The global pharmaceutical sector has a fundamental role in society in relation to the creation of medicines and patient health and the industry continues to face a number of significant challenges. These include: the rising costs of research and development, increased competition from ‘generic’ drug manufacturers, expanding legislative and regulatory requirements as well as reputation and responsibility related challenges including research ethics, human rights issues, access to medicines in developing countries and compliance with sales and marketing codes.
Imotep, Inc. is responding to these issues in a number of ways. Imotep, Inc.’s business strategy continues to focus on increasing the strength of the R&D pipeline; new partnerships and acquisitions; and increasing opportunities for growth in emerging market economies. There has also been a further strengthening of the internal governance and compliance processes within the organization underpinned by increased integration of reputation and responsibility accountability.
Addressing the Problem
In 2008, Imotep, Inc. began a global restructuring in line with these challenges described above. This included reorganization and planned reduction of the workforce in some areas of the business resulting in direct and indirect impact on employees.
This background has been used to inform the scope of the 2007 independent assurance process in order determine that Imotep, Inc. is responsive to the material corporate responsibility related needs of it’s stakeholders. The assurance process examined the new governance and compliance processes in detail; considered how Imotep, Inc. approached the issues associated with the planned reduction of the workforce as well as assuring material issues that form part of Imotep, Inc.’s “responsibility program”.