Diversity, Equity and Inclusion in Biotech & Pharma

Diversity, Equity and Inclusion in Biotech and PharmaInsights into the industry's DEI issues and how stakeholders can take direct actionAnalysis and insights from leading biotech and pharmaceutical executives and investors in championing diversity, equity, and inclusion.Contents

Introduction

As a follow-up to an industry study and report produced by Informa Connect Life Sciences this year, we have created this e-book as part of our INCLUSION series to provide additional analysis and insights from life science executives, investors, and advocates of diversity, equity, and inclusion.Systemic racism, sexism, ableism, and other forms of discrimination create disparities in healthcare, education, career opportunities, as well as innumerable other areas of modern life.While there are no quick fixes for these issues, the life science industry is taking an active role in addressing these societal challenges in a meaningful way.This e-book highlights five key areas that the biopharma industry can tackle:

1. Acknowledging that there are problems that need to be addressed. The death of George Floyd and the impact of Covid-19 exacerbated the racial inequities in our society and they can no longer be denied

2. Proactively engaging with marginalized communities to build diverse workforces

3. Advocating for and creating a pipeline for women and people of color in leadership positions

4. Investing in historically marginalized communities, specifically in entrepreneurship, disease areas affecting these communities, and access to resources

5. Improving guidelines for clinical trials for greater representation within patient populations

Addressing institutional biases as well as individual unconscious biases is a starting point and enables us to develop and share strategies to dismantle prejudices.Embracing marginalized majorities, fostering cultural competencies, intentionally creating inclusive environments, and actively sponsoring women and ethnic minorities for career advancement will lead to a robust ecosystem that supports DE&I and more accurately reflects our society.Studies by E&Y, Deloitte, PWC, McKinsey, and others have shown that these types of actions will also create more successful businesses.Significant benefits such as increasing profitability, attracting and retaining talent, and fostering innovation are just a few of the reasons companies should evaluate their current DE&I policies.This is especially important in the life science industry where research, drug development, and access to medicine can ultimately determine life or death for millions of patients around the world. The critical societal impact of improving patient outcomes cannot be measured.The life science industry has changed the course of the Covid-19 pandemic by saving countless lives with vaccines and therapies. It has shown the world its ability to mobilize its resources, collaborate, and lead.The BIOEquality Agenda and PhRMA’s commitment to the CEO Action for Diversity and Inclusion Pledge are also examples of the industry’s influential position to lead and affect change with long-lasting impact.As professionals in this industry, we have the privilege and responsibility to do better, starting by challenging the status quo.By taking a hard look at company policies, having honest, difficult discussions, and committing to making positive changes, we can embrace the differences that make us stronger.We can either be part of the solution or contribute to the problem. Intrinsically, this is a community of problem solvers, so we hope you will join us on this journey towards creating a culture that celebrates diversity, creates equality, and fosters belonging.