Indegene Ltd - Stock Valuation and Financial Performance

The company was incorporated as ‘Indegene Lifesystems Private Limited’ at Ahmedabad, Gujarat, as a private limited company, under the Companies Act, 1956, pursuant to a certificate of incorporation dated October 16, 1998, issued by the Registrar of Companies, Gujarat, Dadra & Nagar Haveli at Ahmedabad. Thereafter, the registered office of the company was shifted from Gujarat to Karnataka in June 2003, and then, from Karnataka to Maharashtra in May 2014. Further, pursuant to a resolution passed by its Shareholders at the EGM held on February 29, 2016 the name of the company was changed to ‘Indegene Private Limited’ and a fresh certificate of incorporation was issued by the Registrar of Companies, Maharashtra at Mumbai on May 26, 2016. The name of the company was changed to better reflect the nature of business undertaken by the company. Thereafter, the registered office of the company was shifted from Maharashtra to Karnataka in February 2017. Subsequently, the company was converted from a private limited company to a public limited company, pursuant to a special resolution passed by its Shareholders at the EGM held on November 7, 2022 and the name of the company was changed to ‘Indegene Limited’ and a fresh certificate of incorporation was issued to the company by the RoC, on November 17, 2022.

The company provides digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech and medical devices companies, that assist them with drug development and clinical trials, regulatory submissions, pharmacovigilance and complaints management, and the sales and marketing of their products. Its solutions enable life sciences companies to develop products, launch them in the market, and drive sales through their life cycle in a more effective, efficient and modern manner. It achieves this by combining over two decades of healthcare domain expertise and fit-for purpose technology. Its portfolio of solutions covers all aspects of commercial, medical, regulatory and R&D operations of life sciences companies. Positioned at the intersection of healthcare and technology, the company’s solutions span across different stages of the commercialization lifecycle of drugs and medical devices. Its Enterprise Commercial Solutions and its Omnichannel Activation solutions cater to the commercial functions of life sciences companies while its Enterprise Medical Solutions and Enterprise Clinical Solutions cater to their medical and R&D functions.

Business area of the company

The company’s Enterprise Commercial Solutions primarily involve assisting life sciences companies with their digital marketing operations. Service providers in this segment assist life sciences companies by creating customized marketing plans and campaigns, expanding their reach to healthcare professionals (HCPs), and providing insights on HCP preferences. Besides, its Omnichannel Activation solutions help life sciences companies leverage a ‘digital first’ approach for optimizing the last-mile promotion of biopharmaceutical products and medical devices to HCPs across multiple channels. Here, it plays the role that has traditionally been played by medical representatives who promote products to HCPs through face-to-face interactions. However, using digital technologies and proprietary analytics, it seeks to achieve the same outcome at higher efficiencies and reduced costs. The channels it uses include emails, virtual sales representatives, social media and other digital platforms.  

Under its Enterprise Medical Solutions, the company establish centers of excellence (CoEs) to consolidate large scale regulatory and medical operations for its clients. CoEs comprise multidisciplinary teams that work on one or more client engagements. Through these CoEs, it assist with: (i) writing medical content, regulatory submissions, product labels and other medical information; (ii) reviewing medical communications to ensure compliance with regulatory guidelines and ethical practices; (iii) pharmacovigilance services, i.e., the monitoring and processing of adverse occurrences arising from the use of biopharmaceutical products; and (iv) conducting real-world evidence (RWE) based medical research to support market access and pricing strategies. In addition, it offers Enterprise Clinical Solutions and consultancy services. Its Enterprise Clinical Solutions help drive efficiencies in the drug discovery and clinical trial operations of life sciences companies. These solutions include digitally enabled patient recruitment for clinical trials, clinical data management and assistance with regulatory submissions.  

Key Awards, accreditations and recognition

• 2016: Ranked 88th among ‘India’s Best Companies to Work for’ by Great Place to Work, India and the Economic Times.
• 2016: Received the Business World HR Excellence Award for ‘Best Implementation of HR Technology’.
• 2017: Ranked 86th among ‘India’s Best Companies to Work for’ by Great Place to Work, India and the Economic Times.
• 2017: Recognised as one of the ‘100 Best Companies for Women in India’ by Working Mother Media and Avtar Group.
• 2017: Recognised as one of the ‘Healthy Workplaces in India’ by Arogya World.
• 2018: Ranked 60th among ‘India’s Best Companies to Work for’ by Great Place to Work, India and the Economic Times.
• 2018: Recognised as one of the ‘100 Best Companies for Women in India’ by Working Mother Media and Avtar Group.
• 2019: Recognised as one of the ‘100 Best Companies for Women in India’ by Working Mother Media and Avtar Group.
• 2019: Recognised as one of the ‘Platinum Healthy Workplaces in India’ by Arogya World India Trust.
• 2020: Ranked in the ‘Top 50’ category of ‘India’s Best Workplaces for Women’ by Great Place to Work, India.
• 2020: Ranked 96th among ‘India’s Best Companies to Work for’ by Great Place to Work, India.
• 2020: Recognised as one of the ‘100 Best Companies for Women in India’ by Working Mother Media and Avtar Group.
• 2020: Recognised as one of ‘India’s Best Workplaces in Health and Wellness’ by Great Place to Work, India.
• 2021: Ranked 100th among ‘India’s Best Companies to Work for’ by Great Place to Work, India and the Economic Times.
• 2021: Ranked in the ‘Top 100’ category of ‘India’s Best Workplaces for Women’ (large organisations) by Great Place to Work, India.
• 2021: Recognised as one of the ‘100 Best Companies for Women in India’ by Seramount (formerly Working Mother Media) and Avtar Group.
• 2021: Recognised as one of ‘India’s Best Workplaces in Health and Wellness’ by Great Place to Work, India.
• 2022: Ranked 438th among ‘Asia-Pacific High-Growth Companies’ by Financial Times.
• 2022: Recognised as a leader by Everest Group, in its ‘Life Sciences Commercial Services Specialists PEAK Matrix Assessment 2022’. 
• 2022: Recognised for its ‘Commitment to being a Great Place to Work’ by Great Place to Work, India.
• 2022: Recognised as ‘India’s Best Workplaces in Health and Wellness’ by Great Place to Work, India.
• 2023: Recognised as one of ‘India’s Best Workplaces in Professional Services’ by Great Place to Work, India.
• 2023: Awarded under the ‘Data Engineering for Good’ category at the Data Engineering Awards, 2023 by Analytics India Magazine.
• 2023: Awarded the ‘Best Overall AI-based Analytics Solution’ at the AI Breakthrough Awards, 2023.
• 2023: Recognised as a life sciences specialist with deep domain pockets and outcomes to match by HFS Horizons in the Life Sciences Service Providers, 2023.
• 2023: Awarded the Platinum level by Arogya World at the Healthy Workplace Conference and Awards, 2023.
• 2023: Certified as a great workplace by Great Place to Work Institute, India.
• 2024: Recognised as a leader by Everest Group, in its ‘Life Sciences Digital Services Specialists PEAK Matrix Assessment 2024’.
• 2024: Certified as a great workplace by Great Place to Work Institute, India. 

Major events and milestones

• 2005: Raised funding from Nadathur Holdings & Investments Private Limited.
• 2005: Expanded operations to the USA by incorporating a subsidiary named Indegene, Inc.
• 2005: Expanded operations to Southeast Asia by incorporating a subsidiary named Indegene Fareast Pte. Ltd. in Singapore.
• 2006: Acquisition of Medsn, Inc. a company in the USA which is engaged in medical education and marketing business, by one of its Material Subsidiaries, Indegene, Inc. through the merger of Medsn Merger Sub, Inc., an erstwhile wholly owned subsidiary of Indegene, Inc. with Medsn, Inc.
• 2007: Expanded the company’s services to include European territory 2008.
• 2008: Received BS ISO/IEC 27001:2005 certification for information security management system.
• 2009: Received ISO 9001:2000 certification for quality management system.
• 2012: Expanded operations to China by incorporating a subsidiary named Indegene Lifesystems Consulting (Shanghai) Co., Ltd.
• 2017: Acquisition of the Encima Group, Inc., a corporation which operates a digital service, marketing automation and analytics services business supporting clients in healthcare, life sciences and other industries by one of its Material Subsidiaries, ILSL Holdings, Inc.
• 2020: Acquisition of DT Associates Research and Consulting Services Limited, a consulting services company in UK supporting clients in healthcare, life sciences and other industries by one of its Material Subsidiaries, ILSL Holdings, Inc.
• 2020: Launched Indegene Digital Summit, a symposium on digital transformation and customer experience in life sciences.
• 2021: Expanded operations to Japan by incorporating a subsidiary named Indegene Japan, LLC.
• 2021: Raised equity funding from CA Dawn Investments and Brighton Park Capital.
• 2021: Received BS ISO/IEC 27701:2019 certification for privacy information management system.
• 2022: Acquisition of Medical Marketing Economics, LLC by one of its Material Subsidiaries, ILSL Holdings, Inc. and subsequent merger of Medical Marketing Economics, LLC with Indegene, Inc.
• 2022: Expanded global operations with new offices in Mexico.
• 2023: Acquisition of Cult Health, a company engaged in the business of providing advertising services to parties in the healthcare sector, by one of its Material Subsidiaries, ILSL Holdings, Inc.
• 2023: Expanded its presence in Europe with the acquisition of Indegene Healthcare Germany GmbH (formerly Sotus 852 GmbH) by its subsidiary, Indegene Ireland Limited.
• 2023: Launched Invisage, an AI-enabled hybrid omnichannel sales and marketing platform.
• 2024: Acquisition of Trilogy Writing & Consulting GmbH, a company engaged in providing high-end medical writing to customers that include market-leading pharmaceutical companies, along with three of its wholly owned subsidiaries, by one of its Subsidiaries, Indegene Ireland Limited.
• 2024: Ranked 167 in The Next 500 India’s Largest Emerging Companies by Fortune India.