Photo credit: Ferrer For Good_Facebook.com
Ferrer is a pharmaceutical company based in Barcelona, Spain. Their goal is to help people manage their medical needs, but that isn’t where most of their money goes when patients buy their products.
In 2021, Ferrer invested 61.4% of its net profits into social and environmental causes. Several projects received funding to protect the planet, help those in vulnerable situations, and create equal opportunities for others. []
These efforts made Ferrer the first pharmaceutical laboratory in Spain to earn the B Corporation designation. This company has 13 work centers globally, has a presence in 128 countries, and 100% of all new hires are trained in the social and environmental codes that have become an investment emphasis.
What Are B Corporations?
A B Corporation (B Corp) is a new company type you can find in most countries globally today. These organizations voluntarily meet high standards for social and environmental performance. A rigorous certification process that includes an assessment of stakeholder impact is necessary for this designation to be earned.
The B Lab certified the first companies with this new corporate status in 2007. Although the agency completes a comprehensive assessment, some states and countries have begun to offer this filing alternative for new and existing companies.
Here is the definition of what it takes to become a B Corporation. []
“Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. B Corps are accelerating a global culture shift to redefine success in business and build a more inclusive and stable economy.
Ferrer scored a 100.6 in its B Corp certification evaluation, making the agency among the top 25% who have received the accreditation.
Sergi Ferrer-Salat serves as the President of Ferrer. He says that companies cannot stay on the sidelines when facing the challenges that come at us as a society. “I don’t understand any other way of making a business mean something,” he said. “We have the obligation and responsibility to put corporate profitability and social benefits on the same level.”
“For us, the pharmaceutical business is not an end in itself, but a means to bring about substantial social change,” said Ferrer’s CEO, Mario Rovirosa. “We work to achieve a minimum level of profitability that guarantees the sustainability of the company, and we reinvest a significant part of our profits into social and environmental projects.”
Over 1,300 Volunteer Hours Were Authorized in 2021
It’s not just the company that drives social change. The people who work at Ferrer are described as a “driving force” for the positive influences the organization keeps creating at the grassroots level.
During Days for Good, the company’s first corporate activism day, Ferrer had 420 people dedicate over 1,300 volunteer hours to different social and environmental projects. The company also promotes the defense of basic human rights, guarantees non-discrimination, and encourages freedom of association. []
As part of those efforts, Ferrer looks for ways to reduce its impact on the planet. In 2021, the company reduced its worldwide carbon footprint by almost 20%. Their stated goal was to reach a 50% goal by 2030. They’ve added numerous waste reclamation efforts to their social and environmental investments, including recycling, recovery, treatment, and composting.
Since 2019, Ferrer has reduced its water footprint by more than 15%. Over 240 suppliers meet the social, environmental, and good governance criteria.
“We have the obligation and responsibility to put corporate profitability and social benefit on the same level,” said Ferrer-Salat. “It is vital for Ferrer to guarantee equality of opportunity so that we can make progress on social justice.”
Rovirosa notes that their goal is to create a livable planet that empowers people to be the change that they want to see in the world. “We also channel part of our positive impact through [our] foundations, promoting green and agroregenerative cities.”
Ferrer Continues to Develop New Therapies
Even with all the money designated for social and environmental projects, the agency spends millions on research and development each year. At the end of 2021, 65% of their projects were in a Phase III clinical setting.
The items produced in the company’s lab help with high-prevalence diseases, including diabetes, dyslipidemia, and heart-related events.
Ferrer also creates several over-the-counter medicines for treating pain or cold-like symptoms. They even produce a wide range of baby formula products for children that have specific intolerance issues.
More information about Ferrer is available on its website at https://www.ferrer.com/en.
[] https://report2021.ferrer.com; [] https://www.bcorporation.net/en-us/certification; [] https://daysforgood.com/qa-days-for-good