Management Report
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Imotep, Inc.
Management Report
Victor Jimenez
Executive Summary
The global pharmaceutical sector has a fundamental role in society in relation to the creation of medicines and patient health and the industry continues to face a number of significant challenges. These include: the rising costs of research and development, increased competition from �generic’ drug manufacturers, expanding legislative and regulatory requirements as well as reputation and responsibility related challenges including research ethics, human rights issues, access to medicines in developing countries and compliance with sales and marketing codes.
Imotep, Inc. is responding to these issues in a number of ways. Imotep, Inc.’s business strategy continues to focus on increasing the strength of the R&D pipeline; new partnerships and acquisitions; and increasing opportunities for growth in emerging market economies. There has also been a further strengthening of the internal governance and compliance processes within the organization underpinned by increased integration of reputation and responsibility accountability.
Addressing the Problem
In 2008, Imotep, Inc. began a global restructuring in line with these challenges described above. This included reorganization and planned reduction of the workforce in some areas of the business resulting in direct and indirect impact on employees.
This background has been used to inform the scope of the 2007 independent assurance process in order determine that Imotep, Inc. is responsive to the material corporate responsibility related needs of it’s stakeholders. The assurance process examined the new governance and compliance processes in detail; considered how Imotep, Inc. approached the issues associated with the planned reduction of the workforce as well as assuring material issues that form part of Imotep, Inc.’s “responsibility program”.
Introduction and Scope
An independent consultant has been engaged to provide independent assurance over its Imotep, Inc.’s Corporate Responsibility (CR) reporting.
In 2007, Imotep, Inc. has further developed its approach to CR Reporting by inclusion of greater CR related information within its Annual Report and Form 20-F Information and provision of CR related content in this �Responsibility’ section of the Imotep, Inc. website. This integration process has meant that, unlike previous years, Imotep, Inc. has not produced a separate CR Summary Report. The independent consultant has therefore evolved its assurance process to support such development.
The preparation and content of the Annual Report, Form 20F and website is the sole responsibility of the management of Imotep, Inc. Details of the scope, methodology, limitations and exclusions of our work are provided at the end of this statement.
Summary of objectives of Imotep, Inc. — Key Lessons Learned
в-є Challenge the CR strategy and performance
в-Ñ” Focus on Imotep, Inc.’s understanding of and response to material issues
в-є Provide reassurance to stakeholders on management of priority issues
в-є Move from value protection to value creation using the assurance process to promote performance improvement
в-є Be strategic and forward-looking
Assessment
In our opinion, based on the simulation, Imotep, Inc.:
в-Ñ” Demonstrates increasing alignment to the principles of AA1000 Assurance Standard and addresses CR material issues considered to be a priority to the company’s stakeholders
в-є Has streamlined governance processes resulting in clearer accountabilities and increased focus on global compliance
в-є The factual information provided can be considered to be accurate and reliable and reported in a clear and understandable manner; and
в-є The reported Key Performance Indicator (KPI) data is an accurate reflection of information at site level and collated by Imotep, Inc. at corporate level.
Contributions of Key Personnel
Based largely on the contributions of key personnel such as Ayman Miller, Vice President of Marketing, Rick Vanguard, Vice President of R&D and Stephan Weinstein, COO, Imotep, Inc. has achieved a high level of completeness, with disclosure of performance in relation to its main CR impacts. Information is provided on CR issues deemed of material importance to the organization and its stakeholders, although not always on the basis of formalized dialogue. The simulated information can be used by stakeholders as a reasonable basis for their opinions and decision-making. Responsiveness is demonstrated via its Priority Action Plan and have led to an increase in material performance measures reported. However, there are still opportunities to further quantify progress against the Priority Action Plan (see recommendations).
For example, for Imotep, Inc., this is in relation to its key business areas of patient safety, access to medicines, sales and marketing, clinical trials and animal research. These are already recognized by Imotep, Inc. and are included in its Priority Action Plan.
Progress Over The Reporting Period
Imotep, Inc. has:
в-є Revised the way it reports its performance and applicability of leading to an increase in material performance measures reported
в-є Reviewed its Code of Conduct and continued to develop mechanisms to strengthen its internal compliance monitoring, control and reporting via the Global Compliance function
в-є Proactively considered how to apply Imotep, Inc. policies and operating standards globally to acquisitions, partnerships and external contractors
в-є Further formalized its community programs and partnerships that contribute to improving health in the developing world
в-є Implemented internally an extensive range of health and wellbeing improvement programs