Solara Active Pharma Sciences Limited, one of the largest Indian manufacturers of APIs, has unveiled its BRSR for the period 2023-24. The report underlines the intent at Solara to attain ultimate sustainability in business operations, the endeavor toward environmental stewardship, and societal obligations. This report is an assurance that it will also be inclined towards providing ESG imperatives in its operations for the long-term creation of value for all stakeholders.
Company Overview and Business Operations
Incorporated in the year 2017, Solara Active Pharma Sciences has grown to become one of the key integrated pharmaceutical players specializing in API design and manufacturing. The company has six manufacturing plants located at various places in India, along with two corporate offices—one in Chennai and the other in Bangalore. All of Solara’s manufacturing is done within the borders of India, and it does not have any international manufacturing sites to date, while it sells its products to almost 75 countries globally.
Business activity: Production of commercial APIs accounts for 100% of the company turnover. Customers include generic and innovative pharmaceutical companies, placing Solara in a very important position within the pharma supply chain worldwide.
Environmental Responsibility and Sustainability Goals
The BRSR for FY 2023-24 at Solara emanates a strong focus on environmental sustainability. In due accordance, the company has set several ambitious targets concerning scaling down its footprint on the environment by increasing the use of renewable energy judiciously, especially in terms of water usage, and making good waste management practices far more robust.
Operating throughout the year in review, Solara progressed impressively toward its set sustainability targets. Solara attained 39% renewable electricity, feeding into overall energy consumption, almost at the target of 40% by 2025. Besides, Solara reduced freshwater consumption by 3.1% compared to the FY 2021–22 baseline. In waste management, it reduced waste disposal to the landfill by 69.2% and incinerable waste by 49.7% from the levels seen in FY 2021–22.
Social responsibility and employee well-being
At Solara, the sense of social responsibility also encompasses concerns about employee health and diversity. For example, as of the end of FY 2023-24, the company had 1,767 permanent employees, with decent inclusion of differently-abled employees. The health and safety policy at Solara is quite comprehensive, with health insurance, accident insurance, and maternity benefits extended to employees. The return to work and retention rate post-parental leave is 100% for the company.
Solara also took several initiatives to ensure diversity and inclusion in its workplace. While the women’s representation is low at 8.5%, the firm is trying to improve this ratio. The report reflects that Solara provides equal opportunities for all employees, ensures accessibility of workplaces for people with disabilities, and enhances diversity through its Equal Opportunity, Diversity, and Inclusion Policy.
Governance Practices and Business Ethics
Solara follows crucial practices of corporate governance and ethics in business dealings. The company has established an elaborate framework for managing business risks that include environmental impact, health, and safety risks, and risks resulting from non-compliance with statutory regulations. The commitment to ethical conduct by Solara is further manifested by the application of international standards ISO 45001:2018 and ISO 14001:2015 governing the company’s environmental and safety management systems, respectively.
In addition, the company has well-developed grievance redressal systems with various categories of stakeholders, including employees, customers, and the community. The whistleblower policy and the community grievance policy have been issued with an overall commitment to making the operations of the organization transparent and accountable.
Supply chain management and sustainable sourcing
The sustainability goals of Solara are also aligned with its supply chain management practices. The company has developed a responsible supply chain management policy and a vendor code of conduct that assures the suppliers of applying the best environmental and social practices. In the FY 2023-24 period, 61% of the inputs to Solara were sustainably sourced, reflecting responsible sourcing by the company.
Conclusion
The BRSR of Solara Active Pharma Sciences Limited for FY 2023-24 underlines the commitment of the company toward sustainability, social responsibility, and ethical governance. In its relentless pursuit of minimal environmental impact, ensuring employee well-being, and ethical business conduct, Solara is raising the bar high for corporate responsibility among pharmaceutical companies. In its forward march, the company continues with its commitment to achieving all its targets on sustainability and stands in alignment with the common vision of a sustainable future.
Source: BRSR
Credit: Solara Active Pharma Sciences Limited