Environment, Social & Governance
As an ASX300 biopharmaceutical company, Starpharma produces positive societal outcomes for its stakeholders, including patients, consumers, shareholders, employees, the broader community and the environment. The very nature of Starpharma's products affords the opportunity of changing lives for the better. Through innovative research and development, Starpharma and its partners are creating therapies which have the potential to profoundly improve patient health worldwide.
This year, Starpharma published its first standalone ESG Report to further communicate the company’s established practices and its focus on continuous improvement in this area. The report details how Starpharma contributes to and cares for the broader community, and the company’s commitment to responsible business practices to ensure its products are being developed safely and ethically, in strict compliance with the relevant regulatory requirements, including for the areas of research, commercialisation and supply.
Our ESG Framework comprises Products & Patient Health, Our People, Governance, and the Environment, and is embedded with specific activities and initiatives to achieve high standards in each of these areas.
Our People, Our Values
Developing new pharmaceutical and medical products is both challenging and rewarding. Doing so requires a culture where our people have the right balance of both patient-centric and commercially-focussed values. Working with a sense of urgency, innovative thinking, resilience and collaboration are central to our company values: Teamwork, Superior Performance, Innovation, Integrity and Accountability. Our people have a strong sense of how their work benefits the broader community.
Starpharma is committed to continued development of its organisational capabilities, including a focus on initiatives that promote diversity and inclusiveness in the workplace. We believe having a diverse workforce drives better outcomes for our business and provides the company with greater breadth of experience and ideas.
As at 30 June 2020, almost half of our employees were born outside of Australia and approximately half of our employees are female. Half of the leadership roles at Starpharma are held by women, and at Board level, 33% per cent of directors are female. Since 2011 Starpharma has maintained female representation on its board of between 33-40% .
We have a highly skilled and specialised workforce. The employees of Starpharma are critical to the company achieving business success. To ensure a positive culture and that Starpharma remains a safe, healthy, and attractive workplace for our employees, Starpharma has well developed workplace policies and practices. Starpharma’s code of conduct reflects the core values of the company and sets out standards of behaviour in matters including equal employment opportunity and best practice in recruitment.
At Starpharma, occupational health and safety is key and is considered every employee’s responsibility. Starpharma’s occupational, health and safety program is designed to prevent work related injuries and accidents and the company has an excellent track record in this regard. The company’s zero harm objective is promoted through a culture of safety and hazard reporting and overseen by an active OH&S committee. OH&S is monitored by both lead and lag indicators. Incidents and near misses are reported and investigated in order to understand root causes and prevent recurrence. During FY20 and at least the previous five years, Starpharma has had no Worksafe notifiable incidents.
Starpharma has established important business and scientific partnerships with leading global companies, international medical research organisations and key governmental and nongovernmental departments and institutions. These relationships offer critical inputs from world experts and provide a pathway for products to enter the market and change daily lives.
Product & Patient Safety
All Starpharma’s products, are developed in compliance with the relevant regulatory requirements, including for the areas of research, clinical trials, commercialisation and manufacturing.
Starpharma takes product quality very seriously and has a comprehensive quality management system with well-developed quality systems processes, including (but not limited to): change control, internal auditing, complaint handling, post market surveillance and supplier management. Starpharma also ensures that its manufacturing suppliers have all the necessary controls in place for quality performance.
The company’s supplier code includes a wide range of business practices to provide suppliers with clear expectations regarding their conduct. Starpharma is conscious of responsible and ethical sourcing and is actively reviewing its procedures in this area. The company is continually reviewing the applicable guidance on responsible sourcing and sustainable procurement with the aim of creating greater social and sustainability benefits through its purchasing activities.
Starpharma is committed to conducting its operations in an environmentally responsible manner, as healthy people rely on a healthy environment. Reducing our environmental footprint is not only important for human and environmental health - it also leads to the long-term health of economies and our business. The company ensures it has appropriate systems in place to comply with relevant Federal, State and Local regulations, and has adopted documented procedures and processes to ensure all waste products are disposed of strictly in accordance with relevant environmental regulations.
Download the full ESG Report.
The latest Corporate Governance Statement and related charters and policies are available here