SK Biopharm Joins ESG Management Initiative 'PSCI'

[Asia Economy Reporter Chunhee Lee] SK Biopharm announced on the 24th that it has joined 'PSCI,' an ESG (Environmental, Social, and Governance) initiative, becoming the first domestic pharmaceutical and bio company in Korea to do so.

PSCI is a non-profit organization established to ensure the sustainability of the global healthcare supply chain. It is recognized for its credibility as one of the major initiatives mentioned in ESG reports, with only about 50 global pharmaceutical companies worldwide as members.

SK Biopharm decided to join PSCI to proactively respond to and manage ESG risks of its partners. In future production and supply contracts, the company plans to comply with PSCI's five key principles (ethics, labor, health and safety, environment, management systems) and enhance related programs and systems, thereby strengthening the entire supply chain value chain.

SK Biopharm began full-scale ESG management in April last year. It established an ESG Strategy Committee and ESG Secretariat and developed a roadmap aligned with global guidelines such as GRI and SASB. In July, it published its first Sustainability Management Report and announced mid- to long-term action plans.

Victoria Elizabeth Stone Biarup, Chairperson of PSCI, said, “We welcome SK Biopharm as the first Korean company to join PSCI,” adding, “We will collaborate to build a sound supply chain and expand positive influence in the global pharmaceutical and bio markets.”

Jungwoo Cho, President of SK Biopharm, also said, “We are pleased to participate in the journey to improve the social and environmental conditions of the global pharmaceutical and bio industry and community as a member of PSCI,” and added, “We will expand ESG management to continuously supply high-quality and safe pharmaceuticals to the global market.”

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