Foreword #
Our research-based biopharmaceutical industry is unlike any other – our
products can prolong and save lives. Because of the very nature of our business,
society’s expectations of our industry are high and criticism is harsh when we do
not meet these expectations. There is no doubt that this industry brings great
value to society in helping to improve global health but we are deeply conscious
we can never rest on our laurels. All who work in it, over two million employees,
are properly held to higher standards than most because the very nature of
our business requires us to win and retain patient trust. Trust is the life-blood of
our industry. It goes without saying that key ethical and safety values must be
embedded within this highly regulated industry.
Today, as societal expectations step up several gears within a world of ever
faster, more and more interconnected change, how we earn and keep the trust
is critical. Trust is the basis of reputation and essential for innovation. There is no
true innovation without ethical decision making. Doing the right thing creates
a competitive advantage and therefore increases shareholder value. Ethical
business conduct remains a constant challenge. In a fast-changing world, what
was acceptable business practice a few years ago may no longer be adequate
today. Thus, IFPMA’s mission which rests on the establishment and promotion
of ethical principles for the industry as a whole, has to adapt to societal
expectations of ever higher standards
