Indoco: Remedies beyond prescription

The Companies Bill 2012 makes it compulsory for the corporate houses to indulge in Corporate Social Responsibility (CSR) activities. However, for some pharma companies charity was a priority even before this bill was passed in the Loksabha. One such pharma company, Indoco Remedies, has been spending a considerable chunk of its profits on different CSR initiatives for last many years. Beneficiaries of Indoco’s CSR initiatives could be located across India.

Charity is the policy

Indoco’s founder, late Govind Ramnath Kare, strongly believed that every organisation has a social obligation to give back to the society what it has earned from it. Till today Indoco has kept alive and grown with this philosophy.

“It was in 1997 that our Chairman, Suresh Kare announced the formation of a one crore corpus to take the cause of social responsibility forward. In the following year, the Suresh Kare-Indoco Foundation (SKIF) was formed through which the company would carry out its social activities. Education, health, school infrastructure in rural areas and upliftment of the economically backward sections of the society are the areas in which Indoco continues to contribute and make a difference,” informs Aditi Kare-Panandikar, Managing Director, Indoco Remedies.

Indoco carries out its self-funded CSR activities through the SKIF and sometimes with the help of NGOs. The company was appreciated for its association with The Institute of Psychological Health, based in Thane who does commendable work in creating awareness within the society and providing treatment and support to the mentally ill. Indoco’s financial contributions to such an organisation have made them survive, grow and serve the society.

A plethora of initiatives

“Education, health, school infrastructure in rural areas and upliftment of the economically backward sections of the society are the areas in which Indoco continues to contribute and make a difference.” Aditi Kare-Panandikar Managing Director, Indoco Remedies

The list of Indoco’s noble deeds is quite long and includes many philanthropic activities. Kare-Panandikar informs, “Apart from annual donations to the Indian Cancer Society, the company also supports the Nana Palkar Smriti Samiti, an institute that strives for subsidised living and treatment of economically challenged cancer patients.” The company has a soft corner for specially-abled children who require support and assistance to lead normal and full lives. She adds, “Indoco greatly supports this cause and has made significant financial contributions to schools and NGOs working with the specially-abled. Moreover, besides providing free medical aid to various institutes, the company has also provided financial aid to improve hospital facilities and infrastructure in various parts of the country.”

Education has remained one of the key focus areas for the company. Scholarships granted for education have helped countless children achieve their academic goals in India and abroad. Blinds, old age homes, orphanages, women’s institutes have all been benefited some way or other with the donations made by Indoco. Besides well planned charity activities, the company has many times gone out of the way to help needy during uncalled for incidences. Scholarships given to underprivileged children, including to those of the Mumbai bomb blast victims have helped them pursue their education. Travel scholarships have enabled many needy students to pursue further education abroad and achieve respectable positions in the society. Medical aid in the form of medicines distributed at camps has provided the economically backward classes of the society with the support they require to live healthy lives.

Responsible employees

It’s all in the culture. The recent school kit drive conducted by Seva Sahayog Foundation NGO, on the company’s premises, saw an overwhelming response from the Indocoites, who contributed generously to support students in the slums of Mumbai.

Kare-Panandikar says, “The company’s efforts have always been towards the upliftment of the economically backward sections of the society. Indoco strongly believes in fulfilling its social responsibility and is proud to be known as a company that significantly contributes to the welfare and betterment of our society. The activities carried out by the company have greatly boosted the morale of its employees who feel privileged to be a part of an organisation that is sensitised to public welfare.”

The way forward

For Indoco, charity comes from social responsibility and not compulsion.

Kare-Panandikar informs, “An official CSR committee has been recently formed, headed by President -Finance and Company Secretary. Through this committee, the company intends to strengthen its existing efforts in helping the underprivileged and economically backward classes of our society. Support to women, children and the aged in the areas of health, education, public sanitation continue to be the focus areas of our initiative.”

Indoco is going to widen its CSR portfolio in future and intends to include environment safety and water conservation related issues on its CSR agenda.

“Apart from the existing activities, key areas identified for future CSR initiatives are environmental safety and water conservation. Environment safety is one of the main concerns in today’s world. The company believes it is its responsibility to provide a safe, healthy and pollution-free environment to the society,” concludes Kare-Panandikar.