Piramal Pharma's Sustainability Report: A Commitment to the Future

Piramal Pharma's Commitment to Sustainability

Piramal Pharma Limited (PPL) has recently released its latest annual Sustainability Report for the financial year 2023-24, themed 'Building Resilience for a Sustainable Tomorrow.' This marks the third independent report issued by the company, reinforcing its dedication to sustainability across various operational fronts.

Strategic Focus Areas

The Sustainability Report outlines PPL's focused approach on four strategic pillars: Responsible Operations, Business Resilience, Customer Centricity, and Quality & Excellence. With emphasis on these key areas, PPL aims to tackle climate action, enhance supply chain responsibility, foster innovation, and achieve operational excellence, all while committing to the welfare of its employees and the communities it serves.

Responsible Operations

PPL has made significant strides in enhancing energy efficiency, achieving a notable 29% increase in renewable energy consumption. The company is committed to significantly lowering its absolute Scope 1 and 2 greenhouse gas emissions by 42% and Scope 3 emissions by 25% by FY 2030, basing these targets on FY 2022 figures validated by the Science Based Targets initiative (SBTi).

Innovative Energy Solutions

Through comprehensive energy audits across all sites, PPL has identified various opportunities to cut emissions. These solutions include a 13% increase in renewable energy sourcing, a 21% shift to low-carbon fuels, and a 7% focus on energy efficiency measures. Environmental practices in both India and the UK saw 80% of non-hazardous waste recycled and the planting of 2,440 saplings along with the implementation of 15 water-saving projects, leading to substantial daily water savings.

Championing Business Resilience

PPL has introduced a Sustainable Procurement Policy alongside an updated Supplier Code of Conduct to integrate sustainable practices deeply within its supply chain processes. This initiative, coupled with multi-factor authentication for digital platforms and enhanced data protection for its North American facilities, showcases PPL’s commitment to security and resilience.

Health and Safety Priorities

Maintaining a Lost Time Injury Rate (LTIR) below 0.2 per 200,000 person-days reflects PPL's unwavering focus on workplace safety. Furthermore, PPL has enhanced its sustainability training initiatives, including e-learning modules for employees. Approximately 200 senior leaders engaged in workshops focused on Diversity, Inclusion, Belonging, and Accessibility (DIBA) to foster a more inclusive workplace culture.

Quality and Excellence in Operations

PPL consistently demonstrates operational excellence, successfully completing 341 regulatory inspections in FY 2024 with zero critical observations from the U.S. FDA. In addition, the company executed nearly 1,746 customer audits globally, indicating a strong commitment to quality assurance.

Embracing Automation

Automation plays a pivotal role in driving efficiency at PPL. Approximately 70% of the key performance indicators relevant to operational excellence have been automated across 11 sites. The introduction of 23 new robotic process automation (RPA) processes has expanded to a total of 54 live solutions, streamlining operations further.

Customer-Centric Initiatives

PPL's customer-focused approach has yielded impressive results, achieving a remarkable customer satisfaction score of 85% for its Contract Development and Manufacturing Organization (CDMO) and 87% for its Consumer Healthcare (CHG) businesses. Notably, the Net Promoter Scores (NPS) for these sectors were recorded at 57 and 65, respectively, reflecting a solid customer experience.

Conclusion

Piramal Pharma's Sustainability Report adheres to globally recognized standards such as GRI, SASSB, and UNGC. These frameworks underscore the company's commitment to sustainable practices, responsible capital allocation, and meaningful engagement with stakeholders.

About Piramal Pharma Ltd

With a diversified portfolio, Piramal Pharma Limited (PPL) is present across 17 global development and manufacturing sites. PPL's offerings include Piramal Pharma Solutions (PPS), an integrated contract development and manufacturing organization, alongside its Critical Care and Consumer Healthcare divisions. The company is also engaged in strategic collaborations that enhance its market presence and expand its therapeutic reach.

Frequently Asked Questions

What is the main theme of Piramal Pharma's Sustainability Report 2023-24?

The theme for this year’s report is 'Building Resilience for a Sustainable Tomorrow.', focusing on key sustainability initiatives.

How does Piramal Pharma plan to reduce its emissions?

Piramal Pharma aims to cut its Scope 1 and 2 emissions by 42% and Scope 3 emissions by 25% by FY 2030 using a 2022 baseline.

What initiatives support Piramal Pharma's commitment to sustainability?

Plamed sustainability efforts include increasing renewable energy consumption, introducing a Sustainable Procurement Policy, and enhancing data protection.

What was PPL's customer satisfaction score for its CDMO business?

PPL achieved a customer satisfaction score of 85% for its Contract Development and Manufacturing Organization (CDMO).

What are the focuses of PPL's healthcare divisions?

PPL’s healthcare divisions target areas such as critical care, contract development, and innovative consumer healthcare solutions.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.