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Novo Nordisk
PURPOSE
"Drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease."
INDUSTRY
Healthcare
PRODUCT / SERVICE
Diabetes, Obesity, Hemophilia, Growth disorders, Hormone replacement therapy
TARGET BENEFICIARIES
Patients/individuals with serious chronic diseases pertaining to products provided
IMPACT MODEL
Novo Nordisk's business philosophy is having a Triple Bottom Line business (financially, socially, and environmentally responsible). Their ambition is to be a sustainable business by creating long-term value for patients, employees, partners, and shareholders. Since 2004 they have been publishing an annual report that accounts for their financial, social, and environmental performance.
They have worked with other organizations, such as Roche, the International Society for Pediatric, and Adolescent Diabetes (ISPAD) to provide insulin supplies worldwide, especially in third world countries that do not have easy access to these supplies.
They are making an effort to reduce their environmental impact as part of their corporate responsibility to mitigate long-term risks and issues. Part of Nova Nordisk's ambition is to have zero environmental impact. They are adopting what they call a "circular mindset" that
1) Designs products that can be recycled or reused
2) Remodeling their business practice to further minimize consumption and eliminate waste
3) Working with suppliers who share the same ambition
In 2020 they plan to switch their US production sites to be 100% solar powered. This will then establish their goal of making all their global production sites all powered by renewable energy. The next goal after that will be making a renewable energy transition to all their laboratories and office buildings, and eliminating CO2 emissions from company cars, business travels and distribution of their products.
COVID-19 RESPONSE
Since the outbreak of COVID-19, Novo Nordisk aimed to safeguard the wellbeing and safety of their employees and ensure that their essential medicines will still be supplied throughout the world. They acknowledge that individuals with diabetes are more susceptible to the virus. They assure their customers that although prescriptions may have limits, they will have a long-term supply.
Nova Nordisk has gotten its scientists in their laboratories to work on researching and developing ways to boost Denmark's virus testing capacity. Asides from that they have also donated much-needed equipment like face masks, gloves, hand sanitizer.
The majority of Novo Nordisk Foundation shareholders have made $7 million USD available to fight the virus in Denmark. In the United Kingdom, they are collaborating with NHS England and Diabetes UK to support The NHS Diabetes Clinical Advice Helpline. This helpline is to help families and individuals with diabetes during the COVID-19 outbreak. In France, they are supporting various organizations like the National Food Bank Federation to help deliver food to vulnerable individuals. In the United States, they are offering a free 90-day supply of insulin for individuals experiencing financial hardship due to the virus. In Italy, they have made unconditional contributions to Senior Italy FederAnziani, the largest federation for senior citizens, to provide psychological support and a lending ear to those who are isolated at home.
Novo Nordisk is also making a great effort to support COVID-19 antibody testing. The Novo Nordisk Foundation has awarded $36.4 million USD along with Statens Serum Institute (SSI) to build a new national test center in Denmark. They have donated essential supplies to other countries around the world.
CASE STUDY:
Novo Nordisk
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