Samsung Biologics recognised for sustainable growth

The Frost & Sullivan Institute stated that it is proud to present Samsung Biologics with the 2022 Enlightened Growth Leadership Award for not only demonstrating growth excellence but also social responsibility.

In announcing the award, the Institute asserted that it “believes that all organisations must either create or become part of a solution that addresses threats to humanity,” highlighting Samsung’s strong environmental, social and governance (ESG) and sustainability initiatives the reason for the award.

The Enlightened Growth Leadership Awards recognise organisations that are committed to making the world a better place and that are part of the solution to global challenges. It considers the synergy between growth, corporate social responsibility (CSR) and ESG. To obtain this award, companies must proactively utilise business practices to ‘innovate to zero’ (removal of the undesirable and/or the unnecessary, such as carbon emissions and crime) and address global priorities while securing sustainable growth. 

The award announcement details the company’s various activities that garnered the award. Such actions include how, as a response to climate change, Samsung Biologics made progress in reducing Scope 1 and 2 emissions by 32.3 percent compared to the previous year and fostered collaborative solutions by participating in the Frontier 1.5D initiative to develop a climate risk management model as part of the 2050 Carbon Neutral Strategy.

Samsung Biologics is also participating in the Health Systems Taskforce as part of His Royal Highness The Prince of Wales’ Sustainable Markets Initiative, alongside global leaders from across the healthcare system, academia and international organisations like the World Health Organization (WHO) and the United Nations Children’s Fund (UNICEF).

Additionally, the Institute stated that, by committing to Science-Based Targets and environmental reporting in line with the Carbon Disclosure Project (CDP) and the Global Reporting Initiative (GRI), the company continues to effectively contribute to Sustainable Development Goals of Good Health and Well-Being and Responsible Consumption and Production.

Samsung Biologics has also been actively making social contributions, providing youth education and scholarship support, equitable access to quality and affordable healthcare services, and childcare support. Jointly with other Samsung affiliates, the company has introduced new programmes like Dream Class to provide career counselling for students in low-income families and the Stepping Stone of Hope to offer training and support for at-risk youth.

Research from the Frost & Sullivan Institute and Frost & Sullivan, states that “With end-to-end, integrated biopharmaceutical solutions in contract development and manufacturing, and expansion plans across Asia, America, and Europe with an underlying vision to enrich human lives, Samsung Biologics stands out for its contribution in protecting and prolonging human lives by producing life-saving drugs and vaccines in collaboration with its clients. This recognition is also a testimony to Samsung Biologics’ unwavering commitment to the vision of ‘innovating to zero’ – zero global illnesses, zero emissions, and zero workplace accidents achieved through professional excellence, science-based emission reduction targets, and robust safety assessment frameworks.”

John Rim, CEO and President of Samsung Biologics commented on the announcement: “We are proud to receive this award and be recognised for our efforts in proactively addressing global priorities, while securing continuous growth as a sustainable [contract development and manufacturing organisation] partner. We will continue to implement innovative and sound business practices throughout our value chains to build a healthier ecosystem, driving a sustainable future for all.”

Samsung Biologics, along with other recipients of the Enlightened Growth Leadership Best Practices Recognition, will be awarded and celebrated at the Frost & Sullivan Institute’s virtual banquet on 22 November 2022.