vista pharmaceuticals ltd Management discussions


India is the largest provider of generic drugs globally. Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the US and 25% of all medicine in the UK. Globally, India ranks 3rd in terms of pharmaceutical production by volume and 14th by value. The domestic pharmaceutical industry includes a network of 3,000 drug companies and ~10,500 manufacturing units. India enjoys an important position in the global pharmaceuticals sector. The country also has a large pool of scientists and engineers with a potential to steer the industry ahead to greater heights. Presently, over 80% of the antiretroviral drugs used globally to combat AIDS (Acquired Immune Deficiency Syndrome) are supplied by Indian pharmaceutical firms.


Vista Pharmaceuticals offers over the counter & prescription generic drug products consisting of tablets, capsules and liquids covering various therapeutic categories. Vista Pharmaceuticals was founded in 1992 to Formulate, Register, Produce, Market and Distribute High Quality Pharmaceutical Products, initially focusing on the United States Market with a Vision of expanding Globally.

Vista Pharmaceuticals is the first Indian Company to obtain USFDA Approvals to produce OTC as well as Prescription Drugs to US Market in 1994. Vista Pharmaceuticals is the first Indian Company to export OTC as well as Prescription Drugs to US in 1996.

Vista Pharmaceuticals Indian Facility got USFDA Approval in June 2010 to produce ANDA products to US Market.

Vista has its USFDA Approved Manufacturing Facility in India and its Marketing and Distribution Center in USA.

We have established an extensive Marketing and Distribution Network in the United States. Our state-of-the-art Facility in India is built according to cGMP and US-FDA standards. It has been operating since 1994 and the Facility built with state-of the art Research & Development (R&D), Quality Assurance/Quality Control (QA/QC) and Production departments.


Develop ANDAs (Generic version of Off-Patented Branded Drugs) to US market. Develop Generic Drug Products to other Global Markets. Contract Manufacture Pharmaceutical Drug Products to other Companies.


USFDA Approved Generic Bactrim (Sulfamethoxazole + Trimethoprim - SMZ) for US Market in October 2005. SMZ Product(Generic Bactrim) is First Manufactured in US in 2006.

SMZ Product (Generic Bactrim) is First launched in US in May 2006.

USFDA approved the Site Transfer of SMZ Product Manufacturing to India in June 2010. SMZ Product from India is launched in US in November 2010.


US Generic Market has better margins and sales volumes compared to other countries. Almost 85% of the prescription drug market is of Generic Drugs in US.

The company operations are going on as per USFDA cGMP norms. The validations and stability testing studies are going on as per schedules.


The management of the Company is planning to introduce the following resolution in the US market.

Cardiac, Respiratory, and CNS drugs.


Medicine spending in India is projected to grow 9-12% over the next five years, leading India to become one of the top 10 countries in terms of medicine spending. Going forward, better growth in domestic sales would also depend on the ability of companies to align their product portfolio towards chronic therapies for diseases such as such as cardiovascular, anti-diabetes, anti-depressants and anti-cancers, which are on the rise. The Indian Government has taken many steps to reduce costs and bring down healthcare expenses. Speedy introduction of generic drugs into the market has remained in focus and is expected to benefit the Indian pharmaceutical companies. In addition, the thrust on rural health programmes, lifesaving drugs and preventive vaccines also augurs well for the pharmaceutical companies.

Company is trying its best to move ahead in planned manner to achieve the higher growth.



Company has recorded the revenue of Rs. 39.46 Lakhs during 2021-22 as compared to Rs. 126.24 Lakhs in 2020-21.

Other Incomes

The Other incomes for 2021-22 of Rs. 16.57 Lakhs has decreased, compared to Rs. 19.50 Lakhs in 2020-21.


The expenses for 2021-22 of Rs. 312.11 Lakhs has reduced, compared to Rs. 527.26 Lakhs in 2020-21.

Loss Before Tax

There is Loss Before Tax for 2021-22 of Rs. 256.09 Lakhs compared to Loss Before Tax of Rs. 381.13 Lakhs in 2020-21.

Loss after Tax

The Loss After Tax for 2021-22 of Rs. 83.19 Lakhs as against Profit After Tax of Rs. 200.87 Lakhs in the previous year 2020-21.

Earnings Per Share

The EPS for 2021-22 decreased to Rs. (0.24) as compared to Rs. (0.54) in Previous Year.


Risks are inherent to our business as our operating environment is complex, highly regulated, and dynamic. To attain our strategic growth objectives, protect the interests of all our stakeholders and meeting legal requirements we have an established process of identifying, analyzing, and responding appropriately to all business risks. We have a well-embedded Risk Management Framework to ensure that we are well-placed to manage any adverse effect posed by financial, operational, strategic or regulatory related risks.

Our framework adopts appropriate risk mitigation measures for identified risks across functions. The process ensures that new risks, which might arise, or the impact of existing risks which might have increased, are identified and a strategy is put in place for mitigating such risks. The major risks identified by the management are regulatory, competition, supply chain disruption, cyber and data security.


Your Company has a robust and reliable system of internal controls commensurate with the nature of the business, and the scale and complexity of operations. The Company has adopted policies and procedures covering all financial, operating and compliance functions. These controls have been designed to provide a reasonable assurance over:

1. Effectiveness and efficiency of operations

2. Safeguarding of assets from unauthorized use or losses 3. Compliance with applicable laws and regulations 4. Prevention and detection of frauds and errors 5. Accuracy and completeness of the accounting records 6. Timely preparation of reliable financial information

The current system of Internal Financial Controls (IFC) is aligned with the requirement of the Companies Act 2013, The Internal Audit (IA) function of the Company functionally reports to the Chairperson of the Audit Committee, thereby maintaining its objectivity.


Your directors are focusing to strengths its Market through expansion of its activities and will make the necessary investment when attractive opportunities arise.


The pace at which the pharmaceutical sector in India is growing has increased the Opportunities for the company which can lead to healthy growth of the Company. The pharmaceutical sector is also exposed to various kinds of risks related to change in government policies, pricing of products, intense competition due to growth etc. The Company is well equipped to tackle the risks related to the business of the Company.


Your company has been following the philosophy of providing the highest quality products and services at the lowest possible prices. Your Companys philosophy to provide high class quality products i.e., full value for money, to consumers would greatly benefit in the long run. Your company will continue to follow this philosophy in the new operations that it is likely to undertake.


Vista Pharmaceuticals Limited believes in creating an environment, wherein human resources derive a sense of purpose, passion and personal growth at work, leading to organizational performance. Towards realizing this, the company relies on the four pillars, namely, performance management, talent engagement, Capability development and maintaining cordial industrial relations. It also believes in review of its HR processes and systems on an ongoing basis to optimize costs, time and labour.


Statements in the Management Discussion and Analysis describing the Companys objective, projections, estimates, expectations may be forward-looking statements. Actual results may differ materially from those expressed or implied due to various risks and uncertainties. Important factors that could make a difference to the Companys operations include global and Indian demand-supply conditions, finished goods prices, changes in government regulations and policies, tax regimes, economic conditions within India and the countries within which the Company conducts business and other such factors. The Company does not undertake to update these statements.