Member Article

Life cycle management company Pharmanovia launches sustainability report

• Pharmanovia, the life cycle management company, has today announced that all employees have been set ESG targets as part of their annual performance goals, following the release of the first edition of its Sustainability Report.

The report sets out a range of global initiatives among the firm’s ESG objectives, demonstrating the strong progress already achieved in instituting policies, oversight mechanisms, and information systems as part of a robust governance system integral to business success.

The setting of ESG targets for all its employees as part of the performance review process has been introduced at its global offices including those in the UK, Denmark, Netherlands, UAE and the Far East.

Key highlights featured in the Sustainability report include:

• A commitment to work towards Science Based Targets (SBTs) on carbon reduction where the business has already made considerable progress, evidenced by a 443% increase in its use of sea freight over air. • Increasing promotion of diversity and inclusiveness. Already, over 60% of Pharmanovia’ S staff are female, well above the industry average, including 30% at leadership level and 37% at management level. Female representation has increased to 11% at management level and diversity analysis and target setting, especially at board level, has been identified as a key feature. • Target-setting for use of recycled materials in secondary packaging for the 14.6m packs of medicine sold by the company a year • The appointment of ESG Ambassadors and the creation of an ESG committee to set an action plan annually

As part of its initiatives, Pharmanovia can also announce that this year, it will launch its new Know Your Business Partner (KYBP) policy and programme, which will incorporate supply chain audits.

This robust programme will acknowledge the different requirements for each type of Business Partner and focus on continued performance, conformance, compliance, and evaluation.

Neeshe Williams, General Counsel, Pharmanovia, said, “The sustainable economy is here to stay, and sustainable business practices can no longer be overlooked by organisations of any size. The pharmaceutical industry is deeply rooted in ESG issues and overcoming these should be a key priority for 2022 and beyond.

“Though we face stiff challenges, Pharmanovia is committed to setting bold targets and is determined to deliver on the ambitious ESG goals set out in this report. All of our employees have been assigned longstanding ESG performance targets and are encouraged to apply a sustainable lens to their role. A people business with a strong, supportive culture, Pharmanovia aims to foster a diverse and multicultural environment. Our team comprises 29 nationalities and we are proud to have increased our female representation at management level by 11% since 2020.”

James Burt, CEO, Pharmanovia, said, “We are deeply committed to embedding ESG best practices in pharmanovia’s ethos and acting responsibly with integrity and respect, values that are integral to our continued growth and long-term success of the business.

“We have managed to collect exhaustive data spanning across the business and built a strong ESG foundation, which we hope to bolster with diverse initiatives in the future. Pharmanovia prides itself on being an agile and innovative business, and we will be sure to replicate these aspects in our ESG commitments as well.”

This was posted in Bdaily's Members' News section by Lucie Hayes .