Indoco Remedies Limited

About

• Industry: Pharmaceutical Manufacturing
• Company: Public (NSE: INDOCO)
• Number of Employees: 6,000
• Headquarter: Mumbai, India
• Global Presence: 55+ Countries
• ESG Needs: BRSR, GHG (Scope 1, 2, 3), Policy Audit

Company Overview

Indoco Remedies Limited is a fully integrated, research-driven pharmaceutical company with a presence in over 55 countries. The company is engaged in the manufacturing and marketing of pharmaceutical formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs).

With 11 state-of-the-art manufacturing facilities across India, Indoco Remedies is committed to quality, regulatory compliance, and sustainability, delivering excellence to both domestic and international markets.

Project Overview

Indoco Remedies embarked on its Environmental, Social, and Governance (ESG) journey to enhance sustainability practices and ensure regulatory compliance. With Oren's support, the company decided to publish its first Business Responsibility and Sustainability Report (BRSR) for the FY 2022-23, aligning with SEBI's guidelines.

This initiative aimed to enhance transparency, strengthen regulatory compliance, and elevate Indoco’s brand reputation. To successfully execute the project, Oren assisted Indoco Remedies in collecting and validating data from multiple departments and locations, auditing and drafting policies, and seamlessly integrating all elements to develop a SEBI-compliant BRSR report.

Challenges Faced

• Limited ESG Expertise: Indoco faced a shortage of dedicated ESG professionals and resources, making it difficult to efficiently manage sustainability data. With information scattered across multiple departments and locations, consolidating and analysing ESG metrics became a complex task.‍
• Gaps in Documentation and Policies: Incomplete documents and policies created inconsistencies in ESG disclosures. This lack of comprehensive documentation increased the risk of non-compliance and limited the company's ability to showcase its full sustainability impact.‍
• Variability in Data Collection: Differences in data gathering methodologies across plants led to inconsistencies in reporting. Missing critical data points not only affected the accuracy of ESG disclosure but also posed potential regulatory compliance risks.‍
• Data Validation Complexities: Disparities in measurement standards and documentation formats complicated the data validation process. Without a uniform approach, verifying the accuracy and reliability of ESG reports became increasingly difficult.

Oren's Solutions

To address Indoco Remedies’ ESG challenges, Oren implemented a comprehensive, structured approach focused on compliance, data integrity, and policy enhancement.

• BRSR Report Development: Oren guided Indoco in preparing a robust, SEBI-compliant BRSR report. By aligning the report with regulatory expectations and industry best practices, Oren ensured transparency, accuracy, and credibility in ESG disclosures.
• GHG Emissions and ESG Data: Oren streamlined the collection of GHG emissions and ESG data across Indoco’s 9 plant locations, 4 offices and multiple departments. By collaborating closely with internal stakeholders, Oren facilitated a standardised, efficient, and reliable data-gathering process.
• Policy Development and Refinement: Oren conducted a thorough review of Indoco’s existing policies, identifying gaps and areas for improvement. In collaboration with Indoco’s legal team, Oren refined existing policies and developed new ones to ensure full compliance with BRSR requirements. This effort encompassed 13 distinct policies, ranging from the Anti-Corruption & Anti-Bribery Policy to the Data Governance & Privacy Policy.

Key Results & Future Outlook

• Successful Publication of Inaugural BRSR: Indoco Remedies successfully developed and published its first-ever BRSR report. This achievement reinforces Indoco’s commitment to sustainability and responsible business practices.
• Continued Partnership with Oren: Building on this success, Oren also assisted Indoco with subsequent BRSR reports, including those for FY 2023-24 and FY 2024-25. Additionally, Indoco plans to integrate Oren Sustainability Hub—an AI-powered ESG data management, analytics, and reporting platform—into its annual BRSR reporting process. This strategic move will enhance efficiency, accuracy, and real-time tracking of ESG performance.
• Expanding ESG Efforts to Supply Chain: Recognising the importance of a sustainable supply chain, Indoco is set to collaborate with Oren on a tailored supply chain sustainability program. This initiative will assess and enhance supplier ESG performance, ensuring sustainability efforts extend beyond internal operations.

Through its partnership with Oren, Indoco Remedies has established a strong foundation for ESG excellence. By leveraging cutting-edge solutions and a structured approach, the company is driving meaningful sustainability transformation and positioning itself as a leader in responsible business practices.