This is Inizio’s second year as a
company and I am delighted to
introduce our 2023 Sustainability
Report. During 2023, we have made
significant progress in implementing
our Sustainability Strategy and
throughout this journey we remain
committed to assisting our clients
with their challenges, from the cost
of drug creation to the difficulty of
getting reimbursed and reaching
patients who need life-changing
medicines. We remain focused on
the strategies that willhelp us to
deliver for them andour other
stakeholders in theyears ahead.
Sustainability is one of these
business imperatives. Increasingly,
our clients are demanding partners
with proven Environmental, Social,
and Governance (ESG) credentials,
as theylook to futureproof their own
businesses. The talented people
weneed also want their work to be
meaningful, by making the world
abetter and healthier place. At the
same time, we recognize that the
skills we have can drive huge social
benefits in areas such as health
equity, which has the potential
toimprove millions of lives.
Having formalized our sustainability
strategy in 2022, we’ve made
substantial progress in 2023.
Asascience-based business, we’re
methodical and data-driven, and
we’ve taken a big step forward with
defining our baselines and setting
targets. That’s led to themany
highlights of 2023 in thisreport.
Reducing our
environmentalimpact
This year, we set a target to reach
Net Zero carbon emissions in our
operations and all of our value chain
by no later than 2040. Underpinning
this commitment, we have developed
near-term science-based targets
across Scope 1, 2, and 3 emissions,
validated by the Science Based
Targets initiative (SBTi).
Our fleet and office energy use are
the main sources of our operational
emissions. We’re doing well with
switching our fleet to electric or
hybrid vehicles, as existing leases
expire, although it’s easier to do this
inEurope than the US, where we
havemany people working in more
rural areas with limited charging
infrastructure. We’ve also begun to
engage with our office landlords on
procuring renewable energy. While
this is outside our control, as we don’t
own the buildings and some locations
lack the necessary grid structure, at
the end of 2023 80% of our electricity
came from renewable sources, which
is a stellar achievement in year one.
Inaddition, we’ve joined a program
called Energize, which brings together
major pharma companies to promote
renewable energy purchasing.
Helping our people
andsociety to thrive
We’ve invested a lot of time in
developing our People Promise,
which is a commitment to a clear
value proposition for the talented
people at Inizio. It’s designed to make
people want to spend their time at
Inizio and to give them a meaningful
career experience. We’ve set clear
standards and we’ll hold ourselves
collectively accountable for how
webring the best to, and out of,
our10,000-plus employees.
We’ve also advanced our diversity,
equity, and inclusion (DEI) Strategy, as
we can only develop solutions to our
clients’ complex problems if we have
people from all walks of life, with
different perspectives and lived
experiences. We already have a
powerful combination of people with
scientific PHDs, MBAs and data
analysts, nurse practitioners,
economists, and creative people, all
across the globe. Our culture is built on
inclusion to empower the diverse
perspectives within our organization.
We now have a dedicated leader for
DEI and a charter that’s been validated
by our Board, and have invested in DEI
capabilities across the organization.
Health equity has been a particular
focus for us this year. We’ve
participated in more programs to
commercialize more drugs than any
other company, which gives us real
insight into what works well and
where gaps remain. One of the
biggest opportunities is to connect
our clients’ life-saving medicines to
underserved populations. We can also
help companies to reach patients in
niches such as rare diseases, while
making clinical trials more diverse,
thus leading to better medicines for
everyone. Tackling health inequities
isboth a great challenge and an
important societal priority that
requires a comprehensive approach
and partnership across the healthcare
ecosystem. We’re determined to play
a meaningful role through the
services we provide, by embedding
ahealth equity lens in all of our
clientengagements, with at least
20projects already underway.
Strong governance is
essential for delivery
Effective governance underpins
everything we do. We’re now very
close to where we set out to be,
having introduced a wide range of
policies and training that reinforce
our internal controls, as we work
towards Sarbanes–Oxley compliance.
We’ve also strengthened our
organization by creating an Executive
Council and several other councils
with specific responsibilities, such
asoverseeing pricing or risk.
Effective oversight and decision-
making need robust data. We’ve
done well with improving the data
under our control, such as on our
environmental performance, and
we’ll look to continue to improve our
demographic information, to help
usmake informed decisions on DEI.
Looking ahead
Building a sustainable business is a
multi-year journey and we’re still at an
early stage. In the coming year, we’ll
look to transition more of our fleet to
low-carbon vehicles and work with
our landlords to buy more renewable
energy. We’ll also seek towork more
closely with our largest suppliers on
decarbonization initiatives. On the
social side, we’ll continue to embed
DEI in our business and aim to
achieve critical mass in our health
equity work for clients during 2024.
Letter from our CEO,
Paul Taaffe
“As a science-based business, we’re methodical
and data driven, and we’ve taken a big step
forward with defining our baselines and
setting emission reduction targets.”
Paul Taaffe,
Chief Executive Officer
Inizio Sustainability Report 20234