer initiatives to increase demand and channel initiatives for distribution penetration. Consistent, innovative and aggressive consumer visibility and retail engagement at approximately 30,000 chemist outlets helped the brand connect with consumers directly along with Radio campaigns. The objective is to make Gelusil a part of consumer lives and establish Heartburn and Acidity synonymous with Gelusil. Mucaine gained prescriptions amongst multiple specialties including gynecologists, gastroenterologists, leading to prescription leadership in the liquid antacid category.

Pain and inflammation portfolio:

Your Company has a pronounced presence in the pain and inflammation category with brands Dolonex (Piroxicam) and Wysolone (Prednisolone). Both are legacy brands with more than 40 years of presence in India and are leaders in their respective categories, having impacted lives of more than 10 million patients in the Country. Dolonex DT and Wysolone both have a strong EI of 101 and 112 respectively indicating that they are growing faster than the market. Your Company has continued its engagement activities in osteoarthritis (OA) and low back pain (LBP) through medico-marketing initiatives with orthopedicians and physicians on treating OA and LBP.

The portfolio expanded in December 2020, with the introduction of Dolonex E (Etoricoxib) for the treatment of osteoarthritis. Your Company plans to further expand the portfolio to provide a range of solutions for management of osteoarthritis.

During the year under review, the team partnered with a technology-driven digital solutions organisation to promote already-established brands in tier-2 and sub-tier 2 markets for wider reach and penetration of the Companys products. The team also synergized operations for over-the-counter brands like Becosules and Gelusil to leverage the digital expertise of the reach more partner organisation.

4. Hospitals focus on nursing Your Companys Hospitals business unit focuses on institutions such as hospitals and nursing homes with an advanced anti-infectives and sterile injectables portfolio. Pfizers original breakthrough innovative and patented drug Zavicefta 2gm/0.5gm (ceftazidime-avibactam) has recorded an exponential growth driven by increased uptake across more number of hospitals. This novel drug is indicated for the management of hospital-acquired pneumonia including ventilator-associated pneumonia (HAP/VAP), complicated intra-abdominal infection (cIAI) and complicated urinary infection (cUTI) in adults. The emergence and spread of carbapenemase-producing pathogens are a concern and has highlighted the urgent need for new antimicrobial agents. Community-acquired Pneumonia features second in the list of most common cause of mortality due to infectious diseases in India with 25% mortality rate in the ICU. With its activity against Streptococcus pneumoniae, which is associated with a significant Zinforo, (ceftaroline fosamil) a novel cephalosporin, provides the benefit of early response. Zinforo is indicated for treatment of adult patients with community-acquired Pneumonia. The Team believes that these products are an excellent example of how your Company is focusing on key therapeutic areas to achieve our purpose of bringing breakthroughs that change patients lives. This is aligned with our commitment to significantly improve our scientific and commercialinnovationratesandto Quality and EHS standards. Your deliver medicines faster to the world.

The category also has a strong presence across the anti-bacterial continuum, ranging from beta-lactam/ beta-lactamase-inhibitor (BL/BLI) products to high-end anti-bacterial products. Amongst these, Magnex is the leading brand with 4.3% market share by value in the represented market segment. In 2017, the team acquired and launched the brand Meronem, an injectable antibiotic indicated for the treatment of serious bacterial infections which are difficult to treat due to resistant pathogens. Meronem enjoys close to 5% market share by value in the represented market.

During the year under review, this business unit made significant Hospitals" goal. Several interventions were made to consolidate this leadership position, including roll-out of Antimicrobial Stewardship programmes to encourage appropriate use of antibiotics in hospitals which has been identified as a key requirement for hospitals across The Hospital category also engaged with stakeholders beyond doctors in the hospital to gain collaborative insights to become value partners for these institutions.


Your Company is dedicated to delivering new and innovative solutions in Digital Marketing. During the year under review, the initiatives continued to focus on scaling Reach and Frequency with HCPs and provide credible human health information to patients and caregivers.

The Vaccines adult portfolio has leveraged the power of partnerships by engaging third party e-pharmacies and build therapy awareness to deliver approximately 8.5 million reach and over 45,000 visitors. Content marketing for Vaccines portfolio on YouTube channels yielded approximately 10 million views and over 1,25,000 website visits. The Team has undertaken social media community building efforts for patients and caregivers on ‘All About Arthritis Facebook page and engaged over 5,000 viewers with innovative Facebook Live interactions with HCPs. Your Companys Digital Marketing efforts sustained the impact by the COVID-19 pandemic, where your Company burden of the disease, has virtually reached over ~2,30,000 HCPs across specialties on third party online initiatives. Further, your Company delivered over ~1.5 million communication impression to covered and uncovered HCPs across online marketing platforms.


Your Companys manufacturing operations are carried out in full compliance with local laws and in line with the stringent Company Global Pfizer has taken stringent measures to ensure that there is no disruption in production due to the COVID-19 pandemic while ensuring all employees maintain a social distance of minimum two meters during manufacturing operations and transportation. Other measures including daily thermal screening of all employees entering the site, provision of mask for all employees and placing of sanitizer dispensers across the site, are being followed. Your Companys plant in Goa was categorized as an ‘essential service and thus remained operational even during the lockdown.


Over the past year, your Company conducted several programs and initiatives to train and motivate employees to deliver best-in-class performance, including Integrated Manufacturing Excellence Program (IMEx) for leaders and all progresstoattainits"Leadershipin employees, Six Sigma Green Belt training and Operational Excellence trainings.

Environment Sustainability

Your Companys continued focus on renewable resources has created an excellent model for environmental sustainability through which effort is made to reduce waste and a strong emphasis is put on conservation of resources across manufacturing site. The Goa Plant follows stringent global safety, environmental health and hygiene requirements. Your Company installed one 72 KW Solar Photovoltaic Renewable Energy Plant in addition to 50 KW Solar Energy plant installed last year. Your Company is planning to install another 117 KW Solar energy plant in the coming year. The Plant continued its drive towards energy conservation initiatives including replacement of old manufacturing operations machines with high-efficiency reducing energy consumption. The site also replaced old dehumidifiers with new generation high to conserve energy. These initiatives have resulted in significant reduction in power consumption and carbon footprint.


In the year under review, the Medical team thought big and focused on what mattered while delivering the first-in-class science. The team gathered meaningful insights and conducted various digital medical education initiatives also in partnership with medical associations to update HCPs on recent advances in diverse therapy areas. These initiatives helped bridge the knowledge and practice gaps among the HCPs leading to better patient outcomes. The team increased the share of scientific voice through publications and various data generation activities addressing the unmet medical need. Overall, the team led the conversation with ‘Patients First mindset and confidence that ‘Science Will Win.

As part of Medical education initiatives, the Team conducted eight regional international speaker programmes for the Vaccine business. The team also trained over 80 key opinion leaders on Pneumococcal sero-epidemiology. It virtually connected with over 1,700 Key Opinion Leaders (KOLs) across different specialties as part of Continuing Medical (CME) speaker briefing and query resolution and conducted virtual advisory board meetings on Pneumococcal disease and its prevention in cardiology practice. The team partnered with medical professional associations for nurses (CCNS) and pharmacists (IPA), and management of fungal diseases (FISF) and continued Antimicrobial Testing Leadership and Surveillance (ATLAS) at ten institutes pan India. The team also conducted advisory board meetings to bring forth insights on Anti-Microbial Stewardship (AMS) implementation and the evolving role of newer anti-infectives like Ceftazidime-Avibactam with ID specialists, intensivists, microbiologists, pharmacists, and nurses. Survey was conducted to understand the perceptions about Ceftaroline fosamil.

In the pursuit of expanding access to a larger set of deserving patients, Board of Health approvals were received for (cSSTI) for Zinforo and Bacteremia associated with HAP/VAP, cUTI, cIAI for Zavicefta.

The project ‘Pfizer Orbit: The AMS Revolution has been initiated with the vision of reducing Anti-Microbial Resistance with sustainable AMS practices (inclusive of education/digital solution/and monitoring) with a tiered approach adapting to the unmet needs of the hospital. To strengthen your Companys leadership position in private hospitals, the team conducted programmes (Pharmacy Academia and Nursing Academia) in nine key institutes across India, training over 130 pharmacists. Basis machines thereby insights on the lack of training in ventilation, ‘Simulation based Ventilation workshops were conducted for 350 junior intensivists across the Country. units The Team also collaborated with The Indian Association of Dermatologists, Venereologists and Leprologists (IADVL) the national dermatology association with 13000 dermatologists to accelerate uptake of tele-dermatology and update clinicians through online E-dermatology educational modules on disease management and digital forums. The Medical team connected through "IN IT TOGETHER: Medical to Medical updates" fortnightly to reach over 75 rheumatologists and Dermatologists covering recent safety updates in Rheumatology with guideline updates and Pfizers efforts in COVID 19 pandemic.

The entirely virtual launch of Xeljanz Indication expansion on Psoriatic arthritis helped us to reach out to more than 500 dermatologists through a National IADVL launch symposium and key rheumatologists across the country. The team also conducted four medical advisory board meetings with psychiatrists, chest physicians, orthopedic surgeons, cardiologists, nephrologists, and gastroenterologists, and gathered insights into the current gaps in awareness about relevant therapy areas, and how to address these gaps for better patient outcomes.

Education The team also gathered and provided insights on new clinical evidence on oral anticoagulants such as ARISTOPHANES and CARAVAGGIO studies, delivering first-in-class science to the specialists.

The Medical team successfully completed the first pharmacoeconomic study of oral anticoagulants in stroke prophylaxis in AF from healthcare providers as well as patients perspectives in India. The team had a publication on "Multidisciplinary consensus document on the management of uncontrolled hypertension in India" in the journal High Blood Pressure and Cardiovascular Prevention.


The year 2020-21 has been unprecedented in many ways- not only did it redefine ways of working, it also had an everlasting impact on many of our business imperatives. Even during such trying times, your Company responded with agility ensuring safety and well-being of our employees while maintaining business continuity.

With Indian business landscape shifting towards innovative pharma and a significant go-to-market strategies, Access and Affordability and Digital, your Company is focusing more on Organization structure which is Fit for Purpose, Bridging Capability Gaps, innovative means of Talent Engagement and leading from the front. Overall, the HR team focused on five key priorities:

A. Fit for Purpose Org Design

Your Company globally has been undergoing transformation to become a science based, innovative and patient focused organization. The objective of this transformation is to simplify the way we work which will allow us to concentrate on our priorities, take decisions faster and always be a step ahead. As part of Reimagining the Way we Work, your Companys HR function is now taking on a broader remit of Colleague Experience and will not only be responsible for Human Resources Strategies but also for Workplace Solutions and Internal Communications.

This consolidation of resources under one function will drive the global vision of a more seamless working experience for all our colleagues. Consequent to this change, your Companys HR function partnered with other critical Enabling functions like Corporate Affairs, Legal and Finance teams to support them in having the right design and structure which can then be leveraged to build an agile and purpose driven organization. The HR function also closely collaborated with Commercial teams to effectively execute their go-to-market strategies. Within Internal Medicine business, as part of their new operating model, your Company will now focus on mandated brands to deliver sustainable and consistent growth.

As a result of this strategic shift, successful transition of colleagues was achieved through redeployment while ensuring business continuity and also extending maximum possible support to the colleagues.

B. Talent Attraction & Engagement:

Co-creating our Employee Value Proposition (EVP): In line with your Companys Bold vision of Unleashing the Power of our People and making Pfizer an amazing work-place for all, the team started the journey of building and strengthening our Employer Brand in the Indian pharma industry. The team tied up with a leading digital media agency to collaborate in crafting our Employee Value Proposition while also having our internal employees acting as champions of the change by voicing their ideas and perspectives. The newly crafted Employee Value Proposition campaign will bring alive the tenets of your Companys Purpose and Values in the narrative and will proclaim as an Employer of Choice in the marketplace.

Sales Career Architecture: Keeping with the commitment of developingstrategic shift internal terms talent and creating of holistic experience for our employees, your Company had revamped the Sales Career Architecture for sales colleagues basis the feedback received. The core purpose of the revamped Sales Career Architecture is to build a future ready organization, with a workforce which has rich experience, skillsets and agility to consistently win in the marketplace. The Sales Career Architecture enables employees to take charge of their career development while also instilling ownership and accountability at the Manager level. The identified set of high potential colleagues are then put through a structured learning journey to enable them to make a successful transition into the next level roles.

Breakthrough Benefits:Your Company is committed to build an amazing workplace where colleagues can bring their best version of self to work every day. Subsequently, your Company has launched various Breakthrough benefits with a focus on providing flexibility and support to the diverse needs of our colleagues. These benefits aim at making Moments That Matter to our colleagues and their family more special. In line with this, your Company made changes in the Paternity Leave and increased the duration to 2 weeks as compared to 5 days earlier.

Your Company also introduced Bereavement Leave for 10 days for colleagues to avail time off on account of an unfortunate event of death of an immediate family member. Additionally, Elective Public Holiday was launched to celebrate our countrys diversity by giving flexibility to our colleagues to opt for 2 Elective Public Holidays basis their cultural and religious importance.

Pfizer Immunization Program: Your Company has always been committed to overall health and well-being of its colleagues. This became even more significant the current challenging times of Covid-19; in order to ensure that the employees and their families continue to stay safe and protected in such times, your Company has launched Pfizer India Immunization program to build our Corporate Immunity Quotient. This program provides access to Quadrivalent Flu Vaccine and Pneumococcal Vaccine to all colleagues in India and their eligible dependents by reimbursing the cost of vaccination.

C. Building Capability

Leadership Effectiveness Journey: Your Company tied up with a leading Management Consulting firm co-create a transformative journey for the Leadership Team to be aligned to the strategic changes in the long-term vision of the organization. The program focuses on how to make our leaders more effective in terms of Growth Mindset, Agility and Complexity,

Empowering and Collaborating and most importantly building new Leaders. The journey which started in November 2020 with the diagnostic phase had the entire Leadership team going through an exhaustive survey and Behavioral Event Interviews. The objective of the diagnostic phase was to evaluate factors associated with highly effective top leadership teams of an organization. At this stage, the program is now moving into the Action phase with multiple workshops being scheduled with the Leadership team to build leaders for the future.

Talent Planning: As your Company starts focusing on its long term strategy of being a science and innovation based organization, it is vital that we identify Mission Critical roles that will play a determining role in our success story and place the right talent in those roles. With this objective in mind, the Talent Planning approach was revamped shifting its focus from the individual to the role. This approach enables us to assess any gaps and craft a holistic Build/Buy/Borrow Talent plan to meet talent demands of the new agile organization. This approach would tie in with creating customized learning and development plans focused on building key experiences that will lead to successful outcomes.

D. Diversity Equity, and Inclusion

Leadership Commitment: Diversity, Equity and Inclusion is a key area of focus for your Company and it is our constant endeavor to make Pfizer truly diverse and inclusive workplace. Towards this, your Company has prioritized Gender Diversity as a core area of focus and the Leadership team has taken significant measures to enable building gender diverse teams. There are two significant goals that have been carved out in this area:

Increase women representation in the field force to 10% as compared to 7% today

Increase women representation in Leadership Team to 20% as compared to 14% today Your Company has also introduced Differentiated Rewards for Diversity Hiring. As part of this initiative, your Companys referral policy was made more lucrative encouraging women colleagues to refer women peers for field roles and earn double the referral amount. Additionally, your Company also created a differentiated reward scheme for Internal Sourcing team to create a pipeline for diversity profiles for field roles. Your Company exhibited strong Leadership Commitment to its Diversity, Equity & Inclusion agenda in the expansion hiring project for Hospitals and Vaccines team. The expansion saw business and HR teams coming together to champion the cause of Diversity & Inclusion and were able to successfully onboard 100% diversity talent for Vaccines team and 51% diversity talent for Hospitals team.

Transition Coaching:

Your Company understands the significance of not only getting diverse talent on-board but also creating an enabling work environment for them where they get to be at their professional best. As part of this objective, your Company had launched Transition Coaching framework for high potential women leaders taking up new and challenging assignments. In this regard, we partnered with a leading Consulting firm to provide access to external coaches for the identified set of women colleagues. A three-month coaching journey was crafted specifically for these colleagues in discussion with their managers to enable these women leaders to make a successful transition and setting up them for success in their new roles.

Courageous Conversations:

It is important for us that our colleagues feel safe and included as part of the organization. This is also in alignment with Pfizer Values of Courage and Equity, where every person deserves to be seen, heard, and cared for and should be able to Speak Up without any fear. To build a culture of inclusivity, your company globally has initiated a series of dialogue called Courageous Conversations. This workshop focuses on creating a safe space for colleagues where they can share their stories without the fear of judgement. a Your Company conducted a workshop with the India Leadership team inviting them to share their Only One stories as part of initiating culture building in this context. These sessions will now be taken forward by the leaders with their respective teams.

E. Create Room for Meaningful Work

HR Digital Assistant: Your Company is continuously striving to create room for meaningful work by identifying opportunities through technology and innovation to digitize the existing HR processes. With regards to this, your company has launched HR Digital Assistant a chat bot which is now enabling managers to become self-sufficient in completing day to day transactions pertaining to critical life-cycle events of the colleagues without any dependency or support. With managers being the last mile experience of Pfizer for colleagues, HR Digital Assistant has been able to create an employee experience which is enriching and holistic.

HireVue & HiredScore: Your Company has made significant process. In this regard, your Company has introduced tools like HireVue and HiredScore to automate the screening and interview process and simplify the overall hiring cycle for the Hiring Manager as well as the candidates. HireVue launch was accelerated to ensure seamless transition to digital interviews as pandemic induced realities forced us to move away from in person interactions. To further simplify the ways of working, the Internal Recruitment team was introduced in Q3 of 2020 to standardize the internal hiring process and to act as a one stop solution for all internal movements.


Your Companys Legal Division is committed to providing pragmatic solutions in line with the legal and commercial interests of the Company. Being a specialized department, the Legal Division works proactively with the business to drive compliant and innovative business ideas, strategies and programs right from inception and thereby promotes your Companys commitment to Patients First. During this pandemic phase, the Legal Division continues to forefront solutions with the business with digital initiatives to enhance reach to physicians and awareness to patients leveraging technology. Few of the areas where the Legal Division played leadership role during the year under review include:

Spearheading litigation against infringers and protecting the IP rights and entitlement of your Company.

Guiding the business across Digital initiatives to enhance reach to physicians and awareness to patients using technology.

Constant support for Projects across divisions and enabling functions.

Mitigation of risks associated with Companys business operations and intellectual property rights.

Defending the Company against litigation as well as pro-actively initiating litigation, wherever necessary, to ensure that your Company is insulated from operational risk.


As part of Pfizers REIMAGINE project, the erstwhile Global Commercial Operations (GCO) group, undertook a transformational journey to reorganize itself and its services with the sole mission of delivering ‘Breakthroughs That Change Patients Lives. Today, this team is an evolved and stronger outfit; and an integral part of Operating Model called the Biopharma Operations Group (BOG). Over the past year, BOG has been established to function as progress in automatingitsTalentAttraction a fully integrated partner that is more capable of delivering both excellence in our essential operations services and transformational solutions that meet and exceed the ever-changing needs of our business and customers.

Operating on the four key fundamental areas of performance, scale, efficiency and simplification, this model will empower BOG to significantly focus on creating agile and efficient teams that will deliver next generation solutions and realize the vision of our collective advantage at every opportunity. The Biopharma Operations Group operates as three key teams: Biopharma Ops. Partners: "integrators" A fully-dedicated interface for business units, offering strategic partnership, business operations catalog expertise and accountability at the market level.

Enablement: "service design & delivery" - Designs and delivers strategic solutions that optimize the patient/HCP experience and ensures excellence for our customer facing colleagues

Quality: "quality management" - Develops and manages overall commercial quality strategy. Advises on all aspects of quality trends, opportunities and internal quality capabilities During the year under review, the BOGs launched multiple global platforms and channels including Virtual Customer Communications (VCC), Rep. Triggered Emails (RTE) and Self-Service Email (SSE). It played a key role in the launch of MAPP Navigator, a streamlined policy and a glocal system to enable end to end meeting management (80% of day meetings) and transactions with automated controls like contracting and approvals. The team also launched Pfire- Comprehensive integrated analytics capability reporting for HCP Engagement managed by our medical representatives and the 2nd consumer microsite-Fight Pneumo.


Your Companys Supply Chain and Distribution orchestrates breakthroughs that change patients lives through various interventions by enhancing the service capability across the value chain. Conscious and continuous efforts are made to develop and upgrade your Companys facilities with digital support that delivers value beyond supply through a robust, flexible and efficient distribution network comprising of 20 CFAs which oversee supplies of medicines to over 7500 stockist and 2100 institutions across India. Through this robust distribution network, the team achieved dual milestones by not only ensuring business continuity during the first pandemic but also helping the organization meet market beating growth. Commercial As a Supply Chain team, the focus throughout the year under review has extensively been around augmentation of the go-to-market strategies along with the commercial team to meet changing business needs. Amidst the sudden surge in pandemic situation we are ensuring uninterrupted supply of COVID-19 critical brands from different manufacturing sites across the globe and also by transferring medicines from other markets to India for meeting patient needs.


The year under review has been a year like no other in our lifetime and it continued to challenge the traditional way of work. While it had unprecedented obstacles, the events over the past year brought renewed emphasis on the core values of Pfizer patients Lives" how we innovate so we can lead the way in developing disruptive Digital Strategy in tackling our greatest challenges.

The year was not just about responding to the challenges posed by the COVID-19 situation. Your Companys Digital team achieved significant many that were important for the Company business as a whole. The team continued to make progress on cyber security controls to ensure we are secured from external threats to our Intellectual property and mission critical information. We also provided critical support to all colleagues during the lockdown and ensured that work does not suffer for want of Digital support. We delivered many cutting solution for virtual connect with healthcare professionals and patients for the product launches, awareness, companion apps, social media initiatives, etc. As the pandemic situation continued to pose challenges for physical visits, your Companys thoughtful, novel and innovative means continue to augur well to connect with HCPs and patients. All the above initiatives will help in keeping your Company ahead of the pack and your Company will continue adopting innovative digital technologies and solutions to support the business.


The Finance Division continues to be a strong and effective business partner to provide guidance and leadership while upholding highest standards for internal controls and governance. As the colleagues transitioned to work from home and learning to adapt the new ways of working, the Finance Division ensured that all internal controls have been adhered to, in spite of working remotely without having access to physical documentation. The Division has been instrumental in driving performance, managing risks and opportunities and leading enterprise wide initiatives. During the year under review, your Companys Finance team partnered strongly with business in driving key projects including restructuring of the Internal Medicine Business Unit, launch of innovative medicines, wind down of consumer healthcare products and also played the role of enabler in multiple high impact business critical decisions. The Finance Division played a key role in ensuring effective cost control measures during the pandemic times which enabled your Company to achieve one the best EBITA margins in the Industry. The Finance Division also played vital role in ensuring uninterrupted supply of essential medicines during the challenging COVID-19 times by providing thoughtful leadership to the Management, working capital support to the trade and driving various business decisions. In addition to the strong business partnering, the Finance division continues to play a pivotal role in ensuring fiduciary integrity, upholding high corporate governance standards, maintaining good investor relations, institutionalizing effective internal controls and consistently driving strong business performance and financial prudence.

Internal Control Systems, their adequacy and Compliance

The Compliance Controls and Risk (CCR) team is responsible to ensure adequacy and effectiveness of internal controls milestones this year including through continuous monitoring. The teams objective is to give senior management, Risk Management Committee and the Audit Committee, an independent and reasonable assurance on the adequacy and effectiveness of the Companys risk management, control, and governance processes. This is achieved through a co-sourced internal audit model wherein audit reviews are performed through an independent Chartered Accountancy firm. Your Company has laid down Internal Financial Controls that include a risk-based framework to ensure orderly and efficient conduct of its business, safeguarding of its assets, accuracy and completeness of the accounting records and assurance on reliability of financial information. Recently, the team implemented automated system of ‘SAP Process Control to track, perform and review various key controls performed across processes. The Audit Committee has evaluated the design framework and operative assessment and deliberated with members of management and Statutory Auditors to ascertain their views or opinion. The Audit Committee has satisfied itself on the adequacy and effectiveness of the internal financial control system laid down by management. The Statutory Auditors have confirmed the adequacy of the internal financial control systems over financial reporting. The CCR team conducts a risk assessment every year during which all risks to the Companys objectives are assessed and mitigating plans put in place. These risks include operational, financial, regulatory, legal, business and compliance risks. All the key risks along with mitigating plans are presented and discussed annually with the Risk Management Committee and the Audit Committee. Annually, based on the risk assessment and findings from previous internal audits, the CCR Team prepares the annual audit plan approved by the Risk Management Committee and the Audit Committee and follows throughout the year. As part of the quarterly review, status of the annual audit plan, design assessment, operating effectiveness, key audit findings and remediation status of prior findings are presented and discussed with the Risk Management Committee and the Audit Committee. of the Ombudsman" to give guidance As a way of reinforcing its compliance culture, your Company has identified 70 colleagues as "Compliance Champions" from various teams who act as first point of contact for colleagues in case they have policy related questions. These measures have ensured that your Company is well placed to drive the spirit of compliance across its stakeholders.


Ethical values and a sense of personal accountability are core to our culture and foundational to the way we work. We ensure to build and enhance a robust ethical culture so that all colleagues demonstrate integrity and make sure that Integrity is key to delivering on our commitments, priorities and strategies.

Through an effective and integrated compliance management with a robust framework (quality management system), your Company has maintained a proactive approach to manage compliance risks driving thoughtful risk taking and leadership accountability.

During the year under review, the Compliance team introduced various innovative initiatives to promote compliance culture at grassroots level through compliance champions and implemented a holistic and robust risk and compliance governance framework. The team implemented enhanced use of data analytics and technology for compliance monitoring and adherence which has led to more effective monitoring and dealing with the risks at early stages. The compliance and business processes and system have been further simplified with the use of new technology which has also led to better compliance adherence. Your Company has a well-defined policy covering interaction with Healthcare Professionals and Government officials called ‘My Anti-Corruption Policy & Procedures (MAPP). The policy addresses both local legal requirements while also leveraging best practices followed in other markets. Right tone from the top by the leadership and regular training and awareness also provides frequent reinforcements of Pfizer compliance and ethics ensured that your Company is well placed to drive the spirit of ethics and compliance across its stakeholders. As part of various culture enhancing initiatives, a Competition on Compliance (Compliance Champion League)-CCL introduced a new initiative called COMPATHON. The colleagues approached Compliance in a gamified manner with a virtual Compliance marathon from Mumbai to New York (NYHQ). Compliance Champions competed not only on physical step count and health activities, but also on Compliance metrics and projects. This helped inculcate Joy into Compliance learning and provided colleagues with much needed virtual fun and engagement during the pandemic.

Office of the Ombudsman

As a global best practice, your Company continue to provide supportof of the Ombudsman grievancesofPfizercolleagues. provides Pfizer employees access to and avenues to raise concerns and seek assistance on a variety of matters. This is designed as an ‘informal service a mechanism whereby colleagues are able to ask their question in an informal atmosphere and get sound advice back on what to do and how to handle. The Office of the Ombudsman is an independent body that supplements the formal channels of grievance redressal that exist at Pfizer.


The Corporate Affairs Division works in the domains of Government Relations, Public Policy, External Communications, Patient Advocacy and Corporate Social Responsibility. During the year under review, the division undertook numerous policy advocacy initiatives; stakeholder engagement outreach; campaigns to build corporate and therapy area reputation and community and colleague engagement programmes.

Government Relations and Public Policy

Your Companys Managing Director Mr. S. Sridhar was elected as the President of the Organization of Pharmaceutical Producers of India for a two-year term starting February 2021. Consequent to his assuming the Presidents office, Mr. Sridhar relinquished the Chair of the Federation of Indian Chambers of Commerce & Industrys (FICCI) National Pharmaceutical Committee for the current year. Pfizer continued as the Co-Chair of the India Pharma Committee of the Pharmaceutical Research and Manufacturers of America (PhRMA) and the US India Business Council (USIBC).

a) Engagement through industry associations and direct advocacy: Your Company undertook direct advocacy and also engaged with different government stakeholders through industry associations such as the OPPI, FICCI, PhRMA, USIBC and US India Strategic Partnership Forum (USISPF) on several important policy level issues which have a direct impact on the . Thesemeasureshave business. Prominent issues which were advocated include the National List of Essential Medicines, Public Procurement Order, Drugs and Magic Remedies (Objectionable Advertisement) Act, authorised import and trade of patented medicines in India and strengthening of Intellectual Property eco-system among others. Your Company continued to participate and play an active role in leading the dialogue with relevant government stakeholders and contributing recommendations on the above-mentioned policy level issues.

b) Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (AB-PMJAY): Your Company has been able to make a pitch to the National Health Authority for the inclusion of innovative therapies in the Health Benefit Packages of AB-PMJAY. The National Health Authority (NHA), the implementing arm of the governments AB-PMJAY has shown interest in engaging with the multiple industry and explore possibilities that would increaseplatforms the availability and access to in hospital treatments and medicines for the AB-PMJAY beneficiaries.

c) Adult immunisation: Your Company strongly believes that adult immunization against vaccine preventable pneumococcal disease should be taken up on a large scale. The World Health Organization has also recommended priority immunization against pneumonia for frontline healthcare workers and for those who at risk such as the elderly and those having co-morbid conditions. Your Company has been front ending the discussion on the need for undertaking adult immunization with both the central and the state governments. We have partnered with the US -India strategic Partnership Forum and have launched a series of round tables to engage with key stakeholders from the government, public, NGOs, patient groups, healthcare experts, consumers and the private sector to not only raise awareness about the need for adult immunization but also make recommendations which could lead to the development of a comprehensive policy at the national level for adult immunization. We also continue to explore other avenues for inclusion of adult immunization in specific government programs and by government agencies such as Ayushman Bharat and National AIDS Control Organisation (NACO).


Your Company continued to engage with media and other external stakeholders to share important messages pertaining to business developments and key therapies and products. The team also showcased important corporate responsibility initiatives to a wider universe of external stakeholders, including media, the HCP community, Government and industry stakeholders, through communication and participation in industry events.


Your Company continued to stay true to its purpose of promoting access to quality healthcare in the country by nurturing innovation, encouraging community involvement of our colleagues and synergising efforts with government and other stakeholders for collective impact.

This year, the team continued to identify and work on projects that arealignedtoPfizers CSR priorities as listed below:

Encourage and support Indian innovation and Indian intellectual property with a focus on healthcare;

Undertake awareness and access programmes ourselves or in partnership with NGOs, Government and healthcare providers in areas such as women and child health, among others;

Support Government national and/or state programs and priorities with linkages to healthcare;

Enlist employees as volunteers to support activities around health, sanitation and disease awareness; and

Participate in disaster relief activities.

Your Companys flagship CSR initiatives undertaken during the year under review gained significant momentum leading to high-impact outcomes. Pfizer along with NGO partner Americares India Foundation (AIF) has rolled out two major projects to combat Indias AMR challenges.

a. Project Parivartan focusses on addressing the current Infection Prevention and Control (IPC) challenges in healthcare facilities. In this multi-year project, your Company is supporting the development of a model for "Institutional Capacity Building" to deliver facility-based IPC and Anti-Microbial Stewardship among 11 small and mid-size hospitals across India.

b. Pfizer along with AIF, will launch an Online

Learning Platform for healthcare workers to ensure that they have access to quality training on IPC across India. The project is currently in the initial phase of building the IPC module as per the WHO guidelines. The platform would be accessible free of cost with certification in six languages (English, Hindi, Tamil, Telugu, Malayalam and Marathi).

c. The Indian Council of Medical Research (ICMR)-Pfizer collaboration aims at enhancing the existing AMR Stewardship Program with a focus on awareness. The project helps to address the growing threat of antimicrobial resistance (AMR) in India. As a part of the project, nine ICMR network hospitals have been adopted and being trained in AMSP (and designated as Nodal Champions) who in turn would adopt and mentor 5-10 small hospitals, both private and government, in their region with a total of 50-70 hospitals on stewardship. Separately, an additional number of nursing homes/hospitals (up to 100) may be considered only for stewardship training.

The Pfizer-ACF (Tata Trusts) Cancer Care Projecthas been set up to work with the high-risk population that require healthcare attention. Overall, this project aims to serve as a one-stop, information and support centre for patients and families at Tata Trusts key cancer hospitals. Alamelu Charitable Foundation (ACF) was established by Tata Trusts to support the setup of a comprehensive healthcare network across India. The program is in the first Phase of operation and includes the following:

Health and wellness kiosks in Ranchi, Diphu, Silchar and Tirupati. The kiosks provide services such as counselling and interactive sessions on preventing cancer and lifestyle- related disorders to reduce the risk of non-communicable diseases (NCD), counselling session for smoking cessation and prevention, screening for Oral, Cervical and Breast cancer, general physician examination and basic laboratory investigation mainly haemotological, serological and bio- chemical test, etc.

Community outreach and early detection for NCD, screening of catchment population and referral to the nearest centre

Set-up and operationalisation of a patient referral and tracking platform

Manage and operate a virtual patient helpdesk, complemented by one on-site patient navigator in OPD and day care centers in the four locations.

The project in its first year of operation has positively impacted lives of over 10,00,000 beneficiaries and over 1,500 healthcare workers. This project is a breakthrough in providing access and high-quality consistent care as the primary objective of the programme. As a part of the Companys CSR initiative, your Company has partnered with NGO Doctors for You to set up physical helpdesks at 10 high burden cancer hospitals across India. The aim of the initiative is to improve the treatment experience for cancer patients throughout their journey by handholding them and their caregivers through the diagnosis, treatment and rehabilitation phases.

Pfizers Healthcare Innovation Project, that started in 2015 in partnership with IIT Delhi (Pfizer-IIT

IP Program) has supported 34 Indian innovators till date. The programmes Version 2.0 is being rolled out in partnership with Social Alpha a healthcare accelerator company focusing on supporting start-ups with specific themes in healthcare for 24 months. In 2021, the focus would be on Oncology and Digital Health. This unique partnership model is designed to provide funding, resources, expertise and infrastructure to propel Indias healthcare innovations from prototype to market. The program envisages active support for venture acceleration from other market investors. The overarching objective of this programme is to nurture, support, celebrate and reward healthcare innovations that are ‘Made in India. would be unencumbered in Theproject funded by Pfizer nature, with all rights of innovations being owned by the innovators.

Your Company is working towards developing the village of Kaulale, Jawhar under the Pfizer Sustainable Village Transformation Project with BAIF Institute for Sustainable Livelihoods and Development as the implementation partner. At present work is ongoing in nine villages of the same Gram panchayat Kaulale for proposed integration of the key components for holistic village development this year to achieve several development ideals that include, but are not limited to :

Clean drinking water and sustainability of water sources

Quality education for all, (primary education)

Safe food and nutritional security for all

Safe sanitation facilities and access to quality curative and preventive healthcare services through awareness

Livelihood security and financial inclusion

Optimal use, management, and sustainability of natural resources and conservation of biodiversity.

Shortfall in CSR spend

The CSR funds were earmarked for five key projects AMR Parivartan Hospital Transformation Project in partnership with Americares, Pfizer-Tata Trusts cancer care project, Village transformation project (BAIF), Pfizer IIT Innovation Program 2.0 and Cancer helpdesks by Doctors for You.

Given the scale and scope of these projects, the programs could not utilize the full funds earmarked on account of COVID-19 pandemic. These CSR projects are long term and continuing projects which would be supported by the Company during subsequent years. Accordingly the said CSR funds are being released in a phased manner. As per the provisions of the Companies Act, the unspent CSR amount of 10.95 crore was transferred to a dedicated Delhi Innovation and bank account from which it will be utilized within 3 years for aforementioned key projects.

A brief outline of the initiatives undertaken during the year and details of CSR projects undertaken by your Company during the financial year under review are provided in the Corporate Social Responsibility Report which forms part of this Report and annexed herewith as "Annexure - A".


Your Company has established a Whistle Blower/ Vigil Mechanism through which its Directors, Employees and Stakeholders can report their genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Companys code of conduct or ethics policy. The said Policy provides for adequate safeguards against victimization and also direct access to the higher levels of supervisors. The e-mail ID for reporting genuine concerns is: ‘ In appropriate and exceptional cases, concerns may be raised directly to the Chairman of the Audit Committee at ‘ No person has been denied access to the Audit Committee Chairman. A quarterly report on the whistle blower complaints received, and action taken thereon is placed before the Audit Committee for its review.


The ‘Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("the Act") seeks to protect women colleagues against sexual harassment in their workplace. Your Company has specially designed training modules to help all colleagues and contingent associates to understand what constitutes sexual harassment in the workplace and how to address it; as well as the organizations role in preventing it. A Training workshop was held in early 2020 for current and new ICC Members with the view to enable the members. Your Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Act.

The details of complaints filed and disposed of during the Financial Year under review are as under:

Sr. No. Particulars Number of Complaints
1. Number of Complaints pending as on the beginning of the Financial Year 2020-21 Nil
2. Number of Complaints filed the Financial Year 2020-21 Nil
3. Number of Complaints disposed of during the Financial Year 2020-21 Nil
4. Number of Complaints pending as on the end of the Financial Year 2020-21 Nil


In accordance with the provisions of the Companies Act, 2013, Mr. Samir Kazi, (DIN: 07184083) retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

The Board of Directors of the Company at their Meeting held on February 5, 2021, pursuant to the recommendation of Nomination and Remuneration Committee, re-appointed Mr. S. Sridhar (DIN: 05162648) as the Managing Director of the Company for a further period of 5 years with effect from March 18, 2021 subject to the approval of members at the ensuing Annual General Meeting.

All Independent Directors have given the declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Performance Evaluation

The Company has devised a Performance Evaluation Framework and Policy, which sets a mechanism for the evaluation of the Board, Board Committees and Directors.

Performance Evaluation of the Board, Committees and Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance Evaluation Framework and Policy.

The performance evaluation of each individual Director, the Board and Committees was carried out through deliberations. The said performance evaluation was done based on the parameters stated in the templates designed under the aforesaid Framework and after taking into consideration the guidance note issued by the Securities and Exchange Board of India.

Independent Directors Meeting

During the year under review, one Meeting of the Independent Directors was held on June 15, 2020, without the presence of the Executive Directors and Management Personnel. At the said Meeting, the Independent Directors carried out performance evaluation of Non-Independent Directors and the Board of Directors as a whole, performance of Chairman of the Company, the quality, content and timeliness of flow of information between the Management and the Board, based on the Performance Evaluation framework of the Company. All the Independent during Directors were present at the aforesaid Meeting.


Your Company has in place a Familiarization Program for Independent Directors to provide insights into the Companys business to enable them to contribute significantly to its success. The Executive Directors and Senior Management make presentations periodically to familiarize the Independent Directors with the strategy operations and functions of the Company. Your Company also circulates news and articles related to the Industry and provide specific regulatory updates to the Independent Directors on a regular basis.

A brief summary of the Familiarization Programs carried out during the year for the Independent Directors is given below:

Sr. No. Particulars of the Programmes Date No. of Hours
1. Pharma Market, Industry Performance and Regulatory changes update. 15.06.2020 4
(Duration one hour each) 27.07.2020
2. Presentation on Overview of Human Resources Function 15.06.2020 0.75
3. Presentation on Active Pharmaceutical Ingredients Procurement Strategy 27.07.2020 0.75
4. Presentation on Prevnar Vaccines Business 27.07.2020 0.75
5. Presentation on Internal Medicine Business go-to-market strategies 02.11.2020 0.75
6. Presentation on Pfizer Inc.s Covid-19 Vaccine Development 02.11.2020 0.75
7. Presentation on Digital Marketing Strategy 05.02.2021 0.75
8. Presentation on Risk Management Framework and Key Business Risks 29.03.2021 0.75
Total 9.25


The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management, Key Managerial Personnel and their remuneration. The Nomination and Remuneration Policy forms part of this Report annexed herewith as "Annexure - B".


The details of the meetings of the Board and Committees are provided in the Corporate Governance Report which forms part of this Report and annexed herewith as "Annexure G".


Your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013: a. that in the preparation of the annual financial statements for the year ended March 31, 2021, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; b. that such accounting policies as mentioned in Notes 2 and 3 of the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2021 and of the profit of the Company for the that date; c. that proper and sufficient care the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d. that the annual financial statements have been prepared on a going concern basis; e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.


Pursuant to the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, we give below the key financial ratios:

Sr. Particulars FY 2021 FY 2020
1 Debtors Turnover Ratio 14.52 12.20
2 Inventory Turnover Ratio 1.84 1.94
3 Interest Coverage Ratio N.A. N.A.
4 Current Ratio 2.49 3.49
5 Debt Equity Ratio N.A. N.A.
6 Operating Profit Margin 28% 22%
7 Net Profit Margin 23% 24%
8 Return on Net Worth 21% 15%

None of the aforementioned ratios have undergone a change of more than 25% as compared to the previous financial year.

The return on net worth is computed as net income by shareholders equity. The change in return on net worth is primarily on account of high dividend payout of 1,509 Crore during the year under review.


The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which forms part of this report.


The details pertaining to the Risk Management Policy are included in the Corporate Governance Report, which forms part of this Report.


All Related Party Transactions that were entered into during the financial year were on an arms length basis been taken and were in the ordinary course of business. There are no for materially significant the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. related TheCompany had entered into materially significant party transactions with Pfizer Innovative Supply Point Intl BVBA, Belgium and Pfizer Service Company BVBA, Belgium for purchase of raw materials, bulk drugs and finished goods. The same are within the limits duly approved by the members at the 65th Annual General Meeting.

All Related Party Transactions are placed on a quarterly basis before the Audit Committee for approval and before the Board for consideration and noting.

The Policy on Related Party Transactions as approved by the Board is uploaded on the Companys website ‘www.pfizerindia. . The weblink for the Policy is Revised%20Related%20Party%20Transaction%20Policy%20 -%20Pfizer%20website.pdf

None of the Directors have any material pecuniary relationships or transactions vis-a-vis the Company.

Pursuant to Section 134 of the Companies Act, 2013 and Rules made thereunder, particulars of transactions with related parties as required under Section 188 (1) of the Companies Act, 2013, in the prescribed Form AOC-2 forms part of this Report and annexed herewith as "Annexure - C".


The Company has not granted any loans, guarantees and investments under Section 186 of the Companies Act, 2013 for the financial year ended March 31, 2021.


During the financial year under review, the Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the Balance Sheet.


No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Companys operations in future.


The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, forms part of this Report and annexed herewith as "Annexure - D".

A table containing particulars of employees in accordance with the provisions of Section 197(12) of the Companies Act, 2013, ("the Act") read with Rule 5(1) of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Report and annexed herewith as "Annexure - E".

The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, forms part of this Report. However, as per the provision of Sections 134 and 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees particulars which is available for inspection by the Members up to the date of the ensuing Annual General Meeting. Any member interested in obtaining a copy of such statement may write to the Company Secretary at the Companys Registered Office.

The Company does not have any subsidiary company or associate company or joint venture company.


The Auditors, Messrs. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No. 001076N/N500013), were appointed as Statutory Auditors to hold office for a term of 5 (five) years from conclusion of 66th Annual General Meeting till the conclusion of the 71st Annual

General Meeting subject to ratification subsequent Annual General Meeting.

The Companies (Amendment) Act, 2017 has waived the requirement for ratification of the appointment of statutory auditor by the shareholders at every Annual General Meeting. Hence, the approval of the members is not being sought for the re-appointment of the statutory auditor and in line with their resolution of appointment passed at the previous Annual General Meeting held on September 6, 2018, Accordingly Messrs. Walker Chandiok & Co. LLP will continue to hold office till the conclusion of the 71 st Annual General Meeting of the Company. Messrs. Walker Chandiok & Co. LLP have confirmed their eligibility and submitted the certificate in writing that they are not disqualified to hold the office of the Statutory Auditor.

The Auditors Report for the financial year ended March 31, 2021 do not contain any qualification, reservation or adverse remark.


Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the cost audit records maintained by the Company is required to be audited. The Board of Directors had, on the recommendation of the Audit Committee, appointed Messrs. RA & Co., to audit the cost accounts of the Company for the financial year 2021-22 on a remuneration of 13,25,000/- (Rupees Thirteen Lakhs and Twenty Five Thousand only). As required under the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Members ratification remuneration payable to Messrs. RA & Co., Cost Auditors is included at Item No. 5 of the Notice convening the Annual General Meeting.

Your Company is required to maintain the cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013. Your Company has accordingly maintained the same and has filed the Cost Audit Report for Formulations and Compliance Report for the financial year ended March 31, 2020 on December 10, 2020, which is within the stipulated timeline prescribed under the applicable regulations. The Cost Audit Report for Formulations for the financial year ended March 31, 2021 is due to be filed by October 26, 2021. Messrs. R. A. & Co., have confirmed their eligibility to be the Cost Auditors and have been appointed to conduct Cost Audit of the Companys records for the financial year ending March 31, 2022. The remuneration is subject to ratification by the shareholders.


Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment by members atevery and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Messrs. Saraf & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report forms part of this Report and annexed herewith as "Annexure - F". The Secretarial Audit Report for the financial year ended March 31, 2021, does not contain any eservation qualification, or adverse remark.


The Company has undertaken an audit for the financial year 2020-21 for all applicable compliances as per SEBI Regulations and Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report has submitted to the stock exchanges within 60 days from the end of the financial year under review. The Annual Secretarial Compliance Report is available on the Companys website at


Your Directors confirm that the Secretarial Standards issued by the Institute of Companies Secretaries of India, as applicable to the Company and which are mandatory in nature, have been duly complied with.


Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act 2013 and rules made thereunder, the Annual Return of the Company as on March 31, for the 2021 in Form MGT-7 is available on the Companys website at investor/financial_results.aspx


A Report on Corporate Governance along with a Certificate from Messrs. Walker Chandiok & Co LLP, regarding compliance with the conditions of Corporate Governance as stipulated under Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Report and annexed herewith as "Annexure - G".

A Business Responsibility Report as stipulated under Regulation 34(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, describing the initiatives taken by your Company from an environmental, social and governance perspective, forms part of this Report and annexed herewith as "Annexure-H".


Certain statements in respect to Management Discussion and Analysis may be forward looking and are stated as required by the applicable laws and regulations. The future results of the Company may be affected by many factors, which could be different from what the Directors envisage in terms of future performance and outlook.


Your Directors would like to place on record their sincere appreciation for the support and assistance extended by the Companys suppliers and business associates. Your Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its Management.

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc. USA.

For and on behalf of the Board of Directors
R.A. Shah
Mumbai, May 26, 2021 DIN: 00009851