Samsung Biologics Becomes First Korean CDMO to Join U.S. Nonprofit Group
Samsung Biologics has become the first Korean CDMO to join the prestigious Pharmaceutical Supply Chain Initiative (PSCI), responsible for promoting sustainable supply chains in the biopharmaceutical industry. Membership requires a thorough evaluation of companies' Environmental, Social, and Governance (ESG) practices, with the inclusion successfully highlighting the company’s commitment to ESG standards and positions it as a global leader in the CDMO industry. The company will continue to participate in climate initiatives and the United Nations Global Compact, further solidifying its leadership in sustainable practices.
The following article originally appeared in Korea Biomedical Review.
Samsung Biologics said it has become the first Korean contract development and manufacturing organization (CDMO) to join the Pharmaceutical Supply Chain Initiative (PSCI).
Established in the U.S. in 2013, PSCI is a nonprofit organization that promotes a sustainable supply chain in the biopharmaceutical industry. The initiative has 83 member companies worldwide, including major pharmaceutical giants like Johnson & Johnson, Pfizer, Novartis, and AstraZeneca.
PSCI requires companies aspiring to join it to undergo a thorough pre-evaluation of their Environmental, Social, and Governance (ESG) management status. The evaluation is based on PSCI's “Principles for Responsible Supply Chain Management,” which cover five key areas -- environment, human rights and labor, health and safety, ethics, and management systems.
As a PSCI member, Samsung Biologics plans to collaborate actively with other member companies to enhance its ESG management practices.
Such efforts include strictly adhering to PSCI's supply chain management principles and actively participating in upcoming audit programs. During these audits, member companies are expected to provide detailed information on their ESG management status, and the results are shared among the members.
The company expects this process will enhance the transparency and external credibility of Samsung Biologics' ESG management.
In addition to its PSCI membership, Samsung Biologics said it is involved in various initiatives to lead sustainable management within the biopharmaceutical industry.
For instance, the company chairs the Health System Task Force within the Sustainable Markets Initiative (SMI), which promotes ESG management among supply chains and partners, according to Samsung Biologics.
Samsung Biologics also issued an open letter urging its suppliers to participate actively in climate change initiatives and provided concrete measures to reduce supply chain carbon emissions in July 2023.
The company joined the United Nations Global Compact (UNGC), a U.N.-led initiative promoting responsible business practices in June 2023.
UNGC is the world's largest voluntary corporate citizenship initiative, establishing 10 principles related to human rights, labor, environment, and anti-corruption and offering practical solutions for companies to incorporate these principles into their operations and strategies.
"With the PSCI membership, we aim to advance ESG management practices and strengthen our position as a global leader in the CDMO industry,” Samsung Biologics CEO John Rim said.
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