The company continues to make strides in enhancing community wellbeing, healthcare accessibility, and educational opportunities, underpinned by a strong corporate governance framework.
NEW DELHI (India CSR): Mankind Pharma Limited, a leading pharmaceutical company, continues to demonstrate its dedication to corporate social responsibility (CSR) in the financial year 2022-23. Mankind Pharma has committed to a substantial CSR expenditure of INR 20 crore. This investment aligns with their goal to integrate economic, environmental, and social imperatives, thereby acknowledging the interests of all stakeholders.
The company has meticulously calculated its CSR obligation, incorporating the profits from its merged entities, Lifestar Pharma Private Limited and Magnet Labs Private Limited. This merger, effective from April 1, 2020, has contributed to a total CSR obligation of INR 3,278.46 lacs.
Financials and Compliance
The detailed financial obligation includes INR 3,086.01 lacs from Mankind Pharma, INR 141.24 lacs from Lifestar, and INR 51.21 lacs from Magnet. An excess of INR 99.56 lacs has been noted, attributed to Mankind Pharma’s own CSR obligations. The company has addressed shortfalls from the merged entities, promising to deposit the required amounts in compliance with the Companies Act, 2013.
Key CSR Initiatives
- Socio-Economic Upliftment: The company’s CSR projects focus on the upliftment of society, particularly in education, healthcare, and skill development, to improve the lives of the underprivileged.
- Healthcare and Education: Mankind Pharma emphasizes on providing access to quality healthcare and education, especially for underprivileged children.
- Research and Development: The company supports research in medical sciences, contributing to the broader field of healthcare.
Philosophy and Objectives
Mankind Pharma operates under the philosophy of ‘Serving Life’, aiming to offer high-quality products at affordable prices. The CSR vision, encapsulated in the motto ‘We Are There to Care’, targets exemplary services to society. Their CSR activities encompass livelihood enhancement, healthcare, education, and inclusive development.
Future Outlook
Looking ahead, Mankind Pharma plans a robust expansion in the domestic market, focusing on the chronic segment and Consumer Healthcare business. The company is committed to ethical, just, and ecologically conscious operations, adhering to environmental, social, and governance (ESG) principles.
Governance and Reporting
In accordance with Section 135 of the Companies Act and the CSR Policy Rules, Mankind Pharma has established a CSR Committee. This committee is responsible for overseeing the CSR initiatives and ensuring compliance with the legal framework.
Impact and Scope
Mankind Pharma’s CSR initiatives are tailored to aid the vulnerable and marginalized sections of society, providing them access to opportunities they were previously excluded from. The company’s operations span across the domestic formulations and consumer healthcare sectors, offering a range of brands catering to diverse consumer needs.
Commitment to Quality and Growth
With 97% of its revenue generated from the Indian market, Mankind Pharma has established a strong foothold in one of the world’s fastest-growing pharmaceutical markets. The company’s success is attributed to its portfolio of trusted and innovative brands, particularly in the Consumer Healthcare Business.
(India CSR)
