Industry leaders promise social responsibility in new Biotech Social Pact

69 leaders of the biotech and life science industry including CEOs, investors and other stakeholders have signed a pact declaring their commitment to always act with the highest integrity and corporate responsibility, and to always prioritise the interests of patients.

The Biotech Social Pact presents three Core Principles and Actions which the undersigned leaders agree to abide to:
 
Ensure access
To ensure access through collaboration, investments in innovation, sustainable growth, ethical use of economic and regulatory incentives and to become constructive and open-minded partners to European and national authorities.
 
Act with integrity and responsibility and be committed to patients
To support only ethical business practices, invest only in novel therapies that address unmet needs and priorities, build patient-centric companies rooted in principles of compliance, transparency and ethics, and to speak out and eliminate tolerance towards those who do not fairly reward innovation.
 
Contribute to a renewed European industry through investment and growth
To conduct a significant share of clinical research in Europe with public and academic partners, reinvest revenues through European-based operations and highly qualified jobs and to engage policymakers in order to develop world-class biotech ecosystems.
 
In an accompanying article in PharmaPhorum, a number of the signatories added:

“For us to be able to make such commitments, it is equally important to have an open discussion on current systems and how they can be reformed to encourage more innovative pricing, funding and access mechanisms that could help speed up access.”

 
Next steps for the group include discussions with European and national leaders on the implementation of the Pact as well as securing commitment from all parties.
 
For more information, read the complete Biotech Social Pact and PharmaPhorum article.

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Published on 2. October 2020 in Interesting Reads, News, Press Release