Korean Drug Firms Double Down on ESG Management

(image: Korea Bizwire)

SEOUL, July 11 (Korea Bizwire) — South Korean drug companies and biotech firms are stepping up to advance environmental, social, and governance (ESG) management following the coronavirus pandemic and concerns over global warming.

SK Bioscience Co. said in its ESG report published last month for the first time since its establishment that it had generated “social value” of 339.9 billion won (US$260 million) through the consignment production of COVID-19 vaccines last year.

The company developed South Korea’s first COVID-19 vaccine this year and plans to generate social value by training professionals in the global biomedical industry.

Meanwhile, Daewoong Pharmaceuticals Co. signed a contract with Daewoong Bio Inc. and CutisBio to develop eco-friendly pharmaceuticals last month, coming up with environment-friendly catalysts like coliform and yeast to reduce byproducts generated during the process of petrochemical-based organic synthesis.

South Korean pharmaceutical and biotech companies are tranforming the way they do business to reflect a new global culture that focuses on ESG management following the onset of the coronavirus pandemic and growing concerns over climate change, led by new ESG standards included in trade agreements signed in the U.S. and Europe.

Lina Jang (linajang@koreabizwire.com)