Sharp inequities in access have denied the benefits from advances in medical science to almost a third of the world’s population. Hefty price tags on life-saving drugs have created unbearable financial burden for patients in most of the world. Inadequate research spending has led to a fragile medical innovation ecosystem with serious repercussions on global preparedness for health emergencies. The vulnerability of healthcare systems worldwide to a global pandemic stands exposed.
Biocon is leveraging its affordable innovation model to reduce disparities in access to safe, high-quality medicines, as well as, address the gaps in scientific research to find innovative solutions to impact a billion lives.
Take a quantum leap in serving the needs of our patients through innovative solutions that go beyond the product.
Transform patient lives through the introduction of therapies that improve treatment outcomes while enhancing their health and well-being.
Dramatically improve patient survival and, if possible, cure hitherto incurable diseases through advanced targeted therapies.
Transform patient lives through the introduction of therapies that improve treatment outcomes while enhancing their health and well-being.
We seek to leverage differentiated technologies to transform healthcare by ensuring access to affordable, quality assured, complex therapies that significantly improve patient outcomes and are available to all. Our roadmap for the future is to enable a healthier world.
As a committed stakeholder of the global health agenda under the UN Sustainable Development Goals (SDGs), Biocon has drawn up a manifesto to deliver on its commitment to universal healthcare.
At Biocon, we have concluded yet another meaningful year, breaking new ground, crossing new milestones and delivering high-quality biopharmaceuticals to millions worldwide.
We made significant headway in the commercialization of multiple products in key markets. We also made strategic investments, brought new partners on board, entered new markets, received regulatory approvals, expanded production capacity, added to our expertise and unlocked value for our stakeholders.
Dear Shareholders,
Biocon’s philosophy of affordable innovation to make life-saving medicines accessible to everyone, anywhere on the planet, has never been more relevant than it is today. We are in the throes of a global pandemic and the world is looking up to the healthcare industry to develop vaccines, treatments, diagnostics and products that will see it through the COVID-19 crisis.
The novel coronavirus outbreak has demonstrated that if humanity is to survive as a species, it is imperative that there is equitable access to all essential health products and technologies without distinction of race, religion, political belief and economic or social condition. Universal access to quality healthcare for all is non-negotiable.
In the fight against COVID-19, low- and middle-income countries (LMICs) seem to be faring better than wealthier, better-resourced, developed nations. With this change in dynamics, we are likely to witness greater reciprocity and sharing of best practices between LMICs and high-income countries (HICs) leading to genuine bi-directional partnerships.
As well established business models are dismantled and long-held assumptions dispelled, we could see healthcare being reshaped and democratized around the planet.
IMPACTING LIVES IN A RAPIDLY CHANGING LANDSCAPE
At Biocon, we are working tirelessly to make life-changing medical therapies affordable and accessible to all. We had a strong year in FY20 despite economic weakness in some emerging markets including India, and the significant turmoil of the COVID-19 crisis, which has produced unprecedented uncertainty and an immense economic fallout the world over. Global growth prospects and business confidence suffered as evidenced by the volatility and capital flight in financial markets.
Despite these headwinds, global healthcare markets continue to grow on the back of ageing demographics, rising non-communicable diseases, advances in technology and specialty treatments, and accommodating regulatory environments. At the same time, the impact of these drivers will be tested against the longer-term outcome of the pandemic, increased payer scrutiny, loss of revenues from genericization and rising competition in biosimilars.
To make a significant impact amidst a challenging backdrop, companies will need to focus on developing innovative and differentiated products whilst monitoring costs and establishing new engines for growth, measures which have long been the mainstay of our strategy at Biocon.
For the financial year ended March 31, 2020, our consolidated revenue grew 15% from `56,588 million to `65,286 million. The Biologics segment led revenue growth with a 29% increase (`19,513 million vs. `15,169 million in FY19). This was well supported by 18% growth in Small Molecules (`20,937 million vs `17,728 million in FY19), and 10% increase in Research Services (`20,119 million vs `18,256 million in FY19). Branded Formulations saw revenue decline by 18% (`5,362 million vs `6,564 million in FY19).
Biocon’s Board of Directors comprises qualified personnel who possess relevant skills, expertise, and competence for the effective functioning of the Company. Our directors serve as a source of advice and counsel in ensuring the highest levels of corporate governance through risk control and regulatory compliance. They also act as mentors for the management in value creation and value enhancement, whilst upholding our firm commitment to ethics and values.
Our Small Molecules business generated strong revenue growth of 18% in FY20. This was the second consecutive year of high-teens growth reported by the business despite the challenging environment of the global pharmaceutical industry. As the biggest contributor to Biocon’s consolidated revenue, the Small Molecules business has been a cornerstone of the Company’s success story over the last two decades.
With minimal investments, it has generated a steady revenue growth over the last decade and enabled Biocon’s foray into the capital-intensive biosimilars business. With the launch of several of our biosimilars in developed and emerging markets, the Biologics segment has grown to a size nearly equal to the Small Molecules business and has matured to meet its own capital needs.
Biocon’s quest to develop affordable therapies and impact global healthcare led us to invest in developing novel biologics and novel targets in the area of large molecules, at a time when the pharma industry in India was focused on the safer business of manufacturing generic medicines. Our considered scientific risk paid off and today we have a pipeline of novel assets comprising early and advanced stage programs spanning multiple modalities including recombinant proteins, novel fusion antibodies and monoclonal antibodies (mAbs).
Our novel pipeline is comprised of therapeutics aimed at diabetes, cancer and autoimmune / inflammatory diseases
These segments are expected to capture the majority share of global healthcare spending over the next few years
Biocon’s Branded Formulations business is making an impact in India through its wide portfolio of branded small molecule generics, biosimilars and novel biologics in the chronic disease segments of diabetes, cancer, end-stage renal illnesses, immune disorders and other life-threatening conditions.
Segmental revenue at `5,362 million, which contributed 8% to FY20 consolidated revenue, declined 18% primarily due to significant downward pricing pressures in our leading assets and increased competition for some of our key brands in India. Supply issues and COVID-19-related disruptions at the end of the year further compounded these challenges. The positive performance of the Nephrology, Immunotherapy and Critical Care divisions of the India business was offset by pressure in Metabolics, Oncology and Market Access divisions.
Our Branded Formulations team rose to the challenges thrown by the COVID-19 pandemic and the consequent lockdown in India. To minimise disruption during the crisis, we adopted innovative ways to support physicians and ensure that patients continued to receive our life-saving medicines, including insulin and cancer therapies.
We set up helplines for patients and our field staff worked diligently during the lockdown to facilitate medicine supplies to far-flung areas ensuring the well-being of patients who rely on Biocon’s products.
Our Vision
Most inspiring global leader in Biologics delivering affordable access to innovative and inclusive healthcare solutions, transforming patient lives.
As a fully integrated, pure-play biosimilars organization, we hold a unique position globally. It is time to transform patient lives by delivering affordable access to innovative and inclusive healthcare solutions.
Our Vision
To be a world-class partner delivering innovative scientific solutions.
As a fully integrated, pure-play biosimilars organization, we hold a unique position globally. It is time to transform patient lives by delivering affordable access to innovative and inclusive healthcare solutions.
At Biocon, our journey to enhance access to affordable healthcare starts with being a committed and compassionate steward of the environment. We have implemented business practices that take our Environment, Occupational Health, Safety and Sustainability (EHSS) performance beyond compliance towards delivering a positive environmental, social and governance (ESG) impact for the people we serve.
Management of environmental risks and carbon footprint can have a far-reaching impact beyond our operational boundaries and therefore our commitment to be a responsible and sustainable company is ingrained in our code of conduct. We believe that Biocon’s growth is not only limited to its economic performance but also to its ESG performance, which is tracked against several key environmental indicators across our facilities to ensure holistic development and meaningful progress on ESG topics.
At Biocon, we have consciously created a diverse, employee-friendly culture that promotes ideation, experimentation and collaboration as we aspire to create future leaders who will revolutionize healthcare through innovative products and services. We are proud to have retained and improved our position to 6th on the prestigious Global Biotech Employers rankings by U.S.-based Science Careers magazine. We have consistently featured among the Top 10 employers for seven consecutive years.
Corporate Social Responsibility is an integral part of the Biocon Group and the Biocon Foundation lies at the very heart of it, providing effective primary healthcare services to the underprivileged sections and modelling new approaches for public healthcare delivery. The Foundation is focused on four key thematic areas of intervention which comprise of healthcare, education, environmental sustainability and rural development.
Founded in 2014, the Biocon Academy has been committed to producing world-class human capital by blending together academic knowledge with industrial skills to meet the demands of the rapidly growing Indian biopharmaceuticals industry. As biotechnology takes on a more vital role in our everyday lives through advancements in medicine, environmental conservation, agriculture and industrial applications, the need for a highly trained workforce becomes more critical.
FY20 was an exciting and eventful year for the Biocon Academy as we innovated, inspired and mobilized our talent pool towards value creation for the industry and society. The past financial year saw 120 students graduate and earn placements in most of the top biotech companies. We also forged new academic partnerships, trained faculty experts, launched new courses and hosted a series of innovative talks, events and workshops.
