I welcome all of you to the 73rd Annual General Meeting of your company, which is conducted via video conferencing. The necessary quorum of 30 members is present, and therefore the meeting is called to order. In compliance with the provisions of the Companies Act 2013, SEBI listing orders of 2015, and relevant MCN SEBI circulars, this Annual General Meeting of the company is being held through video conferencing. At the outset, let me welcome our new directors on the board, Mr. Lakshmanan Krishnak umar, on his side, and Ms. Sonia Singh, and Mr. Amit Agarwal, and Mr. P. Rengan. Mr. Lakshmanan Krishnakumar and Ms. Sonia Singh have been appointed as Independent Directors effective from July 29, 2024. Mr. Krishnak umar is a senior finance professional with extensive experience across multiple sectors, including consulting, engineering, hospitality, retail, and consumer industries.
Ms. Sonia Singh is a distinguished marketing professional with over 33 years of experience with leadership in creating new categories, brands, functions, and capabilities, and with experience in crafting and building brands. Mr. Amit Agarwal was appointed as an Executive Director, Finance, and Chief Financial Officer effective from February 26, 2024. Mr. Agarwal has extensive financial experience with over two decades of experience in industries such as consumer and mining. Prior to joining Pfizer, he held various roles including accounting, auditing, controllership, and business finance in Hindustan Unilever Limited. Mr. P. Rengan was appointed as Executive Director, Plant Operations, effective October 28, 2023. Mr. Rengan leads Pfizer's manufacturing operations in Goa. He's a pharmaceutical professional with over 20 years of experience in site operations, manufacturing, and packaging. I, along with Ms. Meenakshi Nevatia, Managing Director, Mr. Uday Khanna, Mr. Sunil Lalbhai, and Mr. L. Krishnak umar and Ms.
Sonia Singh, Independent Directors, Mr. Amit Agarwal, Executive Director, Finance and Chief Financial Officer, Mr. P. Rengan, Executive Director, Plant Operations, and Mr. Prajeet Nair, Director, Corporate Services and Company Secretary, are attending this AGM from the Registered Office of the Company. Ms. Meena Ganesh, Independent Director, is attending this meeting virtually from Bengaluru. The deemed venue for the AGM shall be the Registered Office of the Company. Let me now introduce to you the distinguished members on the board of your company who are attending this virtual AGM. We have Ms. Meenakshi Nevatia, Managing Director. We have Mr. Uday Khanna. We have Mr. Sunil Lalbhai, Independent Director. We have Ms. Sonia Singh. We have Mr. Amit Agarwal. We have Mr. L. Krishnak umar present here. We have Mr. P. Rengan, also Executive Director, Plant Operations, over here. We have Mr. Prajeet Nair, Director of Corporate Services and Company Secretary.
We have Ms. Meena Ganesh, our Independent Director, joining us virtually from Bengaluru. We also have Mr. Sadashiv Shetty, Partner, BSR and Company LLP, our statutory auditors, and Mr. K.D. Saraf, Proprietor, Mr. Saraf and Associates, our secretarial auditors, and Mr. Harsh Bhatia, Partner, Kishore Bhatia & Associates, cost auditors, attending this meeting virtually. The shareholders may note that the company has taken all efforts feasible to enable maximum numbers to participate and vote at this virtual AGM. As this meeting is being conducted virtually without the presence of members in person, the proxy facility is not necessitated and accordingly has not been provided. The company has received eight corporate representations in respect of 3,201,969 shares, aggregating to 66.02% of the paid-up share capital of the company.
The Register of Directors and key managerial personnel and their shareholding and other documents, as required under the provisions of the Companies Act 2013, are available for inspection by the members. I will now request Mr. Prajeet Nair, Director of Corporate Services and Company Secretary, to take you through certain guidelines regarding participation at this meeting. Over to you, Mr. Nair.
Good afternoon, dear shareholders. I welcome you all to the 73rd Annual General Meeting of Pfizer Limited. All members who have joined this meeting are by default placed on mute by the host to avoid any disturbance arising out of background noise and to ensure a smooth and seamless conduct of the meeting. Once the question and answer session starts, we will announce the names of the members who have registered themselves as speaker shareholders. The speaker shareholders will thereafter be unmuted by the host. The speaker shareholders are requested to click the video on button when they're speaking. If the shareholder is not able to join through video mode, he or she cannot ask the questions through audio mode as well. In case there are any connectivity issues at the speaker's end, we would request the next speaker to join.
Once the connectivity is established or improved, the said speaker shareholder will be added back to the queue. Similarly, if the speaker shareholder is not present at the time of announcing his or her name, we would move to the next speaker, and the said shareholder will be added later to the queue once he or she is present. We would request the speaker shareholders to keep their questions brief and specific to the business of the meeting and not to repeat the questions to enable other shareholders to have a fair chance to speak. This being a virtual meeting, there will not be any voting by show of hands, and hence there is no need to propose and second the resolutions set within the notice.
Pursuant to provisions of Section 108 of the Companies Act and other relevant rules, all members of the company have been given an opportunity to cast their votes by way of remote voting. The remote voting facility was open from Saturday, 24th August 2024, from 9:00 A.M. Indian Standard Time, and closed on yesterday, that is Tuesday, 27th August 2024, at 5:00 P.M. Indian Standard Time. Members who have not cast their votes through remote voting facility will have further opportunity to cast their votes at this AGM. The voting window will be made open during the meeting and will also be available for another 15 minutes after the conclusion of this meeting. Mr. Nirvan Dolatia, Practicing Company Secretary, who is also present at this AGM, has been appointed as the scrutinizer for remote voting and e-voting at this AGM.
Members may please click on the voting button tab on their screen to cast their votes while attending this meeting. Members are advised to refer to the detailed procedure for casting their vote via e-voting mentioned in note number 14 to the notice of this Annual General Meeting. Please note that those members who have already cast their votes using the remote voting facility will not be permitted to vote again at this AGM. On completion of the e-voting, the scrutinizer will scrutinize the votes cast through the remote voting facility and through e-voting at this AGM and will submit his combined report to the company.
The results of the voting, along with the scrutinizer's report, shall be communicated to the Bombay Stock Exchange and to the National Stock Exchange, where the equity shares of the company are listed, and also on the websites of the company and its RTA, KFin Technologies Limited, within two working days from the conclusion of this AGM. In case you face any technical difficulties during this meeting, you are requested to contact the KFin helpline, 1800-309-4001. Thank you and over to you, Mr. Shah.
Thank you, Prajeet. Once again, I welcome you all to the 73rd Annual General Meeting of Pfizer Limited. It's a privilege to address you today and to share our journey and achievements for the year under review. As you have seen, the theme of this year's annual report is "Committed to What Matters Most." Since our inception in India in 1950 and over the past seven decades, we have been committed to providing best-in-class and quality therapies, comprehensive healthcare solutions through our expert teams, and world-class manufacturing right here in India.
Our commitment runs deep, not only to make the medicines we make and the manner in which we take them to physicians and patients, but also on how we advance environmental sustainability in our operations and the manner in which we empower and uplift our communities and help bring many small yet smart healthcare ideas to market through our CSR efforts. In these ways and more, we remain committed to what matters most, committed to India. Pfizer Limited is today operating in an economic environment that has shown remarkable resilience and growth. India's GDP is expected to grow or is projected to grow between 6.5% and 7% in the fiscal year 2024-2025. This growth is expected to be driven by robust domestic demand, increased public and private investment, and a continued expansion in the services and manufacturing sectors.
The government's focus on infrastructure development and digital transformation has also played a significant role in sustaining the economic momentum. The pharmaceutical industry has also enjoyed a period of sustained growth with expectations of upward momentum in the years to come. For the period April 2023 to March 2024, the Indian pharmaceutical market registered a turnover of INR 216,092 crore, growing at 7.6% compared to 7.9% in the previous year. Price increases and new product introductions were the key growth drivers. Multinational companies hold about 17% market share and have grown at 6%. Going forward, the IPM is expected to grow at a compounded annual growth rate of 8.4% between 2023 and 2028. Key drivers include recent and future product launches, rising health awareness, and improvements in healthcare infrastructure and insurance coverage.
That said, the market also faces constraints such as the impact of trade generics, pricing pressures under the Drug Price Control Order, and the proposal to implement margin caps for non-scheduled drugs. Expansion of price controls, in particular, continues to remain a significant challenge in the marketplace. With respect to pricing policies, it is noteworthy that among several new policy measures underway and expected to fructify in the coming months is the revision of the overall framework for price controls on essential drugs. Through a process that has been consultative and purposeful, the government has embarked upon the exercise to make the pharma pricing policy more predictable and rational, address aspects that create operational challenges, all the while ensuring that access and affordability remain paramount. We welcome this and will continue to engage constructively with the government and other stakeholders towards these outcomes.
We also trust that the government will recognize that there is investment involved in creating awareness amongst healthcare professionals on the science behind the products that companies provide to patients, in maintaining high quality of products, and in bringing new products that serve patients better. In this ever-changing environment, your company remains steadfast through our portfolio of medicines that address some of the most important healthcare needs of our country. Our portfolio currently includes over 125 products across 15 therapeutic areas, combining the best scientific minds with superior research technology to treat and cure some of the most challenging diseases. Our well-known brands such as ELIQUIS, ZAVICEFTA, Meronem, and Mucaine, along with India's leading pneumococcal vaccine, PREVNAR 13, have made significant impacts in tackling diseases in India.
Coming to the financial performance for the year ended March 31st, 2024, our sales stood at INR 2,081 crore, representing a decline of 11% compared to the previous year. The profit before tax was INR 746 crore, and the profit after tax was INR 551 crore. Our performance was impacted mainly on account of one-off challenges like the voluntary recall of MAGNEX, revision in ceiling price of scheduled formulations pursuant to amendment of the National List of Essential Medicines 2022. They've expanded the number of Pfizer drugs under price controls and the loss of exclusivity for one of our key products, ZAVICEFTA. Notwithstanding this impact, during the year under review, our key brands such as PREVNAR, MINIPRESS, and ELIQUIS delivered remarkable growth.
We launched Betrecep, which is a tofacitinib, in July 2023, which is prescribed for certain rheumatological conditions and has quickly climbed to the sixth rank in the tofacitinib market within the first nine months of its launch. I am happy to note that our company, despite the one-off challenges, has started moving in the right direction, as evidenced by the positive performance in the fourth quarter of fiscal 2023-2024 versus quarter three, 2023-2024. Also heartening to see is that the fiscal year 2024-2025 has started off on a very good note with a growth of 5.9%. Our Managing Director, Ms. Meenakshi Nevatia, will tell you more about the performance during the year-end review and our approach to take your company forward in her presentation. At Pfizer, we are committed to creating a positive impact on the planet. We recognize our obligation to address threats to human health and the environment.
Our ESG priorities include product innovation, equitable access and pricing, product quality and safety, business ethics, diversity, equity and inclusion, and climate change. Approximately half of our total energy demand for manufacturing operations at our Goa plant now comes from renewable sources, reducing our carbon footprint significantly. We are dedicated to reducing our greenhouse gas emissions and mitigating climate-related risks. Our governance policies aligned with our global ESG priorities guide us in managing ESG risks and seizing new opportunities. We sincerely thank our stakeholders for their steadfast support and confidence in our sustainability efforts. Together, we will drive transformation and work towards a brighter future for our planet. Pfizer also takes pride in curating and implementing a CSR strategy that is not only impactful but also creative in impacting communities directly and also through start-ups whose positive healthcare impact tomorrow.
In 2023-2024, our CSR initiatives focused on advancing healthcare technology and enhancing access to quality healthcare information and support for patients in India. Our Pfizer INDovation Program continued to support Indian start-ups in building scalable healthcare products. Collaborating with Tata Trusts, our cancer care program impacted over 450,000 beneficiaries through community outreach, screenings for non-communicable diseases. Through the Project Aastha Health Desk project, we impacted over 400,000 beneficiaries, providing non-clinical services, linkages to financial schemes, logistic and administrative support, and psychosocial counseling. Project Parivartan, our CSR program on antimicrobial resistance, focuses on institutional capacity building to demonstrate measurable improvement in key antimicrobial stewardship and infection prevention control parameters in 11 mid-sized hospitals. I am happy to share that over 90,000 nurses have registered our Open AMR program, which provides online training and certification in infection prevention and control.
While the financial year under review was a challenging year for your company on account of several one-off events, which I mentioned earlier, the near future is looking bright for your company. Your company is fully focused on creating building blocks as we take the organization forward. I want to take this opportunity to congratulate your Managing Director, Ms. Meenakshi Nevatia, for steering the company through these challenging times. I have great admiration for the way your company showed its commitment to resolve unforeseen challenges such as the Magnex recall, but in the process also put in place steps to secure future supplies.
The manner in which Pfizer navigated headwinds resulting from the loss of exclusivity for ZAVICEFTA, impact of expanded price controls on key products such as Meronem, in fact, converting adversity into opportunity with positive impact on volumes tells a lot about the quality of the company's management and the resilience of its people. I have full confidence in Meenakshi and her leadership team to take your company forward. Before I conclude, I also take this opportunity to extend my heartfelt gratitude to our dedicated team of over 1,700 colleagues and our value chain partners. With the trust and support of our approximately 110,000 shareholders, we continue to serve our country and help people live longer and healthier lives.
Ladies and gentlemen, on behalf of the board and employees of your company, I thank you once again for your continued trust and support. I now request Ms. Meenakshi Nevatia, our Managing Director, to make a presentation to the shareholders. Over to you, Meenakshi.
Thank you so much, Mr. Chairman, and ladies and gentlemen, a very good afternoon to all of you. It's my pleasure and honor to spend a few minutes of this to take you through what we've been able to achieve and the impact that we are having. Our Chairman alluded to many of them, and I'd like to take you through some details. Before I start, I would like to give a very warm welcome to our new directors, starting with Mr. Krishnak umar and Ms. Sonia Singh, who joined us as Independent Directors. They'll be extremely valuable to take us to an era of growth, which we are really looking forward to. I also want to welcome my colleagues, Mr. Amit Agarwal and Mr. P. Rengan, who have joined, who were a part of our leadership team, and with Mr. Agarwal's experience in finance and Mr.
Rengan's experience in manufacturing, this is going to be a complete... I'm sorry if the mic wasn't clear, but I hope this is clear now. Thank you so much, Mr. Krishnak umar, Ms. Sonia Singh, Mr. Amit , and Mr. P. Rengan for joining us on the board. I'll walk through a little bit. Mr. Chairman talked a bit about the pharma market. I'd like to take you through some of the facts and figures and just to put the performance in context. As Mr. Chairman mentioned, the pharma market, the Indian pharma market, is growing at approximately 7%- 8% over the last few years. As we look forward up to 2030, we expect a growth of about 8%. Within this, as you will see on the right-hand side of the graph, a lot of that growth is really coming from price and new product introductions.
The volume growth has been rather low, but with price, with new product introductions, the market is growing at the 8% mark. Within that, multinationals like ours are roughly about a 17% market share growing at between 6%- 7%, with the Indian pharma companies growing much faster. Mr. Chairman talked a little bit about the drivers of this growth, but really the big ones are the rising disease burden that we are all living with in our country, unfortunately, and that's leading to some of these products and areas growing much faster. The affordability levels have been climbing. As we talked about, India's GDP growth between 6.5%- 7.5%. The good thing is that is trickling down in terms of affordability and what people can now buy in terms of medicines, and that's leading to a certain element of growth.
What we also find is, thanks to a lot of effort by the government, but also by the private sector, the access has improved significantly. In Tier 2 , Tier 3 towns, across urban cities, we are able to get a lot more access to medication and healthcare, and now it's even trickling down to the villages, although there is still a long way to go. Finally, and probably, you know, very interestingly, we are starting to emulate some of the acceptability of healthcare, of, you know, consumer awareness programs where people themselves are coming forward to get tested for diseases that so far they were probably not doing. A combination of all of that is what is leading us to see this market growth of about 8% as we look towards 2030. In that context, I do want to highlight the importance of what our government is doing.
In this last year, in the period 2023-2024, if we move to the next slide, what we see is that the government has taken some very strong steps to really make the healthcare ecosystem in our country a lot more appealing and attractive to our patients to provide them access and affordability. I want to start with a lot of the efforts that have been taken to increase access, which is probably the biggest challenge for us in India, starting with the growing success of Ayushman Bharat. Also, the public health infrastructure, a significant amount of funds have been put aside in every budget to try and expand healthcare into Tier 2 , Tier 3 , and rural India, and we are beginning to see that happen. The digital investments that the government has made are making people come far more closer.
We now have situations where people can be treated and consulted with doctors and physicians in urban towns, even though they're sitting in the villages. I think with the combination of the physical infrastructure as well as digital infrastructure, we are set at a very good position to increase access for our people. The second very important pillar that the government this last year, 2023-2024, took very seriously is the revision of the drugs and medical device cosmetics bill. It was something that was in the works, but what they have done through that is really try to make sure of two, three things. I think first is really centralize the regulation on import. Secondly, define a lot of standards that have, you know, that with the objective of increasing the quality of medicines that are made in our country, which is extremely important.
We all want to be sure that everything that all of us are able to take is of the highest quality, and the government is a real partner in that. Last but not least, approval of global clinical trials and global products in order to make sure that we as Indians can get access to the best medication as soon as possible. A lot of good efforts to really keep that act in pace with the needs of healthcare in our country. The third pillar, which we as Pfizer and we as a multinational organization have really, really welcomed with open arms, is what's called the UCPMP, the code by which the industry in pharmaceuticals and medical products is governed.
What the government has done, and this happened towards the end of last year, towards the end of September to December 2023, was they defined a very strict code in terms of how companies, pharma companies, Indians, and multinationals can really interact with the healthcare professionals, defining certain rules and regulations, which has really increased a lot of confidence, as I'm hearing from everybody, including patients, about the way this industry operates. We in Pfizer really welcome this because the code that the government has defined fits in very nicely with the code that we were anyway using to govern ourselves as a multinational company in India. Last but not least, Mr. Chairman talked about pricing challenges, and it's a double-edged sword. We definitely expect the pricing challenges to continue from the government perspective.
They are trying to make sure there can be access and affordability, and we understand where that is coming from. What we appreciate a lot is the slight increase in predictability of pricing. That is working, working much better. The framework is getting redefined to make it a lot more predictable and a lot more rational. Last but not least, on the pricing front, the trade margin rationalization, which tries to ensure that a fair margin, a fair and transparent margin, I should say, is provided to every piece of the value chain, as we from manufacturing all the way to where patients are buying products at the chemist. It was initially launched for oncology medicines, and the government saw a very valuable improvement in the affordability, and now they're looking to expand that to many other products.
We in Pfizer really welcome that move because we truly believe a fair and transparent pricing system, which can be predictable, is the best way to ensure access and affordability for patients. That's a little bit about where we see ourselves in terms of growth in the industry, as well as some of the big measures taken by our government to improve access and affordability. What I want to now turn to is to talk a little bit about us here in Pfizer. Mr. Chairman mentioned we have 125 products across 15 therapeutic categories. If we move to the next slide, what I'm really proud to share with you is that our product ranges firstly all the way from vaccines, which is preventable, to the treatment in an ICU setting, which is our anti-infectious, and everything that comes in between, whether it's nutrition, contraception, cardiac, GI, anti-inflammatory, and respiratory.
It really cuts across many different therapeutic areas, 15 areas to be precise. What makes me even more proud and satisfied, I should say, is that increasingly a lot of that is being sourced in our country. We have 25% coming from our Goa plant. We have 43% and growing coming from third-party partners across our country, and less than a 1/3, about 32%, is now imported. We are really on an endeavor to try and see how much more we can source from India, as long as we can make sure the quality standards of our medicines are kept at the highest level. This is a good trend, and we expect to see it continue as we move into the future. I want to turn a little bit to our performance.
Mr. Chairman talked about some of the one-offs, and I want to just give you some more color and background to it. We started the year, it was really May of last year, pretty much the second month of the year, where we had to voluntarily recall the entire portfolio of products. These were sterile injectables, MAGNEX, [Magnemites, and Salsa]. This was a voluntary recall based on information provided by our third-party plant in Ahmedabad about some issues they had with their data reliability. We made the decision, which we absolutely believe was the right decision from a patient perspective, to recall the entire range of products, not just what is available in the channel, but really from every single hospital across the country, we have recalled the product. That, of course, was a big hit pretty much at the start of the year. The second area was ZAVICEFTA. Mr.
Chairman alluded to it. That is one of our recent anti-infective launches we launched only about four years ago. In January of last year, 2023, we lost exclusivity. We were expecting generics to come, but we had almost 55 generics enter the market, and that obviously meant that there was a certain loss of performance there because of the entry of generics. The third thing that happened, which pretty much took effect between February and April of 2023, so we saw the full effect in the financial year 2023-2024, was the price control. A lot of the Pfizer medicines were already in the National List of Essential Medicines, and a lot more came into that list, and with prices that were significantly lower. For example, Meronem, a product many of you might know well, an anti-infective, our price cut was to the order of 70%, 70%.
We saw pretty extreme price reductions as some of these medicines came into the National List of Essential Medicines. What we then felt through the financial year 2023-2024 was the impact of that price cut, because the moment the pricing is announced, the same day we need to make these cuts effective. That's what we've seen through the year. In addition, when you're comparing last year to the previous year, we also have the added impact of having sold the upchurn business in 2022-2023, so in the year 2023-2024, we don't see that effect. Mr. Chairman talked about some of the numbers. It was a 9.5% reduction in revenue from operations. The margin reduced, the EBITDA reduced as well, and the profit after tax was about 11.6% lower. Clearly a performance that was driven a lot by the one-offs, and we've taken this extremely seriously.
In that performance, I do want to highlight some important points. The first one is that when we adjust for these one-offs, like the MAGNEX recall, like the price cuts, and like the ZAVICEFTA reduction, our growth was very much in line with the multinationals, in fact slightly ahead. Second, and very importantly, the products where we were really focused, like the pneumococcal vaccine PREVNAR 13, like the cardiovascular medicine MINIPRESS, and similarly ELIQUIS, which is a novel anticoagulant, we saw in these products where we were really focused, where we were really selling on science, we saw more than a double-digit growth with each of these products gaining market share.
That gives me a lot of confidence, and I hope it gives you a lot of confidence as well, that from your company's perspective, we've seen these one-offs, we've now seen the back of these one-offs, and moving forward, given the strong underlying growth in our products, we are set for a much brighter future. In fact, if we move to the next slide, we've already started seeing the effect of this in our numbers. Q4, Jan to March 2023, we saw growth for the first time in that year, in spite of some of the one-offs still prevailing. What was even more encouraging is Q1 of this year. From April 2024 to June 2024, we saw 5.9% growth year on year.
We are confident that with now seeing the back of these one-off changes, as well as the underlying growth of our brands, we are set for a much brighter future as we move forward. Our Chairman referred to it, I don't have it on my slide, but in the process of all this, we're also launching new medicines. You heard about Betrecep tofacitinib, and there will be a lot more to come. If we just take stock of where we are as Pfizer India in the context of our Indian market, we're very proud that 11 of our brands have crossed that INR 1 billion mark, that Indian blockbuster mark.
We're also proud that 10 of our brands are leading in the areas that they work in, and that is something very important to us because we work with very high-quality products, we sell on science, and we want to make sure that we can create access for our medications to as many patients as needed at the right time. Being in that number one position in the markets we cover is something that's really important to us. We have seven of our brands that have greater than a 20% market share, meaning more than one of five patients getting these medicines is getting one of the Pfizer medications, and that is something also very important to us. We also want to thank a lot of the healthcare professionals. We're meeting almost 2,200,000 healthcare professionals on a monthly, quarterly basis, and this number is going to continue to grow.
When I talk a little bit about moving forward, you will see that we are committed to expanding our footprint. In fact, through this financial year 2023-2024, where we could, for example, with ELIQUIS, we did expand our footprint to reach many more doctors with our medicine, so we can really communicate the science of our medicines to them. If we move into a little bit more on our brands, Mr. Chairman talked about a few brands, and I just thought it'll be good for you to see the data. This is publicly available data, but maybe you don't get a chance to see it quite like this. I just wanted to give you a little bit about our products. Let me start with Meronem.
It's a really important story for us because in the beginning of last year, last calendar year 2023, between February and April, we got hit with the news of the 70% price cut, like I said, 7-0. We could have taken two approaches then. We could have taken an approach that this is huge, and hence, you know, maybe we just need to let it continue, but we really cannot support the brand anymore. We took the opposite approach. We saw this price cut as an opportunity that now the drug is a lot more accessible, and hence patients in ICU settings should not now need to be using generics, and maybe this is an opportunity where we can get the quality medication, the original medication, to many, many more patients.
I'm really proud that now, as we end the financial year 2023-2024, we are at a sales level higher than where we were pre the price cut, and the volume is almost more than 2x . That's just one example where we converted a big challenge into an opportunity, and in the process, many more patients benefited from Meronem. ELIQUIS, a similar but slightly different example. Here, we were at the brink of losing exclusivity, and we as a company took a proactive decision to make a price cut of 30%. This was in June 2022, and we went ahead with this price cut.
It gives me a lot of pride that with some of the efforts we made, which is expanding our sales teams, really focusing a lot on cardiologists who see these patients with atrial fibrillation, and thanks to a lot of great effort by our sales organization, we were able to grow the market share in ELIQUIS as well, which once again means that many more patients are now getting access to the original apixaban molecule thanks to these efforts. Again, something we're very proud of, how we converted what was otherwise a loss of exclusivity, which could have gone in many directions, we were able to convert that into an opportunity. I'll move to a few of our other brands. We talked about ZAVICEFTA, again, another anti-infective, and yes, it did see the hit of 55 generics entering the market within a month of us being there.
In spite of that, we are still focused on growing this business. In the context of 55 generics, we feel proud that we were almost able to hold the business to its original levels at a bit with just about a 7% decline. If you look at the month-on-month numbers, what we are seeing is accounts that switched to generics right at the beginning of the last financial year are now starting to come back to the original ZAVICEFTA because they've realized the value of getting the right quality medicine to patients who are in an ICU setting. We really appeal to a lot more hospitals to see that perspective, but we're very encouraged that many have started to come back. Some of the big accounts that we lost in the beginning of the last financial year, by the end of it, we were starting to gain back.
PREVNAR 13, Mr. Chairman talked about it, our pneumococcal vaccine. Here, again, we were hit in many ways with a lot of new competition, with the National Immunization Program having a vaccine different than ours, but with a very continued focus on pediatric to make sure that infants can get the best vaccine possible with the maximum level of data, and also a lot of investments in the adult vaccination space. We've been able to grow this product at about 12%. As you can see from some of the points below, growing in market share in what is otherwise a very competitive market. In fact, last year we saw the entrance of two new vaccines in the pediatric space, and in spite of that, we've held our ground and grown market share.
Last but not least, MINIPRESS, you could call it an old medication, but we absolutely believe in the science of MINIPRESS, and it's targeting patients with a particular perspective of hypertension that's not so easy to treat. In a very, very crowded market with many generics, we've been able to grow the brand 11% and keep the market share flat. The reason I went into some of this data, it is all publicly available, but I did want to share with you from a company perspective. When we look at our key assets, which are some of the brands we are making available to patients and healthcare professionals, we are seeing a lot of positive momentum, which is what will hold us in good stead as we look into the future.
Moving on, in addition to the brands, when I met you last in August of last year, we had talked about a few things, about really focusing back on basics and really taking a three-pronged approach to our go-to-market model. That's exactly what we have done. The first and probably the most important pillar is our people, our field force. What we have done there is invested a lot in making sure they are very, very well trained on the science of our products and on the core with which we should operate. We focus on both those trainings to make sure that every Pfizer sales representative is an ambassador of our company and withholds the quality and science that backs our medication. In addition, we've also tried to increase what we call their productivity because we had a very close eye on costs.
What we wanted to do was keep the footprint. In fact, we expanded sales teams where we could, but we also made a lot of effort to make sure how we can drive efficiency in that selling model so that a single rep can reach a lot more customers without compromising on the quality of the discussion. That's our first pillar. The second pillar was really adopting the new world of technology and really adopting digital solutions in reaching our patients. As you know, our medicines are not consumer. I mean, we cannot advertise our medicines, but what we realized is we can do a lot to drive awareness of the disease.
We can do a lot to encourage people to manage the disease themselves, which was the launch of [KiHu], a mother and child website, so that a new mother or a to-be mother can really track her progress as she goes through her pregnancy, her delivery, and then the few months that come after. Also, with our healthcare professionals who don't always have the time to meet our salespeople to get information on the science of our medicine, we launched an initiative called WhatsApp for Business, where through WhatsApp, supported with physical calls from a tele-center, we're able to reach a lot more healthcare professionals and share with them scientific knowledge. A lot more is to be done on the digital front, but we've made some good start, both in terms of leveraging technology for awareness as well as reaching healthcare professionals.
Last but not least, we are not in this alone. We recognize that to be successful in our country, to ensure access and affordability to our patients, we need to work with a lot of stakeholders, and we've made some real steps there. We have a partnership with the company to really reach a lot more chemists and healthcare professionals for some of our key medications like Vikasol and GELUSIL. What we also did last year, which was a new initiative, is work a lot through kind of setting up centers of excellence in corporate hospitals for vaccination. We in fact set up 12 centers of excellence to support hospitals to set up an adult vaccination clinic.
A very interesting example was our partnership with the Economic Times, where with them, they helped us bring together HR professionals with whom we could share the importance of health management for employees in the context of prevention and vaccination. I'm very, very glad to say that thanks to that effort and reaching out for many of the corporates that Economic Times was able to pull together, we've been able to work with 20 different corporate accounts to help them drive vaccination for their employees. Partnership is the name of the game, but these were three key pillars for us: our field force, which is our people, our really adopting digital in a much more bold and creative way, and last but not least, partnerships. This is going to be the theme as we move into the current financial year as well. With that, let me turn to the financials.
Mr. Chairman talked about it, and I covered it in my summary in terms of the impact on our sales as well as our bottom line. I just want to draw your attention to two things. I think the first is that in the context of this challenging situation where we were seeing a decline in our top line in our sales, what we did do is do our best to hold costs constant. In fact, what you can see in total expenses is we were able to decline expenses by 2.5% without any impact on people. That is something that we were doing very proactively. Yes, we've gone into every single line item of our P&L to look at what we can do to turn that from a negative EBITDA, negative CAT into a positive.
I just want to draw your attention to the bottom point as well, which is the board has recommended a dividend of INR 35 per equity share for the year ended March 2024. Our Chairman talked about some of the things beyond performance, and I just want to draw your attention to three things: our corporate social responsibility and what we are doing there, our focus on the environment and what we are doing to really be a responsible partner to our patients in India and to the government in India, and last but not least, what we are doing for our people. Let me start with our initiatives in the corporate social responsibility space. We've taken this as a real opportunity to do the right thing in terms of access and affordability for our patients in India.
In order to stay very focused, we picked two areas: antimicrobial resistance, which is really a ticking time bomb. It is really the, when you are in a hospital setting, either in a ward or an ICU, one of the most important challenges is actually the infection. In many cases, the disease itself for which the patient was admitted actually gets treated, but it's the secondary infection that in many cases ends up being the not-so-good news for patients and their families. Really tackling that ability to make sure that the right anti-infectives are being used at the right time, at the right dose, is something extremely important. We've seen a lot of reciprocity on this from the government. This area, the Chairman talked about our initiatives there in terms of training nurses and rolling out these programs to 11 hospitals, but these were two of our big initiatives.
In the oncology space, we've covered it a little bit, but driving awareness as well as counseling through the Tata Trusts project and the Aastha initiative helped us reach almost 850,000 beneficiaries to make sure people were more aware of cancer, were getting tested for cancer, and even more importantly, when they get diagnosed with cancer, there is this counseling desk that can help them navigate through what life means in that situation, whether it's financial, whether it's counseling, whether it's medical, etc. The third area that we really are very keen on is while we tackle antimicrobial resistance and oncology or cancer, we are also very keen to keep the flag of innovation flying high.
What we identified is that, you know, in our ecosystem, in our country, there are many, many start-ups that have some great ideas, but very often these ideas do not see the light of day because what they don't have is, you know, the healthcare knowledge or the regulatory knowledge or the understanding of how to file for patents or the understanding of how to take an idea through research into development. What we had launched a couple of years back was a Pfizer INDovation Fund, where we've, through the last year, managed to really bring six start-ups to a very interesting point where hopefully they will be commercializing their products very quickly. We took another big step, which is what we launched with NIPER- Ahmedabad, the government's educational institution for pharmaceutical research.
NIPER- Ahmedabad is particularly focused on medical devices, and with the support of the Ministry of Health as well as the NIPER Chairman, Dr. Saraf, we were able to launch a similar INDovation Program, which is going to fund six medical device start-ups in NIPER- Ahmedabad itself. I'm really proud of this pillar, one, because we are, like I said, holding the flag of innovation high, but even more importantly, we've translated what was originally an idea for private start-ups into something that we can now work with the government to encourage them to encourage other start-ups as well. Last but not least, we owe a lot to the community we work in when we talk about corporate social responsibility. In the last initiative, what we have done is, given that we have very important plants in Goa, which Mr.
Rengan represents, we have initiated a community development initiative in the Goa plant. As you can see, a spectrum of seven projects reaching almost 950,000 beneficiaries in some shape or form is how we've used our INR 15.3 crore commitment to make sure we can make every rupee count and really making sure that we can drive the agenda of access, affordability, and innovation, which is what we stand for. Moving to our responsibility as a responsible company, Mr. Chairman talked about a few things. We've put a very high ambition of voluntary net zero for Pfizer as of 2040, several years ahead of where the government has, and we're on track to deliver that. We're looking at every single area, whether it's waste management at our plants, whether it's energy efficiency, every which way that we can reduce the carbon footprint. The Goa plant has made several steps.
The Chairman talked about how half of our consumption now is coming from renewable energy, and this is something that we're not happy with half, and we are continuing to push ourselves to do even more than half, actually. This is something, watch this space, a lot of great initiatives in the Goa plant to really drive us towards that net zero target. Last but not least, we aren't stopping just within Pfizer. With our third-party manufacturers, with all the suppliers that work with Pfizer, we've first defined certain standards that they need to meet if they have to work with us. Equally importantly, we're working with them to achieve those standards. It's not enough just to define a standard. We need to help our partners get there, and that's been our focus as we move toward the voluntary net zero by 2040.
Last but not least, I want to turn to our people. You know, the 1,700 or so people that work with Pfizer India are obviously critical to the success of our business and your company. If we move to the next slide, what we do on an annual basis is what we call the Pulse Survey, which is an employee satisfaction survey. I'm really proud to share that this year, the first thing is 84% of our people responded to the survey compared to 60%+ in the previous year. This is a very important step for us because the more people speak up, the more we really know that we're doing right for people. Getting that response rate was very important. What we see is when we measure, our survey had several questions, but ultimately it was measuring three things. First is what is the engagement of our people?
Do they feel engaged with the organization they're working for? Secondly, how proud do they feel about the integrity that we stand for as Pfizer? Last but not least, how inspired are they with the purpose blueprint, which is nothing else than where we see our company moving into the future. On all those fronts, we were in the 85%- 90% mark, which gives us a lot of confidence that we've got the pulse of the people right. The people are feeling energized, they're feeling motivated, and now it's on us to, through these pillars of culture, career growth, making sure our benefits are competitive and fair, and making sure we're doing the right things on diversity, equity, and inclusion, that we continue to raise the bar when it comes to engagement, integrity, and inspiration from the vision of the company. That's really what I wanted to share.
I guess we'll bring us to a close, and then we'll turn back to the Chairman. Really, three messages I want to say. Yes, we've been through a very challenging year due to several one-offs, including price controls, the recall of MAGNEX portfolio, and the loss of exclusivity of ZAVICEFTA. Through all of that, we do believe we've shown resilience, and we've taken the right actions, the necessary actions, to achieve positive growth in the fourth quarter and in the first quarter of this year. Some of the examples I shared with you, just as a reminder, we leveraged the price cut of 70% to make it a volume opportunity for Meronem. Yes, we recalled MAGNEX , absolutely the right thing to do, we believe, because the moment we have any doubt on quality, we need to call the product back.
Equally importantly, we've made a lot of efforts to bring the product back into the market. Through the second half of last year, we were able to source some of the SKUs from an Italian plant, and we brought that to India. More recently, we were able to source one of the most, the biggest used SKU, Magnex Forte, from another plant in China, and we are bringing that back into the market. While we made all the efforts to recall for the right reasons, we're making even more effort to bring it back into the market. It doesn't matter where it comes from as long as it meets the quality standards. We are well on the path to making sure MAGNEX is fully back. Focusing on science to retain our market position for our key products, ZAVICEFTA, MINIPRESS, Women's Health.
Last but not least, we made the right choices to put more resource against brands like ELIQUIS and PREVNAR, which needed to be reached to many, many more healthcare professionals so that many more patients can get the benefit. With that, just a little bit on where we are now investing through this financial year is expanding our sales and distribution footprint. We have to continue to focus on execution excellence. That is the bread and butter of our business. Whatever we do, we have to do very, very well, and we have to get it right the first time. Securing the supply of Magnex Forte so we can meet the needs of patients and healthcare professionals. As much as possible, launching new products to bring innovation into our portfolio in Pfizer India.
We started last year with Betrecep, and we are going to continue that trend as you look through this financial year. That brings me to a close. I hope that gave you a little bit more insight and a little bit more details into the performance of your company, the challenges we faced, how we navigated through it. I hope you share my confidence that with the progress of our brands, we are well on the way to get back to growth. Thank you so much for giving me this opportunity, and with that, I'd like to hand over to our Chairman, Mr. Pradip Shah.
Thank you, Meenakshi. I now turn to the formal agenda of the meeting. The notice convening this Annual General Meeting and a soft copy of the annual report for the financial year ended March 31, 2024, has already been circulated to the members of the company electronically. A physical copy of the annual report has been sent to the shareholders who have requested for the same. With your permission, I shall take them as read. The auditor's report on the financial statements and the secretarial audit report of the company for the financial year ended March 31, 2024, do not contain any qualifications, reservations, adverse remarks, or disclaimers, and hence the auditor's report is not required to be read. I shall take them as read with your permission.
For the sake of convenience for shareholders, I shall read the business agenda items which the company proposes to transact, i.e., the notes of the 73rd Annual General Meeting, which are namely, first, adoption of audited financial statements for the financial year ended March 31, 2024. Second, declaration of dividend of INR 35 per share. Third, appointment of Mr. P. Rengan as a Director liable to retire by rotation. As I'm interested in the next agenda item, I request Mr. Uday Khanna to please take the chair. Uday Khanna is Chairman, Independent Director, and Chairman of our Audit Committee. Uday.
Thank you, Pradip. The agenda item number four is to consider the appointment of Mr. P. Rengan as a Non-Executive, Non-Independent Director of the company with effect from November 10, 2024. I now request Mr. Shah to take the chair.
Thank you, Uday. The next item is to consider the appointment of Mr. Lakshmanan Krishakumar as an Independent Director for a term of five consecutive years, with effect from July 29, 2024. The next item is to consider the appointment of Ms. Sonia Singh as an Independent Director for a term of five consecutive years, with effect from July 29, 2024. The next item is to consider and ratify the remuneration payable to Messrs. Kishore Bhatia and Associates, Cost Accountants, for the financial year ended March 31, 2024. The next item is to consider and ratify the remuneration payable to Messrs. Kishore Bhatia and Associates, Cost Accountants, for the financial year ended March 31, 2025. The voting window is already open for members to cast their vote.
Our Managing Director will be glad to answer questions relating to the items on the agenda which the shareholders may wish to ask. We have a total of 28 shareholders registered as speakers. Once the questions are asked by all the speaker shareholders, the Managing Director would answer the questions. I request the members who have registered themselves to speak at the AGM to be brief so that all those who wish to speak may have the opportunity to do so. I will now request the host to announce the names of the speaker shareholders. Thereafter, the host can start. Yes.
Thank you, Chairman Sir. I request our first speaker, Ms. Leika Satish Shah, to kindly unmute your audio, switch on your video, and proceed with your question.
Hello. Am I audible, sir?
Yes, yes.
Thank you, sir. Respected Chairman, sir, Board of Directors, and my fellow members, good afternoon, and regards to everyone. Myself, Leika Shah, from Mumbai. First of all, I would like to thank our Company Secretary, Mr. Prajeet Nair G. , and his team for giving me this opportunity and for the smooth process where I am able to talk in front of you all in the AGM. I found the AGM notice, and I am delighted to say the AGM report is so beautiful, full of colors, and facts and figures in place. Also, it's really useful with a lot of information. Thank you, Chairman Sir, for explaining to us about the company. Chairman Sir, I pray to God that 2024 comes with great prosperity for our company. Thank you, Meenakshi Mam, for such an informative and wonderful presentation. Again, our Company Secretary, Mr.
Prajeet Nair G. , for the best performance and outstanding support for all my doubts. Hence, I have no questions today, sir. Chairman Sir, I hope the company will continue video conference meetings in the future. Sir, I would like to request you to arrange the factory visit to get together for all the shareholders. I strongly and wholeheartedly support all the resolutions for today's meeting. Thank you so much, sir.
Thank you.
Thank you, ma'am. I request our second speaker, Mr. Gautam [Kedar] Prasad Tiwari, to kindly unmute your audio, switch on your video, and proceed with your question.
Chairman Sir, can you listen to me, sir?
Your audio, kindly proceed. Thank you.
Yes, sir. Very, very special. Good afternoon to our evergreen, dynamic, energetic, and very, very popular Honorable Chairman Sir, Pradip Shah, whom we meet since decades together in so many meetings. Our MD, smart MD, and CEO, Ms. Meenakshi Nevatia, we know we are very much happy with her expertise. Our CFO, Amit Agarwal, all experts, our CS, Mr. Prajeet G. Nair, very much soft-spoken person. Our Amit Ranjan, other eminent, highly dignified Board of Directors, Team Pfizer Limited, myself, Gautam Tiwari, and I am participating at this AGM from Mumbai. Dear sir, I warmly welcome, first of all, Mr. Amit Agarwal, a CFO with a lot of 20 years of experience, Ms. Sonia Singh, marketing expert, and Mr. Amit Ranjan, who has joined from our Goa plant as entry to our directors team and management team.
This new entrance and with their expertise and experience shall certainly take the company to achieve better and better heights in the future. Sir, I also congratulate and thank the entire management team for their outstanding performance year on year, despite a lot of many challenges around at the global and national level. Chairman Sir, I have received the annual report very timely, which is very robust and very much colorful, strong, transparent, informative with all facts and figures in place, and adding to all non-firm corporate governance. Sir, secretarial team is exceptionally outstanding and with excellent investor care and investor service headed by our Prajeet G. and assisted by Kasturi and others. Very cordial and harmonious, helpful, gentle, polite, soft-spoken team of the secretarial you have appointed and you for which we are very much thankful to the management and each and every member of the team.
Sir, I thank the company and congratulate for paying INR 35 per share dividend for your best CSR activities and best projects that you have undertaken for the betterment of community and underprivileged and for winning a lot of many awards and accolades. Sir, I support strongly all appointments of directors. I also support all resolutions. Since I am a shareholder from day one, I trust we have a total trust, confidence, faith in the management, and therefore, our unstinted, continuous, encouraging support shall always be there. Sir, your explanation, your introduction was very good. Even our MD's wonderful explanation has answered so many questions. For my anxiety, I would like to ask you a few things, sir. First is, we have got the solar project launched already under the ESG initiatives. Please highlight something about it. Sir, second is, what are the attributes for appointing independent directors?
Sir, I would like to ask Amit Ranjan, who is our Amit Ranjan Subdirector, who has joined from Goa Manufacturing Plant, as to the now 25% of the medicines we are getting from there. What is the revenue collection and what are the medicines which are manufacturing and so that the amount of revenue and the profitability that we incur from the Goa Manufacturing Plant? Sir, how much amount and how many shares we have transferred to IEPF this time and our company is paying for the quarter one of the FY25 in CSR and R&D and what is the total target for the total this FY 2024-2025? Sir, which brand of ours is contributing more than 50% of sales volume and the maximum revenue and profitability? Sir, which medicines are manufactured from outsources and how many manufactured are from our end?
Sir, what is the impact on our pricing policy of the National List of Essential Medicines and details of them? How are we using the AI and green energy and hydrogen and solar energy for our benefit of our company? Sir, what are our new launches and how many are waiting for approval? There are a lot of many questions. I'm not asking ,
I would like to see, please give me half a minute, that [Foreign language]. Y ou can see me also, I think. [Foreign language]. Under this thing, I would like to say, sir, [Foreign language]
Sir, I wish for each and everyone, even for our moderator and all staff executives and all each member of the staff, a very happy, healthy, wealthy, long, safe life ahead, and the best days for the day, best future for the company, for all in future. We are very happy, we are proud to share your news since day one, and we will always support you throughout our lifetime. Thank you very much, sir. Thank you.
I request our next speaker, Mr. Santosh Kumar Saraf, to kindly unmute your audio, switch on your video and proceed with your question.
[Foreign language] Last, I pray to God, that all Director, employee, worker and all company and their family member always remain happy and wish them all but not only for the coming festival of this year, but also all coming festival in their life. Thank you for and also thanks moderator Carmi, because they are nice moderator. Hope you will remain in future. Thank you. [Foreign language].
Thank you, sir. I request Mr. Kaushik Narendra Sahukar, our speaker number four, to kindly unmute your audio, switch on your video and proceed with your question. Mr. Kaushik?
Respected sir and distinguished guests, I hope our audience is here.
Yes, you are.
Thank you, sir. Good afternoon to all. It is an honor to stand before this excellent gathering today. I extend my heartfelt gratitude to the board for granting me the opportunity to be part of this important event. First and foremost, I would like to commend our Chairman, Mr. Pradip Shah, our MD, for the comprehensive presentation almost straight of our company. The insights were so thorough that I find myself with no question left. As a speaker, it's my duty to inquire. So my only concerned, which is both personal and official. A while back, an injection was introduced by Dr. Ali Irani from Nanavati. His collaboration with Dr. Vinod Mehta from UK, who treats Parkinson's. It raised hopes among millions of patients, but it was soon banned by the Government of India. Could our company study the reasons why such injection was rejected by our government?
If possible, can our company discover any insulin or medicines to help treat dystonia, a condition similar to Parkinson's, which I have unfortunately been suffering from the last 30, 35, 35 years? This could grant a lift to millions of people and give them a meaningful life. Also, does our company manufacture any drugs to treat urinary infection? Before I conclude, I want to express my sincere gratitude to our entire secretary team, especially Mr. Prajeet Nair and his team, for their efforts in connecting with me for this memorable event. I also seek the company's support in associating with me in the area of certification audit, including Form 15CB. My view of corporate social responsibility is about assisting those in need at a crucial time, especially when they have reached out for help.
I have always been impressed with the company's CSR initiative, especially those dedicated towards specially abled individuals. These efforts reflect a commitment to making a positive difference in the life of those who need it the most. However, I feel it is important to share that while my request may from time to time remain unaddressed, I fully recognize the management has numerous critical responsibilities which may have contributed to delay. Despite this, I continue to have faith in the company's value and remain hopeful that this year my request will be given due consideration. Engaging with me in certification audit would not only support my livelihood but also allow me to maintain the mental integrity and self-respect that I strive for. I request you to please empathize with me. I am confident that our Chairman, Mr.
Pradip Shah, our CFO, our MD, and our CS will see the merit in our request and take it under thoughtful consideration. Finally, I propose utilizing the substantial savings from the original mode of greeting for the benefit of speaker shareholders. This will involve arranging site visits for shareholders or distributing tokens of appreciation to our speaker shareholders, including festivals. Don't you feel, as a co-owner, we have a right to see our factory and understand how our company functions? I urge our company to please arrange a site visit. On a lighter note, given our shift to virtual meeting, maybe next time we should consider a virtual hi-fi competition to keep things lively.
Before I end my speech, I would like to say, please understand, [Foreign language]. । Understand this, so don't ever think that my way is the highway. Be humble. In my view, humility is the strongest character of the human being. Thank you all for your attention.
Thank you.
Thank you, sir.
Thank you, sir. I now request our speaker number five, Mr. Sharathkumar Jeevraj Shah, to kindly unmute, share the camera, and proceed with the question. No feedback received. I now request our speaker number six, Mr. Rajesh Kevalram Chainani, to kindly unmute, share the camera, and proceed with the question.
Hello, am I audible?
Yes.
Yeah, respected Chairman, Mr. Pradip Shah, MD, Ms. Meenakshi Nevatia, and a very highly distinguished M&M Board of Directors, my fellow shareholders, I am Rajesh Chainani. I am speaking from Vijayapali, Mumbai. First of all, thanks to my Company Secretary, Mr. Prajeet Nair G., for sending me the physical copy of the annual report very well on time, which is full of facts and figures in place. Thanks to the security department, they even called me up today, reminding me of the AGM. Sir, the opening remarks by our Chairman and a very good presentation by the MD cover a lot of things in the annual report and the future roadmap also. There is nothing much to ask about it. Sir, I have a query. Page number 26, I really appreciate the 10 years financial performance has been very well presented.
On page number 8 and 9, the message from the MD covers a lot of things. Second thing, sir, the promoter holding is 63.92%. I just wanted to ask whether we are supposed to take the holding to 75% as SEBI has permitted. Do we have a time frame or can we take it at our own sweet time? I just wanted to know about that because the public holding is 17%. The benchmark is, my only thing, sir, I have a thing is that our dividend is very less, sir, this time. Last time it was INR 70, and this time, sir, you have given INR 35. At least looking at the price of the share and the performance, the share capital is 46 and the reserves are so much, at least INR 100+ should have been the dividend.
That's what is my observation and it's my just concern, sir, if you can just look in the coming years, sir. Last time when we got was INR 330, that was exceptional dividend in 2020. Please, sir, make sure that our dividend should be good. Because of Procter & Gamble Healthcare, their dividend has gone up to 290 and above and also being an MNC, that's my only thing. Sir, Mr. Sunil Advait is holding 2.10% shares. I hope, sir, if Pfizer turns to five figures, my Atul Limited will also touch five figures. I have supported all the reservations, sir, and I have to say a few words for you, sir.
[Foreign language]. I have supported all the reservations, sir, and thank you very much for giving me the opportunity to speak, sir. Thank you.
Thank you.
Thank you, Mr. Rajesh. I request speaker number seven, Mr. Aspi Bamanshah Bhesania, to kindly unmute, share the camera, and proceed with the question.
Sir, can you see me and hear me?
Yes.
Chairman, sir, I am Aspi from Bombay. Thanks for giving me an opportunity to speak. Sir, this is the 73rd AGM. Sir, how do you propose to celebrate the 75th year? I am not asking for a bonus, split, or even higher dividend. I want the company to grow. You should acquire some brands or introduce some new brands from the parent and grow fast. Our results are lackluster. Even the first quarter, there's not much growth coming. Where will the growth come from, if I can ask that question? Sir, thank you very much and all the best for the future. Don't give higher dividends. Plow back and grow fast. Thank you, sir.
Thank you, Aspi.
Thank you, Mr. Aspi. I request speaker number eight, Ms. Shobhana Sudhir Mehta, to kindly unmute, share the camera, and proceed with the question.
Hello .
Madam, you are audible. You can proceed with the question.
[Foreign language] very well done, very good, keep it up. [Foreign language] compared to last year, but [Foreign language]. I am wishing you all the best for the future success to all of you. Thank you very much, sir.
Thank you, Ms. Shobhana. I now invite speaker number nine, Ms. Sushma Chanda, to kindly unmute, share the camera, and proceed with the question. No feedback received. I now request speaker number 10, Mr. Yusuf Yunus Rangwala, to kindly unmute, share the camera, and proceed with the question. Mr. Yusuf, request you to kindly unmute and proceed with the question. No feedback received. I request our speaker number 11, Ms. Humayun Beiruz Pordehi, to kindly unmute, share the camera, and proceed with the question.
Can you hear me? No?
Yes.
Can you hear me?
Yes, yes.
Yeah. Hello. I am Humayun Beiruz Pordehi, very old shareholder of Pfizer. We used to regularly attend your AGMs, and we know how the company has grown and everything we know about the company. Now, I just, maybe heard in detail Chairman's speech, MD's presentation, and many of the questions were resolved. Now, I just want to ask only a few questions. At your plant at Goa, how many drugs have you increased manufacturing? Could you let us know? You kept on mentioning about your Goa plant, and you're very proud of it. How many drugs have you increased manufacturing? We would like to know. The budget which is coming with that you mentioned, let us know how has it affected us? Has it benefited us in any way? Please let us know. Another thing, I just want to be clear about the new products you have invented.
Yes, our scientists are really great, geniuses for working on our products. Agreed. Regarding, of course, we agree, you have to make known our products to everybody, marketing, and also for what they are. Can't you hold the meetings, conferences of doctors also, along with your medical rep? As the MD mentioned, you all train them very well. They are representatives of our company. Can't you also have meetings and conferences of doctors and let them know for what medicines they are good, hospital doctors, etc., etc. What I want to say is, you know, my sister-in-law owes her life to Pfizer. Do you know how she was in hospital diagnosed with leukomycosis? That is black fungus after COVID. That was supposed to be a death sentence. There was no cure for it. Many who got black fungus couldn't come out alive.
Only thanks to Pfizer's CRESEMBA , which a doctor in Bombay Hospital prescribed, she was saved and is alive to this day. It's not that other medicines were tried on her by the same doctor. They would affect the kidneys. This tablet of CRESEMBA saved her life. The question is, I want to point out, it was very, very expensive, running into lakhs of rupees because she had to pay for four months. Of course, her life is worth everything. Whatever amount is not sufficient. You can't compare a life with any money. What about those people who cannot afford? Can't some companies, in the form of CSR activities, come and sponsor such drugs to those genuine patients? I'm just wondering, can you manufacture such drugs in your Goa plant? Of course, I know every step you face challenges. We know that.
You can accept no light about such drugs being manufactured in our Goa plant. They are genuine and life-saving drugs. Pfizer scientists are genius, no doubt about it. Now you can know the birth of our Pfizer company. Last, of course, I thank our entire secretary team and also our Company Secretary. They took special efforts during our AGM to bring us shareholders to the speaker's portal. Thank you very much. Our secretary team and also our Board of Directors, we wish you all the best. Hope you can face all the challenges and put our company into still higher growth because in the long run, we win. We're happy with the market cap, no doubt about it. Thank you very much. Wish you all the best.
Thank you.
Thank you, Ms. Humayun. I request our speaker number 12, Ms. Surekha Sharathkumar Shah, to kindly unmute, share the camera, and proceed with the question. No feedback received. I request our speaker number 13, Ms. Nirupama Sharathkumar Shah, to kindly unmute, share the camera, and proceed with the question. No feedback received. I request speaker number 14, Ms. Celestine Elizabeth Mascarinas, to kindly unmute, share the camera, and proceed with the question.
Hello, am I audible?
Yes, you are.
Yes, thank you so much. Respected Chairman, Mr. Pradip Shah, MD Meenakshi Nevatia, other members of the board, my dear fellow shareholders, I am Mrs. C. Mascarina speaking from Mumbai. First of all, I thank the Company Secretary, Prajeet Nair, and his team for sending me an e-annual report. I would prefer a physical one. You can send me also later. Thank you very much. Thanks to the KFintech platform for giving me this platform to speak. Now I come to the annual report. Very good, informative, and very good dividend of INR 35, in spite of tough, but dividend was maintained. That's a good thing. Thanks to him so much. I congratulate for all the awards and awards received and also CSR work. I will not have many questions because Madam has run through so many things. I was just hearing. Everything was briefed by her.
Thank you, Madam, very much. We have about 1,700 employees. I would like to know the average ages. As it is, you said, Chairman also said, we have 125+ products. Among these, which is having the maximum market share and good margins? We have good reserves. We can expect some bonus. Any challenges we find due to geopolitical issues, which is going this nowadays? How do you deal with this? Lastly, but not the least, I've supported all the resolutions. I wish my company all the best. May our company grow in strength to strength. Especially, I wish the entire Pfizer team very good health because health is wealth. As it is, we are in the health industry. Thank you so much. May God bless. I hand over to the next speaker, Mr. Eloshas Mascarinas. He will speak.
Thank you.
Hello, I'm the next speaker in the queue. Can I proceed?
Yes, please.
Respected Chairman, sir, very distinguished members of the Board, and my fellow shareholders. Good evening to you all. My name is Eloshas Mascarinas. At the outset, I thank the management, Company Secretary, and the team for sending me the e-balance sheet, which I received on time. It is full of information, transparent, and adhering to what's required for good corporate governance. Our results are excellent, as shown in facts and figures in the annual report, and a very good dividend of INR 35. Welcome. We are going in the right direction. We have multiple products. My only question is that many multinational pharma companies are holding health camp. Why don't we also have health camp under CSR? It will be a good thing because it will help the shareholders also to get themselves checked up. Another question is about the budget.
How the budget has affected us, I think it must have a positive effect. Another part of the budget is the CSR. The government has said that to employ some employees and debit the account to the CSR accounts. What have we done or what are we going to do? I don't ask many questions since there are others who will be asking you some pertinent questions. I end my speech wishing you personally, Dear Madam, and all the Board members, and more importantly, all employees, all the very best. In the days and years to come, we are in the midst of a festive season. I wish each one of you all a very happy festive season. With this, I take leave. Good luck, good health, and goodbye. Thank you.
Thank you, sir. I now request speaker number 16, Mr. Arun Kumar Bopanna, to kindly unmute, share the camera, and proceed with the question. No feedback received. I request speaker number 17, Mr. Ramesh Shankar Gula, to kindly unmute, share the camera, and proceed with the question. No feedback received. I request speaker number 18, Mr. Bharat Moolchand Shah, to kindly unmute, share the camera, and proceed with the question.
[Foreign language]. Thank you very much. Jai Hind, sir. Jai Hind. Thank you very much, sir.
Thank you.
T hank you.
T hank you, Mr. Bharat. I now request speaker number 19, Ms. Mehta Shah, to kindly unmute, share the camera, and proceed with the question.
Hello?
Yes.
Sir, Jai Hind
Yes.
Okay, thank you, sir. [Foreign language]. I wish you always good health and always with smile. [Foreign language].
Thank you.
Thank you, Ms. Mehta . I request speaker number 20, Ms. Vasudha Vikas Dhakvi, to kindly unmute, share the camera, and proceed with the question.
Hello, can you hear me?
Yes, we can hear you.
Hello, can you hear me?
Yes, we can hear you. Go ahead.
Hello, can you hear me?
Madam, you are audible. You can proceed with the question.
Yes. My name is Speaker of Directors and my fellow shareholders, myself, Persona Chandhan. The opening speech given by the Chairperson is also very informative and excellent. I am also thankful to our Company Secretary team for sending me the soft copy of the report well in advance, which itself is clear and transparent. Most of the questions were asked by my previous shareholder. I would not like to repeat it again. Only one question I would like to ask. What is our attrition rate? With this, I support all the resolutions. Thank you very much and wish the company all the best for the coming financial years. My best wishes for coming all the festivals, Ganpati, Dusera, and Diwali. Thank you very much, sir.
Thank you.
Thank you, Ms. Vasudha. I request speaker number 21, Mr. Manoj Kumar Gupta, to kindly unmute, share the camera, and proceed with the question.
Hello. Good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Gupta. I have joined this meeting from Calcutta. I feel proud to be a part of Pfizer, sir, and I strongly support all the resolutions. I thank the Company Secretary and team to help us to join this meeting through VC. Sir, what's your future plan? Have you any plan to split the shares either 2:1 or 5:1 to increase the market liquidity and capitalization? That will be a good reward to the investors if you split the shares either 2:1 or 5:1. What's your future outlook for the pharma business of the country and the Asia, sir? Is there any direct or indirect impact on our company due to the recent incident? What's your order of work for the year 2024- 2025?
Is there any plan to, and what's your view on the generic medicine? Our visionary Prime Minister is insisting to use the generic medicine to help the needy and suffering people to save the cost of treatment. What's your view? Kindly throw some highlights in that regard, please, and I strongly support and try to consider to split the shares. That will be a mini bonus from your side if you consider to split the shares either 2:1 or 5:1, sir. Thank you.
Thank you, Mr. Manoj. I request speaker number 22, Ms. Kithi Shah, to kindly unmute and share the camera. No feedback received. I request speaker number 23, Mr. Dinesh Gopal [Dhakad], to kindly unmute, share the camera, and proceed with the question. We have not received any feedback. I invite speaker number 24, Mr. Shreepal Singh Monoth, to kindly unmute, share the camera, and proceed with the question. Mr. Shreepal, I request you to kindly unmute and proceed with the question. No feedback received. I request speaker number 25, Mr. N. Prakash Chand Galada, to kindly unmute, share the camera, and proceed with the question. Mr. Prakash Chand Galada, kindly unmute and proceed with the question. No feedback received. I request speaker number 26, Mr. Anil Babu Bhai Mehta, to kindly unmute, share the camera, and proceed with the question. No feedback received, sir. I request speaker number 27, Mr.
Gautam Nandi, to kindly unmute, share the camera, and proceed with the question. Mr. Gautam Nandi, please unmute and proceed with the question. No feedback received. I request speaker number 28, Ms. Hutokshy Sam Patel, to kindly unmute, share the camera, and proceed with the question. No feedback received, sir. With this, we have given opportunity to all the speaker shareholders. I hand it over back to you, sir.
Thank you. Thank you very much for your active participation. There are no more questions. While we collate the answers, we will take a break of about five minutes, after which the Managing Director and perhaps I will be pleased to answer your questions. Can we take a break now, five minutes? Yeah.
Welcome to Pfizer Goa, located in Verna, the industrial treasure of Goa. We are one of the key pharmaceutical manufacturers with best-in-class facilities, infrastructure, and a diverse and resourceful workforce. We strongly believe in delivering high-quality products by emphasizing on EHS, quality, data integrity, regulatory, and compliance policies as an integral part of our breakthrough culture and operations. Our aim is to be a world-class site by keeping the patient's well-being at the core of our actions and decisions. At Pfizer, safety comes first, and we strive to establish and continually sustain a high level of EHS culture. The safety and well-being of our colleagues is our highest priority. We are 100% IMX certified and are committed to the IMX way of working. Through a strong production excellence program, we are continually striving to sustain our best-in-class cycle time and 100% supply performance.
We advocate a strong speak-up culture by performing and challenging conventions with courage. We at Pfizer are committed to continuous improvement, innovation, operational, and reliability excellence initiatives. We strongly believe in the power of simplification and have adopted technology and digitalization to improve the way we work. We are focused on tech transfer activities and formulating new products catering to Indian markets. Each colleague is committed to act with integrity, and we provide a safe and inclusive environment through equity for all. We foster a culture of growth and development by enhancing capabilities of our colleagues for future readiness. We are committed to on-time delivery of our products to our patients in a cost-effective manner. We firmly believe in recognizing and celebrating our achievements and having fun and joy in everything we do.
We are leading the way towards a sustainable and healthier world by accelerating our net zero emissions goal by harnessing the power of renewable energy. At Pfizer Goa, teamwork and collaboration is at the heart of everything we do because diversity raises us all. We all work together in identifying opportunities for making our patients' lives better. That results in healthier lives and happier families. We are committed to breakthroughs that change patients' lives.
At your home, in your office, on the playground, pneumococcal disease can find you anywhere, anytime. Tiny bacteria called pneumococci are suspended in the air, ready to spread pneumococcal disease. Pneumococcal disease can make you sick and land you in the hospital. Pneumococcal disease can be serious. Beat the odds of infection with pneumococcal vaccines. What is a pneumococcal vaccine? These vaccines contain tiny parts of inactivated bacteria. Getting vaccinated does not cause an infection because pneumococcal vaccines do not contain live bacteria. These tiny parts are recognized by your immune system, which in turn produces antibodies to protect you from infections in the future. Pneumococcal vaccines can provide long-lasting protection from pneumococcal disease. Take a simple step in preventing pneumococcal disease. Ask your doctor about pneumococcal vaccines today.
[Foreign language].
Thank you for your questions. Before I hand over the mic to Ms. Meenakshi Nevatia, I will just touch upon the 75th anniversary celebrations and the point about splitting shares and bonus shares that Aspi Bhesania, Shobhana Mehta, Mr. Bharat Shah, et cetera made. I just want to say that the whole board has been listening to you. Thank you for your questions. I'm going to hand over the mic to Ms. Meenakshi Nevatia for answering all your questions. Before that, I will just touch upon the 75th year that is coming in two years' time, as well as the suggestion for splitting of shares, as well as the suggestion for bonus and so on. I want to just say that the whole board has heard your suggestions, and we will act on them at the appropriate time. Let me just hand over the mic to Ms. Nevatia and ask her to answer the detailed questions that you asked. Thank you.
Good afternoon to all our shareholders. Firstly, thank you very much for your engagement through the questions. Through all the questions, we got a lot of well-wishes and a lot of acknowledgment of the challenges the company has gone through and the performance. I really want to start by thanking you for that. We'll try to go through all the questions. Maybe I'll start with some of the questions on our employee base. Shobhana Mehta, ma'am, you asked a few questions about our employee base, and then there were a few others as well. In Pfizer India, we have 1,721 permanent employees. About 21% of the employee base is currently women. We are keeping, you know, that is something we track very closely. Where appropriate, we do try and bring in as much diversity and inclusion as possible.
Celestine, ma'am, you asked the question around the average age of our employees in Pfizer India. We would say it's around the 38- 40 mark, 38- 40 years of age. We are proud that we have a lot of employees with a lot of experience within Pfizer and in the industry. Vasudha Dhakvi, ma'am, a related question you had on our employee base was with regards to the attrition. What we saw in the year 2023-2024 was an attrition of 15%, which is very much in line with the industry. In fact, a little bit better is what we are seeing. When we look at attrition, we also look at it very closely. Where is the attrition coming from, which function? On all dimensions, we are tracking on industry, in fact, slightly better. I just want to thank you for those questions.
I'll move to the next one, which was a lot of, you know, it started with Leika ma'am, Mr. Dr. Kaushik Sahukar, Mehta ma'am. I think there's a lot of energy and excitement to visit our Goa plant. As you can imagine, from a good manufacturing practice perspective, as well as the norms we maintain in terms of sterility at our plants, we are not, we cannot have visitors at the plant. In fact, even when I go to visit the Goa plant, it's under very, very sterile conditions with a lot of care as we enter the plant and exit the plant. That is not something that's possible. What we try to do in this AGM is create a video on our Goa plant, which I hope you had the chance to see at the start of the meeting, as well as in this five-minute break.
I just wanted to address that point. I totally appreciate your desire to know more about your company. Mr. Gautam, you had , Mr. Gautam Tiwari, very valuable questions. I want to thank you for your questions because I think I was making a note and you probably covered a lot of questions that are in the minds of a lot of our shareholders here today. I first want to just thank you for that. One of the questions you had was in terms of the solar project that we have, which both Mr. Chairman and I talked about in Goa. As of now, we have about 1,500 kWp established in Goa. Almost like we said, 48% of our installed capacity, we are aiming to get from renewable sources. This is something we are striving to continue increasing as we go through the year.
In fact, Pfizer Inc.'s target is net zero by 2040. We in India are trying to see how we can try to achieve that target even sooner. Thank you for that question. I think that you also asked a question in terms of what is a percent of our business coming from Goa. At this point, 25% of our total medicines are coming from the Goa plant. I thought I'd just address that. Then, Mr. Gautam, you also asked the question around our CSR budget for next year. As you know, that is calculated based on the average of the last three years' profit. Approximately, it would come to around INR 15.75 crore. The exact number, of course, you will, you know, you can you will see shortly. That is roughly where we are tracking towards.
I want to move to another question that you had, which is, and some of our other shareholders also had, what is the revenue contribution of products which are under price control, which is the National List of Essential Medicines. I will start by saying that 19 of our brands are covered by this new policy as of now. Some of them came into last year. Some have been there for a much longer period of time. In terms of the total revenue that comes from these 19 products, the total revenue that comes from products in the National List of Essential Medicines is almost 16%, 15.8% to be precise. You can imagine when we get hit with, you know, like the Meronem 70% price cut, the impact on our revenue is very high.
In the financial year 2023-2024, we did calculate what was the total revenue impact from NLEM price cuts, and it came to approximately INR 120 crore. This is something that did hit us quite hard last year. The good news is that this is the National List of Essential Medicines gets revised every five years unless there is an out-of-cycle revision. We don't expect any, in the short term, any other revisions. There can be other forms of price control, but National List of Essential Medicines is a five-year thing. At least for now, we feel like we've seen the back of it, but we stay very close and very watchful of it. Mr. Gautam, another question you had, like I said, you covered the questions for many of our shareholders, is one of was what are the products that contribute to 50% of our business, right?
What are the big products? In a way, although we have a very big basket, I talked about 125 products. The good thing is that it is quite concentrated when we look at our large products. There are six products that, six product groups, I should say, that contribute to 50% of our revenue approximately. The biggest is, of course, our pneumococcal vaccine PREVNAR, which is the largest one. Second would be the Becosules group, which you would have, many of you might be using. We have a full range of SKUs. SKUs mean stock keeping units under the Becosules group. That is our second largest brand. The third is COREX antitussive used for cough. We have a few different stock keeping units under COREX. That's our third largest group of brands. The fourth is MINIPRESS for hypertension, which I shared with you more information about, growth 11%.
The fifth is ZAVICEFTA , an anti-infective. We talked a lot about ZAVICEFTA, and that was one of the challenges we had last year with the loss of exclusivity. Last but not least, it's Mucaine, which is a gastrointestinal product. When you look at these six together, PREVNAR, Becosules, COREX, MINIPRESS, ZAVICEFTA, and Mucaine, together they contribute as a family of products more than 50% of our total revenue. Thank you so much for that question. I think you also, there was also a question relating to for our largest brand, what is the market share? PREVNAR is our largest brand. As you would have seen in my slides, our market share there in terms of the value market share as we measure is 65%. It was 62%. We've grown that this year, this year meaning year 2023-2024. Now it stands at about 25%. Maybe one of your last questions, Mr.
Gautam, was also around new launches. Chairman, Mr. Chairman referred to it, and I also talked about it. In the year 2023-2024, we launched Betrecep, which is tofacitinib. It is a product in the, it has an indication in rheumatology as well as in gastro. That was one of our new launches in the year around September of 2023. Very quickly, we saw that it reached the sixth position in the market, and we are continuing to strive to grow that business. I also want to mention that in addition to new launches, we are continuously looking at how we can keep our current portfolios very, very modern. In that spirit, we also launched an additional unit for Becosules, Becosules syrup. We also launched an additional new product in the case of GELUSIL, which is an antacid.
What we saw in the market is a new form of preparation called raft preparation was gaining a lot of momentum. With the help of our internal team, we were able to launch a GELUSIL raft preparation. This was in February of 2024. We are continuously looking to bring more products into the country, like Betrecep. Secondly, for the products that are already in the country, we are continuously trying to see if they need additional line extensions, like we were able to do with Becosules as well as with GELUSIL. I'll continue with the list of questions. There was a question that Mr. Gautam, you had, as well as we got the same question from Ms. Berrouz, which is around what are the products that we make in our Goa plant. Like I said, 25% of our revenues come from there.
There are three main lines that we have in Goa. Goa is a solid oral plant. We do separate our plants in the Pfizer system in terms of solid orals, anti-injectables, as well as vaccines. The Goa plant is a solid oral plant. There we have three groups of medication. Oral contraceptives are made in Goa. Our steroid tablets, WYSOLONE, for example, is made in Goa. We also have a lot of general tablets that are made in Goa. Total 19 products made in Goa, which contribute to about 25% of our revenue. Having said that, we are always working with Mr. Rengan and his team to see what other products we can build into the Goa plant. That is an ongoing dialogue to see what else we can manufacture in Goa, either bring new products from outside India or potentially also look at line extensions.
That is an ongoing exercise. As of now, it's 19 products, 25% of revenue in these three categories: oral contraceptives, steroids, and general tablets. I'll move on. I'm going a little quickly, but I hope I'm addressing some of the questions you had. Santosh Saraf, sir, you had some questions around our carbon footprint. I talked a little bit about the solar capacity we have in Goa. You also had a question around the ESG rating, which most recently we had that done by [Crystal]. We did get an adequate rating, which we are proud of. In terms of the solar project, you will see it in our annual report where I've spoken about it as well. What we do is we measure our carbon footprint on a per million tablet basis.
What we've seen is over the year 2023-2024, almost a 25% reduction in that from 0.98 t, meaning 0.98 t of carbon per million tablets, to 0.72 t. This is a constant endeavor to reduce it. Like I said, in India, we are trying to reach net zero even before 2040. Thank you so much for your questions, Santosh Saraf. Mr. Rajesh, this is Mr. Rajesh Chainani. You had some questions around the shareholding of Pfizer Inc., which is currently at 63.9%. You also had some questions on the dividend versus last year. On the dividend, as you know, we released at 350%, which is INR 35. Last year, if you remember, last year meaning 2022-2023, we did have a special dividend linked to the Thane plant sale. That was the main difference. We maintained that 350% last year as we have done this year.
Continuously, we are always looking to the board, as Mr. Chairman mentioned, has made a note of the request of looking at bonus if or not. That is something we absolutely have heard you, and we will look at it in the context of the 75th year. As of now, it's the 350%, which is the same as what we had in the year 2022-2023. With regards to the Pfizer Inc. shareholding of 63.9%, yes, you are right. The Government of India allows to go up to 75%. From a Pfizer Inc. perspective, they're, of course, evaluating their kind of holding across markets. At this point, we are very proud and satisfied to have the 64% from Pfizer Inc., but we're equally proud to have the 36% from local, including a lot of you, 110,000 shareholders. As of now, there is no point to change.
There is no intention to change that. We like this mix of having the parent ownership as well as very important local ownership because we see ourselves as an Indian company here in India. No real plans at this point to change that. I will move on in terms of some of the questions that Mr. Aspi, you had some really valuable questions in terms of what is our plan for growth, right? A much broader question, what is our plan for growth? What is our plan for new launches? Are we looking to acquire any brands here in India? When it comes to growth, we really look at growth in three pillars. First and foremost is what can we do to grow our existing brands. Yes, with brands like PREVNAR, we have a 65% market share. With many other brands, there's a lot of headroom, as we call.
Headroom meaning there's a lot of potential to grow our existing brands. That is clearly the biggest and largest source of growth that we are currently looking at. The second is launching new, what we call, stock keeping units. I gave an example with Becosules and GELUSIL, where we launched two new units this year. We are doing that same across our portfolio in consultation with our Goa plant, whether we can launch new stock keeping units, new formats with many of our products, including Mucaine, WYSOLONE , etc. That is really an ongoing piece of how we can refresh the portfolio by launching new units. Last but not least, of course, new launches. You have seen the new launch of Betrecep. Moving forward, we are continuously looking at if we can continue to bring many of the products that are there in our U.S. market into India, for example, PREVNAR 20.
That is something we are evaluating very closely. As you may know, for every launch that we try to do in India, we need to do a clinical study in India. That sometimes takes much longer than both you and us would like. That is something we absolutely need to do to generate local data. That is something we are doing. We are looking to bring whichever part of the Pfizer portfolio makes sense in India, we are looking to try to bring that. These would be the three pillars of growth: doing better with our existing products, refreshing our portfolio with new units that mirror what the market needs, and continuing to launch new products like we did with Betrecep. Thank you so much for the question. There was also a question that Mr. Aspi you had, but a few others also had with regards to our 75th year.
Yes, this is our 73rd Annual General Meeting. Next year, we do hit the 75th year of Pfizer being in India. As you know, we started in 1950. We are looking to see what we can do to really kind of, you know, spread the access of our medicines even more through this period.
Definitely something a very proud moment for us. We look forward to sharing more about it with you at the next AGM. I hope I addressed some of the questions on the growth. I will move to, you know, there was a question with regards to product market share that Miss Elizabeth, I think you had very specifically in terms of what is the market share of our products and which is the maximum market share that we have. Once again, it's the same webinar. I've talked about it a few times today. Yes, it is our largest brand and it has the highest market share, 65%. What you saw in my slides, maybe I went too quickly, but MINIPRESS, for example, is the second one where we have a 44% market share. These would be some of the high market share products for us.
What happens is when we lose exclusivity, of course, there are a lot of generics in the market which come in, and the market share does over time change. With these two products, we've been able to hold it. We are continuing to look at market share as a source of growth. In fact, in response to Mr. Aspi's question, that was my first pillar, which is with our existing portfolio, we know we can continue to do a lot more. That's exactly what we are going to try to do, is continue to grow in market share. Mr. Bharat Shah and Miss Mehta Shah, you talked about the bonus. I think Mr. Chairman addressed it. That is something we've made a note of. The board, I mean, actually we made a note of all the questions. If I've missed anything, don't worry, we've made a note of everything.
That is absolutely here. Miss Mehta, you also talked about the physical AGM. We are always looking at the different options. What we do believe is that, you know, although the virtual AGM for some of you may not give you that same experience, what we find is with the virtual AGM, we are able to open this interaction, this ability to know your company better, this ability to ask the questions you want to a much wider range of shareholders. This is really our intention to make sure we are communicating to all our shareholders as much as possible. For now, the virtual AGM platform allows us to do that. I totally appreciate your desire to know the company even better. For now, we are looking at the virtual AGM as the way.
In fact, the Ministry of Corporate Affairs has permitted this as the way forward for a considerable period. This is how we do plan to continue. Towards the end, Mr. Manoj Gupta, you did ask the question on, you know, what is the view that the, you know, the government does have a thrust on generic medication and what is our view on it? Generic is, you know, in a way, when we have our original products, like I shared the example with you of ELIQUIS, right? That is a Pfizer molecule. We've done the research. We brought it to the market globally. Then we lose exclusivity. What we do there is we don't stop supporting the product. In fact, we added more support to it when it lost exclusivity, when it effectively got genericized, as we call it. In fact, we added more people to support the brand.
We also cut the price by 30%. We strongly believe that, you know, there is a huge room for innovation, which is what we stand for. There's an equally important room that when we lose exclusivity, we need to make sure that the product can reach many, many more patients. We do not stop supporting our brands once they lose exclusivity. In some cases, we even add more support. That is our strong view that, you know, we want our medication, whether it's exclusive or not, to reach as many patients as possible. In that sense, the government's thrust on generic medicine is highly appreciated because we realize that, you know, the government, just like us, wants to make sure more and more patients in India get medicine.
The only thing that we are constantly highlighting in our discussions with the government is the importance of making sure that the quality standards are held very, very high, that the GMP standards are met where possible. We have the WHO GMP so that while driving access, we must not lose even a little bit on quality. That's the only qualification I would have for the government's thrust on generic medicines, that as long as it can be done, ensuring the right quality levels, we are completely behind it. That's the ethos we have within our own organization as well. There were a few other questions. Mr. Santosh, you asked the question on, do we audit our CSR efforts? I think you expressed certain, you know, reservations about how the money can be spent when you give it to different NGO organizations. I'll just add two things here.
The first is when we decide to spend our CSR budget, we do a lot of due diligence to make sure that we are working with NGO partners who are, you know, translating the full benefit, or at least as much as possible, to the stakeholders that are beneficiaries of that NGO. That's the first thing. We take a lot of care to make sure we work with very high-quality NGOs that are really serious about the benefit that they can give. Secondly, what we also do on a regular basis is the impact assessment. We've kind of mandated it for ourselves that we not only pick the right partner, put in the money, but then also make sure that the money is spent properly. In fact, in our quarterly board meetings, we do a lot of reviews of how the money is spent. Is it reaching the right people?
Are we really achieving the benefit that we were trying to achieve and translating that benefit to many people? This impact assessment is a very big part of our CSR. We're making sure that, you know, the INR 15.2 crores last year, hopefully the INR 15.75 crores this year, are all spent very, very well. Mr. Kaushik, you had a few suggestions on the portfolio. I think one of your questions was around if we have any medication for urinary tract infections. Yes, we do a product called CITRALKA, which is one of the top three UTI, urinary tract infection, players. We continue to support that because clearly this is a big need in our market, in our country. The product there is CITRALKA. I know you had a few other suggestions in terms of disease areas.
Yes, a lot of our research in disease areas is something we do globally. Where Pfizer is present globally, it is our endeavor to make sure we can bring that to our country as much as possible, as quickly as possible, I should say. Some of you, Miss Madam Humayun, you had a question, but there were many others who had the question around the latest budget and what has been the impact of that on us as Pfizer. First things first, I would say that there have been a lot of procedural changes. We do believe that will simplify the working for companies like ours and all companies a lot. We're really looking forward to this continuous simplification when it comes to procedures and submissions. There's a lot always getting added, but I think this budget has tried to make it simple. We really welcome that.
We hope that the effort of simplification continues. When it comes to the corporate income tax, nothing has really changed. When it comes to the capital gains tax, there have been some movements in indexation and changes. Summary level, no major impact. Maybe a slight benefit, but no real major impact. I think the main benefit has really been in the simplification of procedures. That's just something I did want to address. I think those were really the main questions. I know some of you had the questions around, do we have any challenges due to geopolitical issues? Madam Celestine, you had this question very specifically about with the geopolitical situation, have there been any challenges? We really continue to believe that we are a global company in India. We want to operate exactly as an Indian company here in terms of making sure we put Indian patients first.
We definitely continue to have challenges, whether it's supply chain related, the freight, as you can imagine, since the COVID period has gone up significantly. Supply from some markets like China sometimes can prove to be a challenge. When we look at the government tender business, products coming from China are not really as easy to get into the government's e-marketplace. Those are honestly daily regular issues that we are dealing with. I would say broadly, we welcome the changes made by the government. We don't see any major impact of geopolitical issues on our ways of working moving forward. That was really the list of questions we had. I hope I've been able to address the questions on all your minds. Once again, I want to thank you very much for asking these questions. It shows your interest in your company.
It shows how much attention you are paying to everything that we are trying to do. We here in Pfizer and as the Board of Directors really appreciate that and welcome that. Thank you so much for your questions. Once again, I just wanted to say thank you for your support through this year. It's been a challenging year. We've come through it, I believe, strong based on our brand performance. We look forward to sharing more with you at the next AGM. With that, I'll hand back to our Chairman, Mr. Pradip Shah.
Thank you, Meenakshi. I trust you have all been satisfied with the thoroughness and details of the answers that Meenakshi has given to you. It speaks of the transparency of the company. I would now like to remind the shareholders that e-voting facilities shall be kept open for another 15 minutes from the conclusion of the meeting. The members who have not exercised their voting rights are requested kindly to do so now. The results of the remote e-voting and e-voting will be announced within two working days from the conclusion of this meeting. The results will also be displayed on the website of the company, on the website of the e-voting agency, KFin Technologies Ltd, and intimated to BSE Ltd and the National Stock Exchange of India Ltd. There being no other business left on the agenda, the meeting is now concluded.
I thank all the shareholders for their keen interest in the company and for their active participation in this annual general meeting. Thank you very much. I declare the meeting closed.