Medicamen Biotech Ltd

It is my pleasure to present to you the 31^st Annual Report of Medicamen Biotech Limited for 2023-24. At Medicamen, we believe that good health is the foundation of human progress. Our mission has always been to provide high- quality, affordable medicines to improve lives across the globe. This philosophy guides our every decision and action.

India's economy continues to show impressive strength, holding its position as the fastest-growing major economy in the world. With a projected GDP growth of 8.2% for 2023-24, India is set to become one of the top three global economic powers within the next 10-15 years. This robust economic performance creates a solid foundation for businesses like ours to flourish and expand.

The pharmaceutical industry in India is undergoing substantial growth and transformation. Valued at approximately USD 50 bn today, the market is projected to rise to USD 130 bn by 2030. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 10.7% over the next five years, highlighting the sector's immense potential. India has solidified its position as a global leader in generic medicine production, accounting for 20% of the global supply by volume, showcasing its extensive pharmaceutical capabilities.

In this dynamic environment, I am pleased to report that Medicamen has made substantial progress on multiple fronts. Our top-line performance has been particularly strong, with revenue reaching '172.38 Crores, marking a 25.02% year-on-year growth. Our increase in marketing investments has positioned us for future growth, demonstrating our commitment to expanding our market presence and strengthening our brand. We have made significant strides in our domestic market strategy, launching ethical marketing initiatives for oncology, cardiovascular, and diabetic therapies. Our marketing team has expanded considerably, with 102 personnel in the cardiovascular & diabetic division and 30 senior professionals in oncology, covering all regions of India. On the regulatory front, our Oncology Plant underwent a USFDA audit in April 2024, and we are optimistic about receiving approval soon. This will open new opportunities in regulated markets, including the US and Middle East.

We have also made progress in international markets, increasing our product registrations in Ethiopia and significantly expanding our dossier filings in Francophone, Africa. Moreover, we have successfully filed our first ANDA with USFDA for Bortezomib Injection 3.5 mg, a major milestone in our journey.

At Medicamen, we are committed to fostering a sustainable future through robust Environmental, Social, and Governance (ESG) initiatives. Our water management strategies include advanced rainwater harvesting and recycling systems, aimed at optimizing resource use. Energy conservation is a priority, reflected in our adoption of LED lighting and efficient HVAC systems that contribute to a significant reduction in energy consumption. Our waste management practices are comprehensive, focusing on the recycling of paper, plastic, and metal, as well as the composting of organic waste. These measures not only minimize our environmental footprint but also enhance operational efficiency, creating value for our stakeholders.

In line with our ESG objectives, we are committed to embedding eco-friendly practices throughout our operations. This commitment encompasses creating a safe and inclusive work environment, upholding transparent governance standards, and ensuring our environmental initiatives promote long-term sustainability. By adopting this holistic approach, we enhance the greenness of our facilities, streamline our processes, and amplify our positive impact on the environment and the communities we serve.

As we look ahead, our commitment to growth and excellence remains firm. We are channelling significant investments into research and development, broadening our product portfolio, and strengthening our global presence. Although challenges persist, our confidence in navigating them and delivering value to all our stakeholders is strong. I extend my heartfelt gratitude to our dedicated employees, valued partners, and supportive shareholders. Together we are shaping a more dynamic and resilient Medicamen Biotech Limited, ready to seize the future's opportunities with vigor and determination.

Yours sincerely,