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SEOUL, South Korea, Aug. 31, 2023 /PRNewswire/ -- LOTTE BIOLOGICS is embarking on full-fledged ESG (Environmental, Social, and Governance) management.
On August 30, LOTTE BIOLOGICS, under the leadership of CEO Richard Lee, held its 'ESG Declaration Ceremony' at the Executive Briefing Center (EBC) on the 113th floor of LOTTE World Tower. The ceremony included an address by the CEO and Sung-wook Cho, Head of LOTTE Corporation ESG Department, sharing of the company's ESG vision and mid-to-long-term roadmap, a reading of the ESG management declaration statement and the Human Rights and Environmental Management Charter, followed by a commemorative photo session.
LOTTE BIOLOGICS’ ESG Declaration Ceremony Image
During the ceremony, LOTTE BIOLOGICS proclaimed charters for 'human rights-centered Management' aimed at positively transforming not just the lives of its customers but society as a whole, and 'environment-focused management' to incorporate environmental values within its business activities under the ESG vision of 'Delivering Excellence for a sustainable world'. As part of its 'Mid-to-Long-term ESG Roadmap,' the company disclosed its annual ESG practices implementation strategies, including plans to acquire environmental, health, and safety management system certifications at key corporate facilities by 2027 and roll out decarbonization plans. Through these initiatives, the company is committed to instituting greenhouse gas reduction plans from the initial factory design stage, thus fortifying its eco-friendly policies. The ceremony was particularly significant as it involved collective preparation efforts by all the company's employees, including those at its Korean headquarters and U.S. subsidiary, each of whom has pledged to implement ESG management practices in their respective roles.
This move aligns with the global pharmaceutical industry trend towards prioritizing ESG management practices. According to industry reports, businesses in the Contract Development and Manufacturing Organization (CDMO) arena are particularly active in adopting global standards, as long-term relationships with their clients are essential. This year, LOTTE BIOLOGICS assessed the status of its global business units, including its overseas operations, and established relevant ESG strategies and ideas for improvement. Through this, the company aims to establish the foundation for globally competitive ESG management through collaboration with its Syracuse site in the United States.
LOTTE BIOLOGICS is laying the cornerstone for ESG management practices, focused not only on internal capacity development but also on symbiotic growth with promising bio-ventures and sustainability in the pharmaceutical supply chain. By 2030, it plans to establish a Mega Plant complex in Korea known as the 'LOTTE BIO CAMPUS,' and open a 'Bio-Venture Initiative' where bio-ventures and startups engaged in new drug development can utilize the company's facilities and pursue collaborative development projects. The 'Bio-Venture Initiative' is an open innovation concept based on a 'win-win' strategy aimed at working in tandem with promising bio-ventures and contributing to the discovery of new therapeutics through a development and commercialization process that promotes mutual success. It goes beyond merely providing rental services for facilities and equipment and hopes to induce mutual business growth in the supply chain through continuous collaboration.
CEO Richard Lee of LOTTE BIOLOGICS stated, "As our business is intrinsically tied to human life, ESG management is not an option but an absolute necessity. Based on our vision of contributing to humanity's progress, we will do our utmost to build a sustainable biopharma ecosystem as a global organization."
About LOTTE BIOLOGICS
LOTTE BIOLOGICS was established in 2022, and is headquartered in Seoul, South Korea. LOTTE BIOLOGICS entered the pharmaceutical industry as a CDMO company with the acquisition of Bristol Myers Squibb's Syracuse biologics manufacturing site.
The Syracuse site offers drug substance manufacturing services with a total of 40,000L of production bioreactor capacity (8 x 5,000L bioreactors) utilizing stainless steel bioreactors, analytical QC testing laboratories, and warehouse facilities. The site is fully GMP operational with clinical and commercial capabilities. As of today, the site has received 60+ approvals worldwide from the FDA, EMA, PMDA, and MFDS. Moreover, the company is strategically poised to establish a comprehensive one-stop platform for CDMO services, incorporating Antibody Drug Conjugates (ADC) and Drug Products (DP) services into its business portfolio via facility expansion.
By 2030, LOTTE BIOLOGICS plans to build 3 mega plants in South Korea. Each plant will have 8 stainless steel bioreactors with 15,000L capacities for large-scale commercial operations, alongside multiple 2,000L single-use bioreactors to accommodate the clinical needs. Altogether, the plants will have a total manufacturing volume of 360,000L or more in bioreactor capacity.
More information about LOTTE BIOLOGICS, please visit: www.lottebiologics.com
