Piramal Pharma's Commitment to Sustainability
Piramal Pharma Limited (PPL) has recently released its third independent annual Sustainability Report for the financial year 2023-24, focusing on the guiding theme: 'Building Resilience for a Sustainable Tomorrow.' This report illustrates the company's proactive approach across four critical strategic pillars: Responsible Operations, Business Resilience, Customer Centricity, and Quality & Excellence. Each pillar reflects PPL's dedication to climate action, ethical supply chains, innovation, and operational excellence, reinforcing the company's commitment to its employees and the communities it impacts.
Driving Responsible Operations
PPL is dedicated to its vision of 'Operating Responsibly, Growing Sustainably.' The report outlines substantial advancements in energy efficiency, notably a 29% increase in renewable energy consumption. The company aims to reduce its absolute Scope 1 and 2 Greenhouse Gas (GHG) emissions by 42%, along with a 25% reduction in Scope 3 emissions by FY 2030, with FY 2022 serving as the baseline year as supported by the Science Based Targets Initiative (SBTi).
PPL has completed energy audits across all facilities, uncovering various opportunities for emission reductions—ranging from sourcing renewable energy (13%), switching to low-carbon fuel (21%), to implementing efficiency measures (7%). Furthermore, in both India and the UK, an exceptional 80% of non-hazardous waste was successfully recycled. The company also made significant strides in environmental sustainability by planting 2,440 saplings and launching 15 water conservation projects, resulting in daily savings of 114 kilolitres of water.
Enhancing Business Resilience
PPL has established a Sustainable Procurement Policy and updated its Supplier Code of Conduct to ensure sustainability practices permeate its supply chain. Recent initiatives included introducing multi-factor authentication for O365 and bolstering data protection protocols in its North American operations while performing Vulnerability Assessment and Penetration Testing (VAPT) scans.
Investment in diversity and inclusion is a focal point, with women now making up 17.3% of the global workforce, showcasing PPL’s commitment to accessibility. Comprehensive safety and health programs have maintained a low Lost Time Injury Rate (LTIR) of below 0.2 for every 200,000 person-days. PPL has also rolled out a sustainability e-learning module for its employees; approximately 200 senior leaders in India have taken part in workshops on Diversity, Inclusion, Belonging, and Accessibility (DIBA).
Quality and Operational Excellence
In FY 2024, PPL effectively completed 341 regulatory inspections, including 44 by the U.S. FDA, without receiving critical observations. Nearly 1,746 customer audits were conducted across its global operations, affirming its quality standards.
Emphasizing operational efficiency, 70% of six major operational excellence KPIs have been automated across 11 sites. The introduction of 23 new robotic process automation (RPA) processes has led to a total of 54 operational processes being automated.
Fostering Customer Centricity
Piramal Pharma achieved impressive customer satisfaction scores—85% for its Contract Development and Manufacturing Organization (CDMO) sector and 87% for its Consumer Healthcare (CHG) sector. The Net Promoter Scores (NPS) reached 57 and 65 for the CDMO and CHG businesses, respectively, highlighting PPL's commitment to being customer-focused.
Sustainability Framework and Future Goals
This Sustainability Report aligns with GRI standards and integrates frameworks such as SASSB and UNGC, showcasing PPL's commitment to sustainable growth and responsible capital allocation. The report emphasizes the importance of stakeholder engagement, demonstrating how PPL plans to make meaningful strides towards environmental sustainability.
About Piramal Pharma Limited
Piramal Pharma Limited (PPL) operates a portfolio of differentiated products and services through 17 global development and manufacturing facilities and a distribution network extending across over 100 countries. The organization encompasses Piramal Pharma Solutions (PPS), a contract development and manufacturing organization, alongside Piramal Critical Care (PCC), which specializes in hospital generics.
PPL also oversees the consumer healthcare division, providing over-the-counter wellness products, and boasts an associate company, Abbvie Therapeutics India Private Limited. This joint venture has established a robust position in the Indian market for ocular therapies. Moreover, PPL holds a strategic minority stake in Yapan Bio Private Limited, focusing on biologics and vaccines. The company received a 20% strategic growth investment from the Carlyle Group.
Frequently Asked Questions
What is the theme of Piramal Pharma's Sustainability Report for FY 2023-24?
The theme is 'Building Resilience for a Sustainable Tomorrow.'
What are the key strategic pillars highlighted in the report?
The key strategic pillars are Responsible Operations, Business Resilience, Customer Centricity, and Quality & Excellence.
How does Piramal Pharma plan to reduce its GHG emissions?
PPL aims to reduce its Scope 1 and 2 GHG emissions by 42% and Scope 3 emissions by 25% by FY 2030, using FY 2022 as the baseline year.
What initiatives have been taken to enhance employee diversity?
PPL has seen women represent 17.3% of its global workforce, and they have implemented various inclusion training programs for senior leaders.
How did Piramal Pharma perform in customer satisfaction?
PPL achieved a customer satisfaction score of 85% for its Contract Development and Manufacturing Organization business and 87% for its Consumer Healthcare business.
