Samsung Biologics, a leading CDMO, has become a powerful name among the biopharmaceutical industry thanks to its impeccable global track record, it’s state-of-the-art business practices, and its fully-integrated services which offers both speed and quality to clients. But the company understands the need to strive for more than just being the best. That’s why it has published its annual sustainability report, which consolidates its policies for an enhanced ESG (Environmental, Social, and Governance) management system as well as showcasing its ongoing commitment and long-term strategy for social responsibility.
What is ESG? The concept describes a set of standards that a company must meet in order to attract potential investors who are interested in socially conscious companies. These standards require a business to perform as a steward of nature in an environmentally conscious way. Furthermore, social criteria looks at the way the company handles relationships with employees, suppliers, customers, and communities where it operates. Employees should be comfortable, happy, and well-provided for by the company that employs them. They should also feel free to speak up if something is wrong. The community served by the company should feel safe and receive quality service from the company.
The last form of social consciousness that plays a role in ESG is governance, or how a company deals with leaders, investors, audits, shareholders, controls, and other aspects of the executive function of a company.
Profit and growth make a company successful, but the real challenge comes later when a company must prove to its consumers, partners, and the world that it is valuable to every aspect of human life. C-suite executives and board members are asked to show the social value of their company to those who play an active role in keeping it alive. In a world where social consciousness is important to the progress of humanity, ESG is indispensable. Samsung Biologics has introduced plans to expand its environmental investments in response to climate change, focus on reducing energy consumption, and participate in the Carbon Disclosure Project.
Emphasis on Sustainability
Sustainability proves that a company is worth its weight in the fight for human progress and the preservation of the environment. Samsung Biologics came forward with a key understanding of what they wanted to do and how they could do it better in the company’s latest sustainability report, published in June 2021.
This report looked at environmental trends and practices held by the company from January 2020 to December 2020. Investors typically want to find companies that align with their own values, especially in an age when scientists argue that businesses don’t always follow the best environmental practices. Companies who monitor and lower their energy use, waste, pollution, reliance on natural resources, and avoid inhumane treatment towards animals are the ideal investment for a young investor who may not feel comfortable associating with a business that simply ignores the climate crisis.
Samsung Biologics stated in its report that it intended to operate in a way that was environmentally friendly. The company recently achieved an ISO certificate in energy management. In a statement on its website, the company pledged, “Samsung Biologics will do its best to prevent environmental accidents and lead a sustainable future by reducing environmental pollution and prioritizing environmental values.”
How does a CDMO reduce its carbon footprint? Through these three initiatives:1. Reduction of environmental pollutants2. Chemical management3. Climate change response
Samsung’s unique Energy Management Policy shows it’s dedication to a better environment and a smaller carbon footprint. “We will strive to identify and comply with regulations and stakeholder requirements related to energy efficiency and energy use. We will strive to purchase energy-efficient products and services, to review energy usage in the planning stage of products, equipment, facilities and processes, and to pursue energy performance improvement and innovation. We are aware of the importance of energy and climate change, and will do our best to continuously improve energy performance in key business activities,” the company states.
John Rim, CEO of Samsung Biologics, said, “The publication of our annual sustainability report showcases our aims to accelerate innovation and contribute to building a healthier future for all stakeholders. As we have always been since our founding in 2011, Samsung Biologics will continue to carry out its social accountability – creating a safer and healthier culture, reducing its environmental footprint, and increasing reporting transparency on ESG initiatives.”
