Alvotech Announces Corporate Sustainability Participation and Releases 2020 and 2021 ESG Data
Alvotech, a global biotech company specialising in the development and manufacture of biosimilar medicines for patients worldwide, announced that it released data on environmental, social, and governance (ESG) indicators for 2020 and 2021 to provide stakeholders with more transparency.
Robert Wessman, Founder and Executive Chairman of Alvotech, said:
"We believe that biosimilars are well-positioned to create significant social benefits in the coming years as global healthcare systems grapple with the high cost of biologic therapies. Further, our manufacturing base in Iceland allows us to leverage the country’s renewable resources, strong sustainability and social policy framework.”
Reykjavik, Iceland, is home to Alvotech's corporate headquarters, purpose-built production facilities, and a large portion of the company's R&D operations.
The Reykjavik facility has both drug substance and drug product capabilities and will be used for global supply. Iceland, which is conveniently placed between the United States and continental Europe, has an abundance of renewable energy resources. Renewable hydro and geothermal energy is used to create electricity, while renewable geothermal energy is used to provide heating for the Reykjavik area.
Mark Levick, CEO of Alvotech, said:
"Today’s disclosure is the first step in our journey to improve our stakeholder engagement and demonstrate our commitment to corporate sustainability. We believe a strong commitment to sustainability will make us a better partner and supplier, and ultimately a better business.”
As part of its sustainability strategy, Alvotech has appointed Ming Li, the company's Chief Strategy Officer, as its Head of Sustainability. Mr. Li will oversee Alvotech's sustainability efforts and collaborate with the rest of the executive team and the Board of Directors to ensure alignment and implementation of the company's sustainable efforts.