A Decade of Compliance and Ethical Management in the Pharmaceutical Industry at a Glance... Korea Pharmaceutical and Bio-Pharma Manufacturers Association Publishes 'Ethical Management Report'

[Asia Economy Reporter Lee Gwan-joo] The Korea Pharmaceutical and Bio-Pharma Manufacturers Association announced on the 22nd that it will publish the '2022 KPBMA Pharmaceutical and Bio-Pharma Industry Ethics Management Report' to establish compliance and ethical management in the pharmaceutical and bio-pharma industry and to promote transparent and sustainable management.

The report is composed in the following order: ▲Achievements and challenges of 10 years of ethical management in the pharmaceutical industry ▲Enhancing transparency in the pharmaceutical market and the role of fair competition agreements ▲Operation of the pharmaceutical and bio-pharma industry CP (Compliance Program) and future tasks ▲Achievements of ISO 37001 adoption and ethical management practice tasks ▲ESG and ethical management in the pharmaceutical and bio-pharma industry ▲Trends in ethical management in the U.S. pharmaceutical industry ▲Trends in ethical management in the Japanese pharmaceutical industry ▲Trends in ethical management in the European pharmaceutical industry ▲Appendix (case studies of ethical management implementation by member companies).

The association has carried out continuous transparency enhancement projects through the establishment of corporate ethics codes to eradicate rebates, the introduction of ethical management checklists, and the operation of various committees. Additionally, companies have been striving to establish an industry culture through the adoption of compliance programs and international standards, the establishment of internal dedicated organizations, education, and research.

This ethics management report calls for seeking efficient solutions to important issues such as illegal rebates through CSOs (Contract Sales Organizations) and the disclosure system of expenditure reports. Furthermore, it emphasizes the need for the development of compliance and ethical management to establish a higher level of pharmaceutical distribution order, including the preparation of online marketing standards in response to changes in the sales and marketing environment due to COVID-19 and the introduction of ESG management.

In his foreword, Chairman Won Hee-mok stated, “The industry began compliance and ethical management under legal control, but by actively accepting and continuing autonomous regulatory activities, it has achieved remarkable results such as acquiring self-purification capabilities. When these outcomes accumulate and the culture of ethical management takes root in the industry ecosystem, the pharmaceutical and bio-pharma industry will be reborn as a more transparent and sustainable future growth industry.”

This content was produced with the assistance of AI translation services.