Korean Pharma: Waste Disposal Most Significant in E Among ESG

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by KnowESG

According to a survey, the Korean pharmaceutical sector prioritises waste disposal issues among ESG (environmental, social, and governance) strategies.

According to a poll performed by the Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPMBA) on 71 companies from September 1-30, over 54% of respondents named waste disposal the most serious environmental issue, while 21.1 per cent identified carbon dioxide emissions.

In the social category, 43.7 per cent said the Korean pharma industry should improve the supply chain in cooperation with subcontractors.

In terms of governance, 33.8% said they should improve how the board of directors works.

When asked which of their business activities was most closely related to social value, 62% said new drug development and R&D investment, 60.6 per cent said production and supply of excellent medicines, and 57% said supply of essential drugs.

In addition, the poll asked whether ESG-related policies being pushed in Europe would have the most impact on Korean pharma. 35.2 per cent of respondents indicated mandatory supply chain due diligence, while 32.4 per cent said mandatory ESG public reporting.

The survey found that only 19 of the 71 companies (or 26.8 per cent) offered education programmes about ESG.

The 19 companies carried out ESG training only once per year or less frequently, meaning that most Korean pharmaceutical and biopharmaceutical firms have yet to start making efforts to internalise ESG in their business structure, the KPMBA report said.

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Source: Korea Biomedical Review