GSK Pioneers New Business Models to Fortify Healthcare Infrastructure
(3BL Media/Justmeans) – Millions of people still do not have access to vaccines and treatments they need because they cannot afford them, cannot get them locally, or they simply do not exist. Many countries continue to have under-resourced health systems. Global healthcare companies can play a vital role in tackling these challenges and building a sustainable health infrastructure.
GSK’s newly released Annual Report and Responsible Business Supplement highlights the proactive role the company is playing to strengthen global healthcare infrastructure. GSK is using open innovation to target unmet medical needs and pioneering new business models to extend the benefits of its products to more people.
The company has reported on progress against 23 forward-looking commitments across four focus areas:
GSK aims to make a difference to health and well-being in communities through economic contribution, investment, education programs and partnerships. In 2015, the company invested over £208 million in communities around the world. The company has committed to reinvest 20 percent of its profits back in to improving the healthcare infrastructure in the world’s Least Developed Countries.
GSK works with partners and humanitarian organizations to prepare for and respond to emergency situations. Depending on the situation, it fast-tracks the development of life-saving vaccines, and also contributes by donating cash, products and employees’ time. In 2015, the company donated £1.1million to support efforts to address the global refugee crisis.
GSK is creating a sales force that puts patient needs first. In 2015, the company completed the roll-out of changes to the way its sales teams are compensated globally. Its pharmaceutical medical representatives around the world no longer have individual sales targets. Instead, they are incentivized based on their technical knowledge, the quality of service they deliver to healthcare professionals (HCPs) to support improved patient care, and a broader set of business performance measures.
As of January 2016, the company no longer pays HCPs to speak to other prescribers about GSK’s prescription medicines and vaccines. In terms of research, GSK was the first pharmaceutical company to sign up to the AllTrials campaign for trials to be registered and results reported. In 2015, the company increased the use of preferred suppliers from 70 percent to 84 percent.
GSK encourages employee volunteering through its PULSE Volunteer Partnership, which is a skills-based volunteering initiative. Through PULSE, eligible employees are matched to a nonprofit organization for three or six months full-time, contributing their skills to solve healthcare challenges at home and abroad.
Since its launch in 2009, PULSE has sent nearly 560 employees from 57 countries to serve 103 nonprofits and provided over £19 million worth of skilled services to its partners.
GSK has set ambitious goals to reduce carbon, water and waste across its value chain – from the sourcing of raw materials and the impacts of its own labs and factories, to the use and disposal of its products by patients and consumers. The company is targeting a carbon neutral value chain by 2050 with ambitious goals to reduce carbon, water and waste.
GSK is a signatory to the UN Caring for Climate initiative, the UN CEO Water Mandate, We Mean Business, and a member of the Prince of Wales Corporate Leaders Group.
Source: 3BL Media