ANNUAL REPORT 2019-20 Awards Powered by Pharmaintelligence Informa
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Awards Powered by Pharma Intelligence Informa Excellence in Pharma: Innova�on in Response to COVID- Winner Beximco Pharmaceu�cals ANNUAL REPORT 2019-20 EXCELLENCE IN PHARMA: INNOVATION IN RESPONSE TO COVID-19 WINNER 2020 BEXIMCO PHARMACEUTICALS Awards Powered by Pharma Intelligence Informa Excellence in Pharma: Innova�on in Response to COVID- Winner Beximco Pharmaceu�cals Beximco Pharmaceu�cals Pharmaceu�cals Beximco Beximco Winner Response to Response in Innova�on Innova�on COVID- Excellence in Pharma: in Excellence Informa Pharma by by Powered Intelligence Awards Awards Awards Awards Awards Awards Awards Awards ANNUAL REPORT 2019-20 BEXIMCO PHARMACEUTICALS LIMITED Contents Our Essence 05 Our CSR Initiatives 47 About the Company 07 Corporate Events 52 Corporate Information 09 Chairman’s Statement 56 Our Journey 10 Management Discussion and Analysis 58 Our Products 13 Report of the Directors to the Shareholders 62 Our Market 20 Report of the Audit Committee 78 Our Manufacturing Capabilities 21 Activities and other Details of Nomination and Our Global Accreditations 24 Remuneration Committee (NRC) 80 Board and Management Investor Relations 82 • The Board of Directors 26 Value Added Statement 85 • Audit Committee 26 Consolidated Financial Statements 86 • Nomination and Remuneration Committee 26 Financial Statements- Beximco Pharma- Standalone 109 • Executive Committee 26 Nuvista Pharma Limited • Directors’ Profile 27 • Directors’ Report to the Shareholders 147 • Executive Committee 31 • Financial Statements- Nuvista Pharma Limited 149 • Management Committee 32 Beximco Pharma API Limited Highlights- 2019-20 • Directors’ Report to the Shareholders 176 • Financial Highlights 34 • Financial Statements- Beximco Pharma API Limited 177 • Operational Highlights 35 Notice of Annual General Meeting 185 • Post Period Highlights 36 Frequently Asked Questions (FAQs) 186 Accolades and Awards 37 Proxy Form 187 Our People 41 Environment, Health and Safety (EHS) 44 We continually strive to provide access to safe, effective and affordable medicines. Over the last 4 decades of operation, our motto has remained the same: ensuring health and wellbeing of the people. Our Essence Mission We are committed to enhancing human health and wellbeing by providing contemporary and affordable medicines, manufactured in full compliance with global quality standards. We continually strive to improve our core capabilities to address the unmet medical needs of the patients and to deliver outstanding results for our shareholders. Vision We will be one of the most trusted, admired and successful pharmaceutical companies in the region with a focus on strengthening research and development capabilities, creating partnerships and building presence across the globe. Core Values Our core values define who we are; they guide us to take decisions and help realize our individual and corporate aspirations. Commitment to Quality We adopt industry best practices in all our operations to ensure highest quality standards of our products. Customer Satisfaction We are committed to satisfying the needs of our customers, both internal and external. People Focus We give high priority on building capabilities of our employees and empower them to realize their full potential. Accountability We encourage transparency in everything we do and strictly adhere to the highest ethical standards. We are accountable for our own actions and responsible for sustaining corporate reputation. Corporate Social Responsibility We actively take part in initiatives that benefit our society and contribute to the welfare of our people. We take great care in managing our operations with high concern for safety and environment. Our Essence | Annual Report 2019-20 | 5 About the Company Beximco Pharmaceuticals Limited is a leading manufacturer and exporter of medicines in Bangladesh. Incorporated in 1976, the Company started its operation by importing products from Bayer, Germany and Upjohn, USA and selling them in the local market. In 1980, Beximco Pharma began manufacturing of these products under licensing arrangement and in 1983 launched its own formulation brands. From that humble beginning, Beximco Pharma has grown from strength to strength. Today, it has become an emerging global generic pharma company in the region. The Company’s manufacturing facilities have been accredited by the leading global regulatory authorities, and medicines manufactured by the Company are now being exported to more than 50 countries including the highly regulated markets of USA, Europe, Canada and Australia. The Company has won the National Export (Gold) trophy for 5 times. It remains the only Company in the country to win the highly prestigious SCRIP Award as the “Best Pharma Company in an Emerging Market” and also won CPhI Pharma Awards 2020 for “Innovation in Response to COVID-19.” It also has the unique distinction as the only Bangladeshi Company listed on the AIM of London Stock Exchange. In 2018, Beximco Pharma acquired majority stake in Nuvista Pharma (formerly Organon Bangladesh), a leading hormone and steroid manufacturer in the country. The Company currently employs more than 4,700 employees including pharmacists, doctors, engineers, chemists, microbiologists, accountants, business graduates and other white collar professionals. About the Company | Annual Report 2019-20 | 7 Corporate Information Registered Office Operational Headquarters 17 Dhanmondi R/A, Road No. 2 19 Dhanmondi R/A, Road No. 7, Dhaka- 1205, Bangladesh Dhaka- 1205, Bangladesh Phone: +880-2-58611001 Phone: +880-2-58611891 Fax: +880-2-58614601 Fax: +880-2-58613470 E-mail: [email protected] E-mail: [email protected] Website: www.beximcopharma.com Factory Tongi Plant Kaliakoir Plant 126 Kathaldia, Auchpara, Tongi Plot No. 1070/1083, Mouchak, Kaliakoir, Gazipur Gazipur-1711, Bangladesh Bangladesh Stock Exchange Listing Public Relations Dhaka Stock Exchange Ltd. IMPACT PR FTI Consulting LLP Chittagong Stock Exchange Ltd. Apartment No. A-1, House No. 17, 200 Aldersgate AIM of London Stock Exchange plc Road No. 4, Gulshan-1, Aldersgate Street, London EC1A 4HD Dhaka-1212, Bangladesh United Kingdom Legal Advisor Auditors Bankers Huq & Co. M. J. Abedin & Co. Janata Bank Ltd. 47/1 Purana Paltan Chartered Accountants AB Bank Ltd. Dhaka-1000, Bangladesh National Plaza (3rd Floor), First Security Islami Bank Ltd. 109, Bir Uttam C. R. Datta Road Dhaka Bank Ltd. Dhaka- 1205, Bangladesh Subsidiaries Nuvista Pharma Limited Beximco Pharma API Limited Registered Office Registered Office Mascot Plaza, 8th Floor 17 Dhanmondi, Road No. 2 107/A, Sonargaon Janapath; Sector- 7 Dhaka-1205, Bangladesh Uttara C.A, Dhaka - 1230, Bangladesh Phone: +880-2-58952811, Associates BioCare Manufacturing Sdn Bhd Seri Iskandar Pharmaceutical Park 32600 Bota, Perak, Malaysia Corporate Information | Annual Report 2019-20 | 9 Our Journey 2005 Got listed on the 2014 2018-19 1983 Alternative Investment Won the Scrip Award Market (AIM) of London • GMP accreditation Launched own in the category of Stock Exchange (LSE) from Taiwan Food & formulation brands ‘‘Community Partnership through issuance of GDRs Drug Administration (TFDA) 2016-17 of the Year’’ 2008 and Health Canada • GMP accreditation from 2011 • Commenced export to • Commenced export to the USA. 1976 TGA, Australia Received GMP Australia • First overseas 1993 • Gulf Central Committee accreditation from Company collaboration with for Drug Registration AGES, Austria (for incorporated Commenced formulation BioCare Manufacturing product export to Russia (GCC), as the first European Union) Bangladeshi Company Sdn Bhd, Malaysia 2003 2013 2019-20 • GMP approval from Introduced anti-retroviral Commenced first time 1980 2015-16 German Regulatory (ARV) drugs first time export to Europe Started manufacturing Authority and Malta in Bangladesh • GMP approval from the 2017-18 products of Bayer AG, U.S. FDA as the first Medicines Authority Germany and Upjohn Bangladeshi company • Won the Scrip Award in (European Union) Inc., USA, under 1985 2006 • Launched generic the category of “Best • Global Generics & license agreements version of revolutionary Company in an Emerging Biosimilars Awards 2019 as Listed on Dhaka Launched CFC free hepatitis C drugs Market” “The Company of the Year, Stock Exchange HFA inhalers first time Sovaldi® and Harvoni® • Oral solid dosage facility Asia-Pacific” in Bangladesh • Entered the Gulf received WHO • CPhI Pharma Awards pharma market (Kuwait) prequalification 2020 for “Innovation in • Acquired 85.22% stake in response to COVID-19” Nuvista Pharma Limited 10 | Annual Report 2019-20 | Our Journey 2005 Got listed on the 2014 2018-19 1983 Alternative Investment Won the Scrip Award Market (AIM) of London • GMP accreditation Launched own in the category of Stock Exchange (LSE) from Taiwan Food & formulation brands ‘‘Community Partnership through issuance of GDRs Drug Administration (TFDA) 2016-17 of the Year’’ 2008 and Health Canada • GMP accreditation from 2011 • Commenced export to • Commenced export to the USA. 1976 TGA, Australia Received GMP Australia • First overseas 1993 • Gulf Central Committee accreditation from Company collaboration with for Drug Registration AGES, Austria (for incorporated Commenced formulation BioCare Manufacturing product export to Russia (GCC), as the first European Union) Bangladeshi Company Sdn Bhd, Malaysia 2003 2013 2019-20 • GMP approval from Introduced anti-retroviral Commenced first time 1980 2015-16 German Regulatory (ARV) drugs first time export to Europe Started manufacturing Authority and