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STADA strives to avoid any negative impact and to achieve only a positive effect on the global or local environment, community, society, or economy. Its business endeavors to meet the triple bottom line and beyond.
Relevant topics for STADA’s material assessment:
- R&D focused on medical needs
- Transparency and ethical marketing
- Sustainable products and packaging
- Business continuity management
R&D focused on medical needs
Research and Development (R&D) enables richer product range for better health of people. The pandemic year proved this to be even more important when the response to peoples’ needs and the needs of public healthcare systems must to agile.
The development of new products is a mainstay for the progress of the pharmaceutical industry, through pushing the boundaries in the possibilities of application of existing and the creation of new pharmaceutical products. Thus, the development of new products enables offering the market, in the shortest possible time, the high quality, efficient, safe medicine, with observance and compliance with the strictest regulatory and commercial requirements of the market. The goal of generic drug development is to complete development and registration as an adaptive response to originator drugs, and to launch a new product on the market faster and more efficiently, thus making therapy more accessible to patients.
Research and Development at STADA are entrusted to the Development Division, Regulatory Affairs Division and Medical Affairs Division.
Transparency and ethical marketing
Caring for people’s health is the essence of STADA’s business and social activities. Therefore, it does not come as a surprise that the focus of STADA’s activities is Sustainable Development Goal 3, which advocates good health and well-being. Accordingly, the company puts prevention first through educating the general and professional public and developing healthy lifestyles, which has proven to be essential in the time of the coronavirus pandemic. STADA strives to empower and encourage each individual to become a manager of their own health, through personal and collective health responsibility, thus strengthening the public healthcare system itself. Pharmaceutical marketing is a highly ethical category for STADA and all product-related information, in addition to complying with legal frameworks, has been verified, validated and supported by appropriate scientific references. Any information is additionally checked internally. The entire Legal Affairs Division, and Compliance Manager in particular, are actively involved in all STADA’s marketing activities. In such a way, the company protects equally its own and the interests of all parties involved – from professionals to end users and patients. This, together with uncompromising product quality, is exactly what makes STADA a trusted and go-to partner in prevention and treatment.
In accordance with the law, the company presents therapeutic benefits, intended indications and rules for the use of pharmaceutical products, through active dialogue with all stakeholders, especially doctors and pharmacists, insisting on responsible administration of therapy based solely on professional authority. The responsibility also lies in encouraging the public to report absolutely all, even the smallest, potential suspicions of adverse drug reactions. STADA sees great potential in the digitalization of the pharmaceutical industry and pharmacy in general. Its main advantage would be closer acquaintance of patients with the proper use of medicinal products, with the possibility of reminding them to take the medicines on time (through various dedicated applications), but also providing healthy advice and two-way communication with doctors and pharmacists. All this together can significantly improve the efficacy of medicinal products, which is based on the proper and timely administration of prescribed therapy.
The primary activity of STADA is production of quality, effective, safe and affordable pharmaceutical products, which are intended for caring for people’s health and enable development of healthy lifestyles. One of the most important roles in this belongs to the modern, reliable and extensive range of products which is continuously optimized by the company.
Sustainable products and packaging
STADA is constantly improving its sustainable products and packaging programs to reduce plastic in packaging design, increase the use of recycled cardboard for products’ boxes and transport boxes, while reducing carbon footprint across the packaging supply chain. Its subsidiaries significantly contribute to this program, i.e. Hemofarm (Serbia) preserved 171 hectares of wood during previous 10 years by using recycled cardboard for packaging, which is equivalent to 218 football fields approximately.
When it comes to CRC closures (child resistant closures), an ongoing reduction of the use of plastic as a starting raw material for all closures of this type (up to approximately 30%) has continued, without affecting the quality and safety of products.
Business continuity management
STADA’s Internal Control and Risk Management System, which is designed to ensure the responsible handling of risks, represents the basis for responsible corporate governance. It puts the Executive Board in a position to recognize Group-wide risks and market tendencies so that it can immediately react to relevant changes in the risk profile. In this regard, all departments are connected to the Risk Management System, thus allowing for comprehensive risk monitoring, including the monitoring of potential risks from non-financial areas. The monitoring of non-financial risks is conducted in the same way as financial risks. Generally speaking, for each risk recorded, the indirect impact of the risk is assessed and presented in addition to the direct impact. The inclusion of indirect effects also ensures that non-financial risks are recorded so that their financially measurable impact can be determined and mapped in the Risk Management System.
The Internal Control and Risk Management System is subject to the annual audit, as well as to audits by Internal Audit at regular intervals. The Internal Audit department also supports the Executive Board as an independent body outside of daily business operations by evaluating Group-wide internal procedures and processes from an objective perspective and with the necessary distance. The goal is to optimize business processes, reduced costs, realize efficiency increases and to achieve internally determined goals by way of improved internal controls (see “Opportunities and Risk Report – Internal Control and Risk Management System for the Group accounting process [report in accordance with Sections 289 Paragraph 4, 315 Para- graph 4 HGB]”).