GLOBAL ECONOMIC OUTLOOK
Global GDP growth is projected to be 3.3% in 2025 and 2026, which is below the long term historical average of 3.7 percent. Among advanced economies, growth forecast revisions go in different directions. In the United States, underlying demand remains robust, reflecting strong wealth effects, a less restrictive monetary policy stance, and Supportive financial conditions. In the euro area, growth is expected to pick up but at a more gradual pace with geopolitical tensions continuing to weigh on sentiment. Weaker-than-expected momentum especially in manufacturing, and heightened political and policy uncertainty will prevail. In other advanced economies, two offsetting forces keep growth forecasts relatively stable. On one hand, recovering real incomes are expected to support the cyclical recovery in consumption. On the other hand, trade headwinds including the sharp uptick in trade policy uncertainty are expected to keep investment subdued. In emerging market and developing economies, growth performance in 2025 and 2026 is expected to broadly match that in 2024.
On the surface, the global economy remains remarkably resilient with growth holding steady as inflation returns to target. An intensification of protectionist policies, for instance, in the form of a new wave of tariffs, could exacerbate trade tensions, lower investment, reduce market efficiency, distort trade flows, and again disrupt supply chains. Unrest within nations like Russia-Ukraine, Middle East, has triggered global energy and food crisis and considerable surge in inflation followed by a globally synchronized monetary policy tightening. Tensions are likely to increase between the superpowers due to alliance security commitments. The conflict will also have broader ramifications for future cooperation on critical issues like arms control; cybersecurity; nuclear non-proliferation; global economic stability; energy security; counterterrorism and destabilize the global energy and resource markets. Growth could suffer in both the near and medium term, but at varying degrees as economies are on the brink of "Perfect storm" of crisis. It has set in motion a three dimensional crisis on Food, Energy and Finance that is producing alarming cascading effects to an ecosystem which is already battered by Inflation & Shortages, Energy and commodity price increase, Debt distress, Blackouts and Climate change.
As countries are battered with grave challenges, on the other hand they have become self-reliant and explored new avenues and opportunities in various areas to sustain the growth. Climate change awareness gained traction globally with key powers injecting fresh urgency on need to undertake positive initiatives. Renewables energy had significant flow of investments which marked the commitment of nations to shift to a more sustainable model for the long run.
LINGERING CONCERNS
The overall risks around the outlook are becoming better balanced, but substantial uncertainty remains. High geopolitical tensions remain a significant near-term adverse risk, particularly if the evolving conflicts across countries were to intensify and disrupt energy and financial markets, pushing up inflation and reducing growth. Further reductions in inflation may also be slower than expected if cost pressures and margins remain elevated, particularly in services. This could result in slower- than-expected reductions in policy interest rates, exposing financial vulnerabilities and potentially generating a sharper slowdown in labor markets. Another key downside risk is that the future impact of higher real interest rates proves stronger than anticipated. Debt-service burdens are already high and could rise further as low-yielding debt is rolled over, or as fixed- term borrowing rates are renegotiated. Some sectors, particularly commercial real estate, remain hard pressed, and corporate bankruptcies and defaults are now above pre-pandemic levels in several countries, posing risks to financial stability.
GLOBAL USE OF MEDICINES AND PROJECTED TRENDS
Significant usage shifts and spending growth acceleration across geographies became apparent in 2024 and have contributed to an increase in the outlook for medicine spending through 2028 of two percentage points to 5-8% CAGR, bringing global spending on medicines at list prices to $2.4Tn.
Global medicine spending is expected to slow to 5-8% through 2029, reaching $2.4Tn excluding COVID-19 vaccines and therapeutics. The ongoing impacts of the pandemic continued to effect medicine spending and usage patterns through 2023 and are expected to return to pre-pandemic trends over the next five years. North America medicine spending is expected to grow at an elevated rate of 6-9% through 2029, driven by continued growth of new brands and older brands and offset by losses of exclusivity. Western Europe has had four straight years of 8% spending growth through 2024 and is expected to slow to 4.5-7.5% through 2029 as a combination of expiry events and payer pressure partly offset by the wider use of novel medicines. Eastern Europe has the highest growth outlook with a range from 7 to 10%, although slowing through the forecast period. Latin America spending growth was especially high in the first two years of the pandemic, including patients use of established and generic medicines as symptom management for COVID-19. Growth will average 6-9% through 2029 led by Brazil, Mexico, Argentina, and Colombia. Japans spending growth is expected to average -0.5 to 2.5% with relatively flat trends despite strong uptake of branded medicines resulting from a shift to annual price cuts in place of the historic biennial price cut policy. Chinas spending swung wildly during the pandemic partly influenced by zero tolerance pandemic policies. Medicine spending in China has risen from $103Bn in 2015 to $166Bn in 2024, but is expected to return to more moderate 1-4% growth through 2029.
Medicine use for spe cific therapy areas has been growing since 2018, with notably high growth in immunology, endocrinology, and oncology. These areas; o f rising usage have been driven more by wider adoption of older therapies compared to newer medicines. Immunology treatments have seen a steady 12% rise in utilization but the rates of per capita usage have varied considerably even within wealthier developed countries. Overall, nearly half of immunology biologic volume is facing biosimilar competition in developed markets, which has led to an incremental 5% in usage as more patients use treatments as costs decline. GLP-1 agonist medicines have been approved for both diabetes and obesity indications and have seen rapid uptake since 2021, coinciding with U.S. obesity approvals. Another area of notable medicine use shifts has been the use of antibacterials, which was significantly disrupted by the COVID-19 pandemic but returned to historic levels in 2022 and 2023.
SPENDING AND GROWTH BY REGIONS AND KEY COUNTRIES
Spending in USD Bn | ||||
Regions | 2024 | 2020-2024 CAGR | 2029 | 2025-2029 CAGR |
Global | 1750 | 7.7% | 2355-2385 | 5-8% |
Developed | 1422 | 8.2% | 1945-1975 | 5.5-8.5% |
10 Developed | 1195 | 8.2% | 1635-1665 | 5-8% |
Other Developed | 227 | 7.8% | 295-325 | 5.5-8.5% |
Pharmerging | 312 | 6.0% | 375-405 | 3.5-6.5% |
Lower Income Countries | 16 | 1.0% | 18-22 | 2-5% |
The global medicine market using list price levels is expected to grow at 5-8% CAGR through 2029, reaching about $2.4Tn in total market size.
Spending and volume growth following diverging trends by region with larger established markets growing more rapidly, driven by new and existing branded products, while Pharmerging markets will grow more slowly and be driven more by volume than the mix of more expensive therapies.
The U.S. market, on a net price basis, is forecast to grow 3-6% CAGR over the next five years, down from 6.8% CAGR for the past five years.
Spending in Europe is expected to increase by $85Bn through 2029, driven by new brands and offset by generics and biosimilars.
Japan medicine spending growth is projected at -0.5 to 2.5% through 2029 as robust brand growth is offset by a shift annual price cuts and ongoing shifts to generics.
Spending growth in China is expected to slow, with positives driven by greater uptake and use of new original medicines and offset by pressures on off-patent and generic pricing.
KEY THERAPY AREAS - BASEBUILDING FOR FUTURE GROWTH
The key growth area for medicines in the next five years is biotech, which will represent 34% of global spending and will include many of the areas of greatest activity for novel medicines. Global biotech spending is set to exceed $820Bn by 2029, with growth slowing to 7-10% due to the impact of biosimilars.
Specialty medicines will represent 46% of global spending in 2029 and 54% of total spending in leading developed markets, continuing the shift from more traditional medicines underway for over a decade.
The top three leading global therapy areas · oncology, Diabetes and immunology · are forecast to grow 11-14%, 6-9% and 4-7% CAGR, respectively, through 2029, reflecting diverging trends with one still driven by novel medicines and the other facing biosimilar competition.
Oncology is projected to contribute to an increase in spending by USD 189bn to a total of more than $440Bn in 2029. Immunology therapy is forecast to reach $234 Bn globally by 2029, driven by steadily increasing numbers of treated patients and new products. Diabetes spending is expected to reach $259 Bn globally. It is notable that in 2023 and 2024, diabetes invoice and net spending has increased, largely driven by adoption of novel GIP/GLP-1 medicines with both diabetes and obesity approved uses. New therapies contribute to growth of neurology markets, including greater use of novel migraine therapies, potential treatments for rare diseases, and the potential for therapies for Alzheimers and Parkinsons. The outlook for next generation biotherapeutics includes significantly uncertain clinical and commercial prospects for cell, gene, and RNA therapies.
COMPANY PERFORMANCE
With the tightening of monetary condition across the globe, soaring inflation, Geo-political tensions, tariff Wars across economies, managing liquidity and smooth business operations has been the key priority during the year and your company has effectively managed its liquidity position and continued with its sustainable business model without compromising on the overall long term vision of the organization.
Your Company started the year with focus on aligning operations with the long term goals and its vision statement. Primary objectives were to drive robust revenue growth, cost containment, de-leveraging the balance sheet to achieve operational efficiency, ensuring reasonable flow of working capital into the Business, gradually shifting to higher chronic presence in overall portfolio mix, concluding global trials of NCE ZAYNICH (WCK 5222) and obtaining regulatory approvals to launch MIQNAF (WCK 4873) in India. During the year your company was focused on deployment of funds and setting its investments priorities to ensure maximum return. Significant efforts to identify new revenue streams and enhance profitability and cash flow also translated into new partnerships into international geographies. Amidst turbulent time your company stood steady and delivered its key priorities thus paving the way for long term sustainability. The below image represents the business ecosystem in which your company operates which can also be interpreted as the near to long term growth drivers for the company.
Key developments that took place in your company during the year have been summarized below:
1) Globally renowned US body Clinical and Laboratory Standards Institute (CLSI) awards high susceptibility breakpoints to Zaynich (Zidebactam/Cefepime- WCK 5222) : In the June 24, 2024 plenary session of Clinical and Laboratory Standards Institute (CLSI), Zaynich (Zidebactam/Cefepime- WCK 5222) has been granted a susceptibility breakpoint of 64 mg/L for around 10 Gram negative pathogens showing high resistance rates. Susceptibility breakpoints guides the doctors about selection of most efficacious antibiotic for treating various infections caused by different pathogens. A high breakpoint of 64 mg/L suggests Zaynichs (Zidebactam/Cefepime- WCK 5222) strong potential to cover all the clinically important, extreme drug resistant Gram negative pathogens in seriously ill patients.
2) Wockhardts Investigational Drug, Zaynich (Zidebactam/Cefepime) cured complex case of meningitis caused by pandrug resistant super-bug under compassionate use.
3) Zaynich? (Zidebactam/Cefepime, WCK 5222) achieved over 97% Efficacy in Clinical Study for serious infections caused by Meropenem-Resistant Gram-Negative Pathogens. The study design was unique as it encompassed a range of severe infections, including hospital-acquired bacterial pneumonia (HABP), ventilator-associated bacterial pneumonia (VABP), bloodstream infections (BSI), complicated intra-abdominal infections (cIAI), and complicated urinary tract infections (cUTI).
4) Zaynich? (Zidebactam/Cefepime, WCK 5222) achieved highest-ever efficacy meeting superiority in a global, pivotal, registration enabling Phase III study in complicated urinary tract infection (cUTI) achieving 96.8% clinical cure rate.
5) Zaynich (Zidebactam/Cefepime (WCK 5222) was used successfully to treat a Cancer Patient in US with Chronic Bilateral Thigh Infection Caused by an Extreme-Drug Resistant Pseudomonas.
6) Novel antibiotic Miqnaf (Nafithromycin) received favourable recommendation from Subject Expert Committee of Central Drugs Standard Control Organization (CDSCO) for the Treatment for Community-Acquired Bacterial Pneumonia (CABP)
7) Your company was awarded the prestigious Innovator Award from Government of India. Biotechnology Industry Research Assistance Council (BIRAC), a Government of India enterprise, conferred the "BIRAC Innovator Award 2024" to Wockhardts Chairman, Dr. Habil Khorakiwala. The award is in recognition of the highest level of innovation and research that led to successful development of Nafithromycin (Miqnaf), which is the first ever multi-drug resistant pathogen active respiratory antibiotic for the treatment of Community-Acquired Bacterial Pneumonia.
8) Indian Drug Regulator Approved Wockhardts New Generation Oral Antibiotic Miqnaf? (Nafithromycin) for the Treatment of Community Acquired Bacterial Pneumonia (CABP)
9) Your company announced the filing of its fast-acting insulin analog, Aspart injection (ASPARAPIDTM), with the Drugs Controller General of India (DCGI). Wockhardts Aspart insulin injection (ASPARAPIDTM) is an indigenously developed product, underscoring the companys end-to-end capabilities in research & development, clinical studies, scale up and manufacturing of biosimilars products. By leveraging integrated infrastructure and expertise, Wockhardt has completed all stages of ASPARAPIDTM development - from research to production through in-house development. Wockhardt is also developing additional insulin analogs and GLP-1 agonists as part of its comprehensive strategy to provide advanced diabetes care solutions. The introduction of these products will further strengthen Wockhardts diabetes portfolio.
10) WCK 6777 with unique out-patient treatment advantage was granted Fast Track designation by US FDA and successfully completes Phase I study conducted by National Institutes of Health, US.
11) Dr. Habil Khorakiwala was bestowed Lifetime Achievement Award by Integrated Health and Wellbeing Council in Dubai.
12) During the year your organization successfully completed fund raising by QIP route an amount of INR 1000 crores. The funds raised will be utilized largely to meet its Capex plans and R&D program, infuse growth capital within the operations, deleveraging the balance sheet.
BUSINESS PERFORMANCE
The Domestic Business contributed 22% of revenue from operations during the year and grew at 11%. ROW business recorded healthy 12% growth as your company commits itself to new geographic expansion and strengthening of existing portfolio which is in line with near to long term vision of the organization. UK operations reflected healthy 12% growth mainly on account of robust volumes across its Business channels. EU operations remained stagnant and contributed to 12% of revenue from operations.
During the year, the Companys research & development expenses continued to grow keeping in view its strategic focus in Pharma, Biotechnology & NCE segment and was approx. 11.2% of consolidated total revenue.
REVENUES
Revenue from Operations during the year was Rs 3,012 crore compared to Rs 2,798 crore in the previous year with a annual growth of 8%.
The revenue split of European Union Business contributed 12% (compared to 13% in FY 2024). UK operations contributed 39% (compared to 37% in FY 2024). India and Rest of the world contributed 46% (vs 44% in FY 2024).
PROFITABILITY
On Y-o-Y basis EBITDA has been significantly higher vs previous year quarters due to robust growth in operations and improved business hygiene, thanks to the cost containment measures, rightful allocation of resources. Improved business mix accompanied with portfolio swings in favour of high margin segment continues to be of key focus for your organisation.
The Companys strategic focus on R&D initiatives that are futuristic in nature, continue to impact the EBITDA as they are expensed.
Particulars | FY 24 | FY 25 | Change % |
Material Consumption | 40.4% | 37.3% | 3.1% |
Personnel Cost | 20.4% | 20.3% | 0.0% |
R&D | 4.6% | 3.9% | 0.7% |
Other Expenditure | 25.9% | 24.7% | 1.2% |
Interest | 10.6% | 8.4% | 2.2% |
Depreciation | 7.7% | 7.2% | 0.6% |
Impairment/Loss on Asset | 4.6% | 0.0% | 4.6% |
Exchange loss/(Gain) | -0.1% | 0.1% | -0.2% |
Other Income | 0.0% | -1.4% | 1.4% |
Exceptional Item Profit/(Loss) | -0.5% | 0.0% | -0.5% |
Tax | 1.8% | 1.4% | 0.5% |
Profits (Before NCI) | -16.4% | -1.9% | 14.5% |
NCI | -0.3% | -0.3% | 0.0% |
Profits (After NCI) | -16.1% | -1.5% | 14.5% |
Material consumptio n for FY 2025 stood at ~ 37% vs 40% for PY.
The companys emphasis on R&D continued during the year while adopting selective strategy for rationalizing R&D spends which is reflected in spends for FY 2025 at ~ 11.2% including Capital and Revenue expenditure vs 9.8% in PY.
Personnel costs in absolute terms was higher by 5%.
Other expenses for FY 2025 was lower than the previous year at ~25%. Interest cost as % to sales was lower by 2.2% compared to previous year.
Profit for the year showed remarkable improvement from ~ -16% to ~-1.5%
The EBITDA and corresponding margins improved significantly. Outcome of cost rationalisation initiatives and revenue growth from high margin segments enabled to strike the appropriate balance while countering the market challenges in revenue growth.
Expanding market and therapeutic presence, Realignment of portfolio mix to high margin segment, exploring new revenue generation streams and cost rationalisation measures remains the key focus in the near to mid-term.
DEBT AND LEVERAGE
The Net Debt to Equity ratio stood at 0.27 as on 31st March, 2025.
DEBT POSITION
INR in Crores
FY 24 | FY 25 | Change | % Change | |
Secured | 981 | 678 | (303.2) | (31%) |
Unsecured | 1,001 | 979 | (21.8) | (2%) |
Total | 1,982 | 1,657 | (325) | (16%) |
Excludes accrued interest
RESEARCH & DEVELOPMENT & NEW LAUNCHES: COMPANYS STRATEGIC CORE
The research and development pipeline remained robust in 2024. Total R&D expenditure of large pharmaceutical companies continued to increase in 2024, both in absolute terms (reaching $190Bn, up from $163Bn in 2023) and as a percentage of sales, exceeding 25% for the first time. Oncology, immunology, metabolic/endocrinology, obesity and neurology remained the areas of core R&D focus which declined less as compared to other therapeutic class.
Rare disease focus continues with more than 1,800 molecules targeting one of the growing number of rare disorders for which there are often no or very limited therapeutics available. Half of these focus on oncology, and next-generation biotherapeutics account for at least a quarter of the rare-oncology products, with increased activity in CAR T and NK cell therapies, as well as gene editing and nucleic acid vaccines.
A total of 65 novel active substances (NAS) was launched globally in 2024, a decline from 2023 but still higher than pre-pandemic levels. Declines were driven by fewer COVID-19 vaccines and therapeutics, fewer U.S. accelerated approvals, and fewer NAS launched only in China.
A growing share of new launches in 2024 were first-in class, reflecting the increasing availability of novel science for patients. 2024 also saw continued growth in number of specialty medicine launches.
A total of 65 novel active substances have launched globally in 2024, bringing the five-year total to 381, or 358 excluding COVID-19. Based on molecules in the late-stage pipeline and historic success rates, over the next five years an average of 65-75 NAS are expected to launch annually, expanding the number of NAS launched globally by 325-375.
Global biotech spending to exceed $820Bn by 2029, with growth slowing to 7-10% from biosimilar savings
Global spending on biotech drugs · those created through recombinant DNA technology · are expected to reach $820 Bn by 2029, about 34% of global medicine spending. Biotech covers a range of therapies, including traditional therapies such as insulin analogues and more complex specialty medicines and cell and gene therapies.
Your company also believes that robust R&D spend is a key strategy to sustain in the long run and its continuous focus in complex research in Pharma, Biosimilars & NCEs for past couple of years have shown encouraging results particularly in the field of Break through Anti-infective space and Biotechnology.
GLOBAL ANTIBIOTIC MARKETS & ANTIMICROBIAL RESISTANCE LEVEL CRISIS
Antimicrobial resistant (AMR) or the ability of infections to resist antibiotics to work against it could negate many of the medical breakthroughs of the last century. Previously curable infectious diseases may become untreatable and spread throughout the world. The report "Antimicrobial resistance: Global report on surveillance" showed that antimicrobial resistance is prevalent everywhere and has the potential to affect anyone, of any age, in any country. Recent global burden estimates indicate that AMR was directly responsible for 1.27 million deaths and associated with 4.95 million deaths globally in 2019 alone20. Antimicrobial resistance is putting at risk the ability to treat even common infections both in the community and hospitals and without an urgent and coordinated action the world is heading towards a post-antibiotic era.
Antimicrobial resistance (AMR) is a major threat to human development as it affects our ability to treat a range of infections caused by bacteria, parasites, viruses and fungi. Treatments for a growing list of infections, including urinary tract infections, tuberculosis (TB), sepsis, gonorrhoea and food borne diseases, have become less effective in many parts of the world because of resistance. In the absence of an effective antibiotics modern medical procedures, such as major surgery, organ transplantation, diabetes management and cancer chemotherapy will become a very high risk1- 2.
Most AMR deaths were linked to lower respiratory infections, Bloodstream infections and Intra-abdominal infections. These 3 accounted for ~79% of all AMR-attributable deaths20.
Drug-resistant diseases already cause at least 700,000 deaths globally a year, including 230,000 deaths from multidrug-resistant tuberculosis, a figure that could increase to 10 million deaths globally per year by 2050 under the most alarming scenario if no action is taken. Around 2.4 million people could die in highincome countries between 2015 and 2050 without a sustained effort to contain antimicrobial resistance21.
Antimicrobial resistance (AMR) and COVID-19 are the two pandemics the world is currently challenged with and that pose a significant threat to public health in a global scale. Infections resulting from antimicrobial resistant bacteria are expected to claim 10 million lives globally, per year by 2050 significantly higher than Cancer (8.2 million), Diabetes (1.5 million) (ONeill, 2014)14. COVID-19 and AMR are interacting health emergencies which can have mutual impact due to misuse of existing antimicrobials for the treatment of COVID-19 patients since a specific treatment is absent for the disease (Nieuwlaat et al., 2021)15. If the current trend of AMR goes unchecked, it would result in the shortage of available therapeutics in future and may even mark an end to the conventional drug discovery pipeline (Kaul et al., 2019)16. By the year 2050, infections caused by antimicrobial resistant bacteria are projected to cause 2 million deaths in India.
Burden of resistance to antibacterial drugs
The WHO declared that AMR is one of the top 10 global health threats and, although often more silent than the COVID-19 pandemic, it can have equally devastating consequences.17
The overlooked pandemic of antimicrobial resistance: We have seen around 5 million deaths in the last two years owing to Covid-19 pandemic. Over 98% Covid-19 patients were treated with antibiotics. However 50% mortality in Covid-19 cases were linked to bacterial infections. A recent study estimates 4.95 million deaths associated with bacterial AMR globally in 2019 alone18. This draws our attention to the often neglected silent pandemic of antimicrobial resistance in terms of unmet needs for novel antibiotics.
The overall health and economic burden resulting from acquired AMR cannot be fully assessed with the presently available data, however some estimates of the economic effects of AMR have been attempted, and The World Bank projects a 3.8% global GDP reduction and up to 28 million people pushed into extreme poverty by 2050 due to unchecked AMR 22. In a WHO report on Antimicrobial Resistance: Global Report on Surveillance (2014), the yearly cost to the US health system alone has been estimated at US $21 to $34 billion3 dollars, accompanied by more than 8 million additional days in hospital4 Because AMR has effects far beyond the health sector, it was projected, nearly 10 years ago, to cause a fall in real gross domestic product (GDP) of 0.4% to 1.6%, which translates into many billions of todays dollars globally3.
The CDC in its 2019 report on Antibiotic Resistance Threats in the United States estimates that 2.8 million antibiotic-resistant infections occur each year in US alone4.
The evidence obtained shows that AMR has a significant adverse impact on clinical outcomes and leads to higher costs due to consumption of health-care resources.
Infections caused by antimicrobial resistant strains of bacteria are unlikely to respond to standard treatments resulting in prolonged illness and a greater risk to health. For example, MRSA (Methicillin-resistant Staphylococcus aureus) is estimated to cause 64% more deaths than infections caused by a non-resistant strain of the bacteria5 as per a report published in 2015 (The Antibiotic Resistance Crisis- by C.Lee Ventola) Antimicrobial resistant strains of bacteria are also more likely to be passed on to other people because those infected are sick for longer. The ONeill Review (The Review on Antimicrobial Resistance, December2014) estimated that the global impact of AMR could be 10 million deaths annually by 2050, and cost up to US $100 trillion in cumulative lost economic output6. The nature of this global problem emphasises the challenge that the UK faces when tackling AMR in the food supply chain.
The cost of health care for patients with resistant infections is higher than care for patients with non-resistant infections because of longer duration of illness, additional tests and the need for more expensive medicines. WHO estimates the global healthcare burden could reach US$1 trillion annually by 205023. The rise in resistance not only impedes our ability to treat infections, but has broader societal and economic effects, and endangers the achievement of the Sustainable Development Goals17. The direct and indirect impact of AMR will mostly fall on low and middle-income countries, which often lack the infrastructure, and human and financial resources to adequately counter drug resistance epidemics7. The consequences of AMR are aggravated in volatile situations such as civil unrest, violence, famine and natural disasters, as well as in settings with poor health care services or without access to health care2- 8.
Antimicrobial resistance (AMR) is a widely recognised and growing global public health problem. Though there are no exact figures that capture the true global burden of AMR, let alone in low- and middle-income countries (LMICs), latest estimates from the Antimicrobial - Resistance - Benchmark 2018, show that AMR causes over 700,000 deaths annually worldwide5. At the same time, millions of people lack access to much needed antimicrobial medicines for curable infections, which is evident by the 445,000 community-acquired pneumonia deaths that occur in children under five9. The issue of AMR and lack of access must be addressed in tandem. Steps to increase access must include measures to prevent resistance, and steps to curb resistance must include measures to enable appropriate access. Addressing both requires a coordinated effort from various stakeholders, not least in government, but also across the healthcare and farming industries, and the development and global health communities
The worst-case scenario in the coming would be, world might be left without any potent antimicrobial agent to treat bacterial infections. The global economic burden would be about US $120 trillion (US $3 trillion per annum), which is approximately equal to the total existing annual budget of the US health care. In general, the world population would be hugely affected as of the year 2050, and birth rates would rapidly decline in this scenario8- 10. Organization for Economic Cooperation and Development (OECD) anticipates two fold surge in resistance to last resort antibiotics by 2035 as compared to 2005 levels20
GROWING DEMAND
The global antibiotic market was valued at USD 41 Bn in 2020 and is projected to reach approximately USD 64 billion by 2028, with a compounded annual growth rate of 4.5% from 2021 to 202811.
This growth is driven by increased infectious disease prevalence, aging populations, healthcare infrastructure expansion in emerging markets, and rising awareness about antimicrobial resistance (AMR). However, the demand surge, especially in BRICS nations, has been paired with inadequate stewardship and unregulated access to antibiotics, further accelerating resistance 24.
Between 2002 and 2010, global consumption of antibiotics increased by 36%, and three quarters of this increase was accounted for by Brazil, Russia, India, China and South Africa (BRICS)5. Growing demand coupled with poor surveillance and stewardship is likely to further drive the emergence of resistant strains, particularly in high-burden areas.
In addition to death and disability, AMR has significant economic costs.
Significant Decline in Antibacterial Drug Approvals3,12
There has been a steady decline in the number of the new antibacterial drugs approved and the decline in new antimicrobial agents along with the need to manage an increasingly complex health care environment may require even more robust activity and innovative solutions.
According to the WHOs 2023 report, the current antibacterial pipeline is insufficient to combat priority pathogens, particularly Gram-negative bacteria such as Acinetobacter baumannii and Pseudomonas aeruginosa25.
In the near future, the next challenge will be to identify newer agents for the treatment of multidrug-resistant Gram-negative pathogens which are emerging at a rapid rate.
It is essential to take appropriate measures to preserve the efficacy of the existing drugs so that common and life-threatening infections can be cured.
Facts about Antibiotic Resistance13 (Antibiotic Resistance Threats in the United States, 2013- by Centers for Disease Control and Prevention -USA)
Antibiotic resistance is one of the most urgent threats to the publics health.
Every time a person takes antibiotics, sensitive bacteria are killed, but resistant ones may be left to grow and multiply.
Overuse of antibiotics is a major cause of increases in drug-resistant bacteria.
Overuse and misuse of antibiotics threatens the usefulness of these important drugs. Decreasing inappropriate antibiotic use is a key strategy to control antibiotic resistance.
Antibiotic resistance in children and older adults is of particular concern because these age groups have the highest rates of antibiotic use.
Antibiotic resistance can cause significant suffering for people who have common infections that once were easily treatable with antibiotics.
When antibiotics do not work, infections often last longer, cause more severe illness, require more doctor visits or longer hospital stays, and involve more expensive and toxic medications. Some resistant infections can even cause death.
AMR is a global health security threat that requires concerted cross-sectional action by governments and society as a whole.
The overuse of antibiotics clearly drives the evolution of resistance. Epidemiological studies have demonstrated a direct relationship between antibiotic consumption and the emergence and dissemination of resistant bacteria strains. In emerging economies like Middle East, Latin America, Asia - Pacific are important for the future growth drivers and one can expect the rising trend to continue for the next decade amidst unanimous shift in focus to put issues pertaining to AMR and Antibiotic access on the world priority list.
Reference:
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16. R. Nieuwlaat, L. Mbuagbaw, D. Mertz, L.L. Burrows, D.M. Bowdish, L. Moja, H.J. Schunemann Coronavirus Disease 2019 and antimicrobial resistance: parallel and interacting health emergencies- Clin. Infect. Dis., 72 (9) (2021), pp. 1657-1659
17. G. Kaul, M. Shukla, A. Dasgupta, S. Chopra Update on Drug-repurposing: Is it Useful for Tackling Antimicrobial Resistance? (2019), 10.2217/fmb-2019-0122
18 WHO. Global Action Plan on Antimicrobial Resistance. https://www.who.int/publications/i/item/9789241509763.
19. https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(22)00087-3/fulltext
20. https://www.who.int/news-room/fact-sheets/detail/antimicrobial-resistance#:~:text=It%20is%20estimated%20that%20 bacterial%2cdevelopment%20of%20drug-resistant%20pathogens
21. The Lancet. Global burden of bacterial antimicrobial resistance in 2019: a systematic analysis. https://www.thelancet.com/ journals/lancet/article/PIIS0140-6736(22)00087-3/fulltext
22. Interagency coordination group on Antimicrobial Resistance: No time to wait: securing the future from Drug-Resistant Infection 2019
23. World Bank. Drug-Resistant Infections: A Threat to Our Economic Future, 2017
24. WHO. Fact sheet on Antimicrobial Resistance. https://www.who.int/news-room/fact-sheets/detail/antimicrobial-resistance
25. WHO. Global Action Plan on Antimicrobial Resistance. https://www.who.int/publications/i/item/9789241509763
26. WHO. 2023 antibacterial agents in clinical and preclinical development: An overview and analysis. https://www.who.int/ publications/i/item/9789240072480
OPPORTUNITIES
Global markets continue to offer opportunities because of transition in the form of lifestyle shift & related diseases in these countries. Because of the existing presence of operations in these economies your Company is well poised to capitalise and tap these growth opportunities. Your company is striving in all aspects to establish its brand and ramp up its presence and operations in larger GCC countries, Latam Countries and Asia. Today, your company has its products marketed in ~ 40+ countries globally. Two utmost priority areas which has the bulk of focus in terms of resources, efforts and time are the Biosimilar Insulin and Insulin Analog segment and then the Anti-Infective NCE segment. The reason for this is the enormous and unlimited revenue growth opportunity which would propel your company to scale new limits and place it in league of competing with larger global players.
1) BIOLOGIC INSULIN AS GROWTH DRIVER
The global insulin market size was valued at USD 29.4 billion in 2024. The market size is estimated to grow from USD 31 billion in 2025 to USD 43 billion in 2034 growing at a CAGR of 3.7% from 2025 to 2034. The increasing prevalence of diabetes, particularly type 2 diabetes globally due to lack of physical activity, increased obesity, and aging population is a major growth factor for the market. Few other factors such as unhealthy lifestyle, increased calories and glycemic load, genetic predisposition, and stress also play a critical role in diabetes.
The International Diabetes Federation (IDF) identifies diabetes as one of the rapidly growing non-communicable chronic diseases of the 21st century. In 2021, it is estimated that 537 million people had diabetes, and this number is projected to reach 643 million by 2030, and 783 million by 2045. Such high prevalence of diabetes cases increases the demand for effective therapeutics, thereby driving market growth. The introduction of ultra-rapid-acting, long-acting, and biosimilar insulins has been made possible with the advancements in R&D which has improved treatment options for patients. These advancements in formulations enhance treatment options and patient adherence to treatment. There is also an increase in government and NGO spending in lower and mid-level economies, which boosts the purchase of insulin, which in turn expands the market further. Also, favorable reimbursement policies in developed countries are estimated to boost the overall market.
The escalation of cases suffering from diabetes has increased the need for insulin as a critical treatment plan to manage blood sugar levels, especially for patients with diabetes type 1 and advanced stage type 2 diabetes. Obesity significantly increases the risk of diabetes. In 2024, the NCD Risk Factor Collaboration (NCD-RisC) published findings that estimate that more than one billion people in the world are now living with obesity, nearly 880 million adults and 159 million children and adolescents aged 5-19 years.
Novel systems for the delivery of drugs such as insulin pumps, smart pens, and continuous glucose monitoring systems have made diabetes management simpler for patients.
Based on type, the global market is segmented into human insulin and insulin analog. The insulin analog segment accounted for the highest market share and was valued at USD 22.3 billion in 2024. The market size of insulin analog segment was USD 18.3 billion in 2021, and USD 19.7 billion and USD 21 billion in 2022 and 2023, respectively. Based on product, the global insulin market is categorized into long-acting insulin, rapid-acting insulin, combination insulin, biosimilar, and other products. The long-acting insulin segment dominated the market with 45.4% market share in 2024.
The Asia Pacific region demonstrates significant growth potential in the global insulin market. The market is poised for high growth owing to the rapid proliferation of diabetes, growing health expenditures, and enhanced scope of healthcare. Latam markets is experiencing robust growth with significant focus on Brazil, Mexico. This growth will be propelled by the economic strength and the governments focus on improving diabetes treatment which includes subsidized insulin programs through the Unified Health System (SUS). Saudi Arabia insulin market is poised to witness rapid growth in the Middle East and Africa market due to increasing diabetes population which is projected to increase to 24.3% by 2026. The North America insulin market dominated the global market with market share of 40.3% in 2023. The U.S. market was valued at USD 9.1 billion in 2021. In 2023, the U.S. dominated the North America market with a revenue of USD 10.2 billion growing from USD 9.6 billion in 2022. Europe insulin market is anticipated to witness significant growth at a CAGR of 4% over the forecast years. High regional market growth is owing to its well-developed healthcare framework alongside strong governmental diabetes support and a high diabetes population.
Source: Insulin Market - By Type, By Product, By Application, By Distribution Channel - Global Forecast, 2025 - 2034, Report ID: GMI13194 Published Date: Feb 2025.
2) ANTI-INFECTIVE NCE AS GROWTH DRIVER
Global crisis of antibiotics availability continues to pose threat and the gap in Anti Infective segment has widened as relatively few drugs have been discovered in the last decade. However your Companys relentless focus for almost two decades in the Anti-Infective space has started showing recognition with consecutive approvals for QIDP in quick successions as well as approval from US FDA by granting abridged clinical trial for Phase III for its Superdrug antibiotic WCK 5222. This was based on the evaluation by US FDA of its preclinical and clinical data of Phase I establishing safety and clinical scope of efficacy for the drug. Notably your company has 6 molecules (NCE) as on date which are at various stages of development including few at advanced stages.
3) OTHER AREAS FOR DEVELOPMENT
Geo-political uncertainty and lack of stability has gone long way to disrupt the global supply chain. As a result of the disruption in supplies, economies have realised the importance of localisation and decentralisation. This has increased considerable opportunities for countries with dominant API manufacturing capabilities as well as robust CMO infrastructure. Importantly such initiatives are being backed by government incentive schemes and investment back up.
The rising costs and regulatory pressure in developed markets are forcing many global pharmaceutical companies to reduce their internal capacities in research and development (R&D), and manufacturing, and turn to contract manufacturing and research services (CRAMS), and outsourcing of research and clinical trials to developing countries. These strategies help multinational companies reduce costs, increase development capacity, and focus on their core profit makings activities, such as drug discoveries and marketing, rather than on manufacturing. India, with a large patient population and genetic pool, is fast emerging as a preferred destination for such multinationals seeking efficiencies of cost and time. The countrys CRAM industry offers a significant cost-quality proposition, with potential savings of about 30-40 percent compared to western markets such as the US and Europe.
Technology trends are driving a shift towards patient-centric healthcare, as evidenced by wearable biometric devices and telemedicine. This trend is resulting in more informed patients who are likely to take a more active role in any treatment plan their doctor may prescribe. Patient-centric care can provide challenges and rewards for the pharmaceutical industry. The rise of consumerism provides an interesting dynamic for competition in this industry. The pharmaceutical industry will be driven by three level;; of integration: products and services as well as data and technology. These three aspects will have a positive impact on the patients expe rience, as they will allow to adapt the medicines and treatments to each patient. This will change the approach to Clinical R&D as it will be based on real time accurate information the result of which would not just be medicine but more than that.
Disruptive technologies and emerging trends such as robotics, artificial intelligence, 3D printing, precision medicine or patient design will impact the manufacturing and distribution of pharmaceuticals. In order to prepare successfully for a better future of healthcare, the pharma industry has to embrace new technologies and focus on digital health.
As we enter 2025, the above table summarizes in depth the list of al challenges which revolves around declining optimism, deepening geo-political and geo-economic tensions, growing sense of societal fragmentation, worsening humanitarian crisis, Environmental risks, Technological risk, Biological hazards, trade tariff wars, Supply Chain disruptions, Workforce instability amongst many others.
In the back drop of all the challenges and ongoing issues, there are seven ways in which the business landscape will shift, not only in India, but the world around. Leveraging these will certainly help navigate the economically and socially viable path to the next normal:
1) Continuous Innovations and think beyond the unexpected.
2) Shift towards localization
3) Push of Digital wave
4) Cash being new king for Businesses.
5) Shift towards variable cost models.
6) Supply Chain resilience
7) Building agility
Apart from the above, evolving cGMP regulations have become stringent and the industry is striving unanimously to create world class capabilities to adhere to the mandates with significant automation, technology upgrades and rollout of best practices at all levels. Your Company is working with best of class consultants. Risk of regulatory quality compliance shall continue to remain critical for your Company in future.
Pricing pressures in India continue to impact several organizations with latest NPPA circulars to include many critical drugs under the scope of price fixation / reduction. This has impacted the earnings of many Indian companies including yours. Amidst such challenges the company has put remediation measures in place while ensuring growth and strengthening of its other business which consists of new product portfolio, new revenue streams and better brand management.
Your company is a global player and is not insulated against such external risks despite wide range of measures being taken. This has also to some extent impacted the earnings w.r.t. to countries where your Company operates in the home currency of these nations or where it is exposed to international transactions. This inherent risk will continue to pose challenges to a Company like yours that has a significant share of revenues from cross border operations.
New Drug Discovery Programme of Wockhardt
During the year, the Company continued to make significant strides in advancing access to innovative antibiotics, both in India and across global markets. Building on the strength of our Discovery Program, we have successfully transitioned multiple novel antibiotics from the laboratory to clinical use, demonstrating our end-to-end capabilities in research, development, and regulatory execution. Since launch, over 100,000 patients have been treated with Emrok and Emrok O, underscoring their growing role in combating serious infections caused by difficult-to-treat Gram positive infections. In a further testament to our innovation-led approach, we received regulatory approval for Miqnaf, another novel antibiotic designed to address critical unmet medical needs in the management of community-acquired bacterial pneumonia (CABP). Our pipeline continues to advance meaningfully. Zaynich recently completed a global Phase 3 clinical trial, while Foviscu has successfully completed its Phase 2 study, progressing to Phase 3 stage. These developments bring two more promising antibiotics closer to patients and represent our commitment to shaping the future of anti-infective therapy. Each candidate in our pipeline is strategically designed to address unmet needs across all four key clinical settings·intensive care units (ICUs), general hospital wards, outpatient parenteral antimicrobial therapy (OPAT), and community infections. Importantly, our compounds are being developed to effectively treat infections caused by multi-drug-resistant (MDR) and extensively drug-resistant (XDR) pathogens.
The differentiation of our antibiotics is rooted in their novel mechanisms of action and their potential to offer meaningful advantages over existing therapies in development globally. These advances position the Company as a key contributor to addressing the growing threat of antimicrobial resistance on a global scale.
Current status of QIDP products: Spurring Clinical development of NCEs in different territories:
WCK 5222 (ZAYNICH): WCK 5222 (Zaynich) has successfully completed a global, pivotal, registration-enabling Phase III study in hospitalized complicated urinary tract infection (cUTI) and demonstrated superiority compared with meropenem. This study will become the basis of filing new drug application globally including in US and EU. This study enrolled 530 cUTI patients from US, Europe, LATAM, China and India spanning across 64 sites. Zaynich? has recently shown >97% clinical efficacy in yet another trial involving patients with confirmed meropenem-resistant infections spanning across hospital-acquired bacterial pneumonia (HABP),ventilator-associated bacterial pneumonia (VABP), bloodstream infections (BSI), complicated intra-abdominal infections (cIAI), and cUTI. During past >2 years, under compassionate use, Zaynich? has been administered to 50 patients from India and US who were battling life-threating infections not responsive to any of the available antibiotics. The new drug application in India has been filed on March 30, 2025. In US, the new drug application is targeted to be filed in Aug/Sep 2025.
WCK 4282: A combined Phase 2/3 clinical trial of WCK 4282 has been initiated, enrolling 324 patients with complicated urinary tract infections (cUTIs). The Phase 2 portion has been successfully completed, with no serious adverse events reported. The study aims to demonstrate efficacy comparable to carbapenems, positioning WCK 4282 as a powerful and innovative alternative to current first-line therapy, piperacillin/tazobactam. Additionally, WCK 4282 holds promise for regulatory filings in both emerging markets and the rest of the world, supporting our mission to broaden access to next-generation, life-saving antibiotics. The new drug application filing is planned in Q4 2025 /Q1 2026.
WCK 4873 (MIQNAF): Miqnaf has successfully gained marketing approval from Central Drugs Standard Control Organization (CDSCO) as a new treatment for the Community-Acquired Bacterial Pneumonia (CABP). Miqnaf? is an ultra-short course, once-a-day, 3-day treatment for CABP including those caused by multi-drug resistant (MDR) pathogens including those resistant to amoxicillin/clavulanate and azithromycin. The product would be commercially available to the patients and the doctors by June 2025.
WCK 771 & WCK 2349: Since their launch, both Emrok (WCK 771) & Emrok O (WCK 2349) have been gaining wider clinical acceptability by virtue of their safety and multi-indication effectiveness with more than 100,000 patients already treated with these novel drugs. To further expand the treatment scope of Emrok & Emrok O, four new clinical studies have been successfully completed in the challenging indications of bloodstream infections, bone and joint infections, community-acquired bacterial pneumonia and infections in immunosuppressed patients.
WCK 6777: The NIH-supported Phase 1 study of WCK 6777 has been successfully completed. With this milestone attained, WCK 6777 could now progress to Phase 2 and Phase 3 studies. Phase 2 study protocol is under finalization. Globally, WCK 6777 is the only novel antibiotic being developed as out-patient parenteral antimicrobial therapy (OPAT) as once-a-day regimen for the treatment of Gram-negative bacterial infections. In recently concluded European conference (ECCMID) held in Vienna, Austria, the key investigators involved in Phase 1 study presented two posters one each on pharmacokinetics and safety which were well-received by the global scientific community.
Your Company has strong focus in developing intellectual property and filed 10 patents during the year under review. During the year 8 patents were granted. As on 31st March, 2025, combined pool of Companys patent has reached 3,273 filings and 848 grants.
Biotechnology Research of the Company
Biotechnology is one of the major focus areas of Wockhardts Research. Biotechnology products have been identified, as the future in the treatment of diseases and your company has been an early entrant in this field.
Our highly accomplished multidisciplinary team is capable to develop biological drugs from concept to product to address unmet clinical needs. The team has proven expertise in developing products using yeast, E. coli and mammalian cell culture expression platforms. The efforts of your company in Biotechnology space have been well recognized.
Biotechnology R&D team of the Company has succeeded in developing and commercializing Recombinant Hepatitis-B Vaccine (Biovac-B), Recombinant Human Erythropoietin (Wepox?), Recombinant Human Insulin (Wosulin?), Recombinant Insulin Glargine (Glaritus?), which have all been well received in the market. Out of these, Recombinant Interferon Alfa 2b and PEGylated G-CSF have already been approved for manufacturing and marketing in India in the year 2005 and 2015, respectively.
The company has a robust pipeline of recombinant therapeutic proteins for major healthcare needs. The overall focus is on development and commercialization of antidiabetic Biosimilar products, which includes Insulin analogues, GLP-1 agonists and novel combination drug products. Insulin Aspart Regular and Biphasic drug products are in advance stages of development. Insulin Aspart R dossier has already been filed in India for securing marketing authorization.
As a cost saving initiative, the team has also initiated development of recombinant enzymes for captive use in Insulin and Insulin analogues manufacturing process.
Your company has developed drug delivery device for insulin and launched its first generation Disposable Pen (Dispopen) and Reusable Pen (Mypen) in 2010. Subsequently, we launched its second generation Disposable Pen (Dispopen 2) and Reusable Pen (Mypen 2) in the year 2019 and 2023, respectively. The company,s unique drug delivery devices are protected by two patents.
Your company is working on next generation Disposable and Reusable Pens considering latest technology and trends in the market.
Your company has applied for 108 biotech product patents globally and holds 47 patents in biosimilar and bio-better development phase, out of which 23 patents are for the company,s insulin pen globally. In FY24-25, the company has obtained patent in Brazil for its insulin glargine drug product GLARITUS and also obtained Australian patent for its new combination drug product.
Your Company has a robust pipeline of recombinant therapeutic proteins for major healthcare needs. The overall focus is development and commercialization of antidiabetic Biosimilar products.
COMPANY OUTLOOK
The Companys long term outlook continues to be promising given the following:
a. Overall growth in the global pharmaceutical industry
b. Continued focus on R&D in regards to its biotechnology and NCE programs.
c. Companys global reach in regulated market and continued efforts to enhance its reach in emerging markets.
d. Increasing pipeline of niche & complex technology generic products
e. Expanding Revenue streams by adding New Partnerships and tie-ups to manufacture Vaccines.
SEGMENT-WISE PERFORMANCE
The Company is exclusively into pharmaceutical business segment.
DETAILS OF RATIOS
a) Interest coverage ratio | 1.27 to 2.62 | - Favorable |
b) Operating profit margin | 9% to 14% | - Favorable |
c) Net profit margin | (16%) to (2%) | - Favorable |
d) Return on Net worth | (13%) to (1%) | - Favorable |
e) Debtors turnover ratio | 3.95 to 4.71 | - Favorable |
f) Inventory Turnover ratio | 1.79 to 1.66 | - Adverse |
g) Current Ratio | 0.78 to 1.26 | - Favorable |
INTERNAL CONTROL SYSTEMS AND ADEQUACY
Your Company has adequate internal financial control procedures commensurate with its size and nature of business. These controls include well defined policies, guidelines, Standard Operating Procedures (SOPs), authorization and approval procedures and technology intensive processes. The internal financial controls of the Company are adequate to ensure the accuracy and completeness of the accounting records, timely preparation of reliable financial information, prevention and detection of frauds and errors, safeguarding of the assets and that the business is conducted in an orderly and efficient manner.
Your Company continues with its past practice of a co-sourced model for Internal Audit. The Companys internal audit team is assisted by M/s. Ernst and Young, who carry out internal audit reviews in accordance with the approved Internal Audit Plan. The Internal Audit team reviews the status of implementation of internal audit recommendations. Summary of critical observations, if any and recommendations under implementation are reported to the Audit Committee.
During the year under review, the Internal Audit team has reviewed the M/s. Ernst and Youngs self-assessment tool on the adequacy of Internal Financial Control (IFC) process of the Company in accordance with the requirement of the Act. There were no material adverse observations noted in this review.
RISK MANAGEMENT FRAMEWORK
The Board had constituted a Risk Management Committee comprising of Dr. Habil Khorakiwala as Chairman, Mr. D.S. Brar, Independent Director and Dr. Murtaza Khorakiwala, Managing Director as its members. The Risk Management Committee was re-constituted effective from April 1,2024, whereby Mr. Akhilesh Gupta, Independent Director was inducted as member of the Committee as Mr. D. S. Brar, Independent Director completed his tenure as an Independent Director of the Company on March 31, 2024. Further, during the year under review the Committee met twice and the details of these meetings are given in the Report on Corporate Governance forming part of this Annual Report.
Enterprise Risk Management (ERM) framework encompasses practices relating to the identification, analysis, evaluation, mitigation and monitoring of the strategic, external and operational controls risks in achieving key business objectives. Your Company identifies and tries to mitigate risks that matter on an ongoing basis. Risk Management Policy approved by the Board is in place. Risk management is embedded in strategic business decision-making of the Company.
The current key risk relates to regulatory risk on overseas operations and business. This is arising out of periodic regulatory audits at the Companys manufacturing locations, which are being adequately addressed through strengthening of the current processes and controls by the Companys internal quality assurance and manufacturing teams and through the help of reputed external consultants. There are no risks, which in the opinion of the Board, threaten the existence of your Company. Other details about Risk Management have also been elaborated in the Report on Corporate Governance forming part of this Annual Report.
HUMAN RESOURCES
Wockhardt,s talent base across its locations, as on March 31st, 2025 stands at ~ 2900 with significant presence in India, UK, Ireland and other countries.
Wockhardt recognizes that Associates are the most valuable assets and always encourage them to meet business requirements while meeting their career aspirations. The Human Resource division mainly focus on supporting the business in achieving sustainable and responsible growth by building the right competencies and capabilities in the organization. It continues to emphasize on progressive Human Relations policies and building a high-performance ethos with a progressive mind-set where Associates are Empowered, Engaged, Efficient and Productive.
At Wockhardt, Life Wins is a simple yet profound theme that defines our efforts, reflects our goals, highlights our aspirations and characterizes our business.
Our One Wockhardt motto creates a unique value driven, high performance and business driven work culture. At Wockhardt, HR plays a central role in implementing the organisations vision and strategy by aligning HR to the business. Better HR policies provide more innovative and forward looking HR focus and initiatives. Promoting diversity, learning environment and work-life balance establish a credible and integrated employee performance goal setting.
Our leadership values of Ownership, Respect, Trust, Integrity are the fundamental principles on which we have built our business. We truly believe that the progress of our associates and business are interlinked and thus created a work culture that offers a unique combination of our core values and functional proficiency.
At Wockhardt, we believe that associates are the key players in business success and sustainable growth. In order to provide meaningful opportunities to our associates for learning and growth, we have strengthened our internal talent pool by launching various career programs for our field associates, Emerge, Surge and Upsurge which provides career visibility to development to our sales force.
Using psychometric tests for senior level and AI based assessment tool for Field Force hiring has helped company to understand candidates, potential strengths and peculiar characteristics.
The companys "Whistle Blower Policy" encourages the Whistle Blower to report genuine concerns or grievances of illegal, unethical or inappropriate events (behaviour or practices) that affect Companys interest / image. It also provides adequate safeguard to the Whistle Blower against victimization. The policy is available on the companys website at www.wockhardt.com
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