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CP Overview

  • Clarification of Will for Compliance of CEO

    Corporate philosophy of Boryung Pharmaceuticals is to contribute to the development of pharmaceutical industry based on the spirit of coexistence and coprosperity that contributes to the health of mankind.

    The company is making effort to realize the future vision of ‘Lifetime Care Company’, pursues the ‘realization of coexistence and coprosperity that goes together’ and is making various social responsibilities. Boryung will become a global company through continuous innovation and transformation rather than just satisfying the presence, and promises to make every effort to achieve management philosophy of 「realization of coexistence and coprosperity with humanism」based on sound and transparent management.
    As you know well, political and economic environment is completely changing now. Innovative technologies in the fourth industry such as artificial intelligence and big data is also changing the aspect of competition newly. Management environment also requires new changes through employment, welfare and regulatory policies. Pharmaceutical industry, which contributes to the public health and the life and health of the world by supplying pharmaceuticals, is having great expectation to become a high value-added industry that supports mature economy.

    Since pharmaceuticals are goods directly related to life, the behaviors of providing unfair economic profits as a means to induce pharmaceutical purchase based the fact that the end users are patients, not doctors who choose pharmaceuticals and that this expense is used as the public resources may cause great damages compared to other industries. Therefore, it is necessary to prohibit any unfair promotional acts and promote and maintain fair, transparent and free competition to continuously secure trust and credit of the society on entire pharmaceuticals. The purchase and selection of pharmaceuticals in the field of medicine should be determined by an appropriate judgment of medical institutes based on quality, price and accurate information, and providing unfair economic profits to medical institutes or person in charge of medicine may distort the proper selection and use of pharmaceuticals.
    Global fair trade compliance program as an alternative for the above concerns is a global standard introduced and operated by advanced economies such as USA and Europe for a long time, and it is also emphasizing as core element in corporate economic activities in Korea. Continuous development of corporations through the compliance with Fair Trade related laws becomes a necessity, not a choice for companies. In this regard, Boryung Pharmaceutical Co., Ltd. has settled Fair Trade Compliance Program and anti-bribery management system called ISO 37001 to prevent any acts violating Fair Trade Act, and is promoting the realization of fair and transparent transaction by thoroughly complying with them. All the employees of Boryung Pharmaceutical Co., Ltd. are acting according to Fair Trade Compliance Program so that we don’t make errors to cause great loss to not only us but also to customers and company by just pursuing small profits in front of them. Based on these efforts, we will take a leap into a “Global Boryung” with the vision of Lifetime Care Company that pursues better life with the best clinical science” in our mind.
    Thank you.

    Daniel Chang, CEO of Boryung Pharmaceuticals

  • Operational Guidelines of Fair Trade Compliance Program

    1) Laws related to fair trade

    ‘Laws related to Fair Trade Act’ refers to laws that are under Fair Trade Commission such as ‘Monopoly Regulations and Fair Trade Act’ and ‘Act on Fair Indication and Advertisement’.
    All the employees should fully aware of and thoroughly comply with matters specified in Fair Trade Relations Act.

    2) Implementation of 7 Core Elements

    The following requirements should be satisfied to be recognized as introducing CP by the company. However, requirement 4 shall be the recommendation for small and medium-sized companies according to the framework act.

    ① Clarification of wills and policies for compliance of CEO
    ② Designation of compliance manager who takes in charge of CP operation
    ③ Production and distribution of compliance manual
    ④ Performance of continuous and systematic compliance training
    ⑤ Establishment of internal supervision system
    ⑥ Punishment against employees violating Fair Trade Laws
    ⑦ Establishment of document management system.

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