Our contribution

At Abacus Medicine, we are proud to serve a purpose beyond ourselves. When we compete in the market, we help lower the prices on life-critical medicines so that they become more widely available.

With thousands of products in our growing portfolio, this adds up to a significant contribution to society. Healthcare costs have been rising steadily for years and look to become an even bigger burden on public budgets in the future. All across Europe, populations are aging.

Abacus Medicine has grown fast since the beginning, and as we grow, we are able to make an ever-increasing contribution. To us, this is the hallmark of a sustainable business model.

Values in action

John Wagner, Co-founder and MD

John Wagner (1932-2018), Co-Founder and MD

We hold ourselves to a high standard. These are some of the principles that guide us.

Team Spirit
Abacus Medicine is a family business. The company was established in 2004 by CEO Flemming Wagner and his father, Medical Director John Wagner, and family values remain an important part of our identity. We look out for each other, and we always work as a team.

We also treasure diversity. The employees of Abacus come from many different backgrounds and fly the flags of many nations. Working here is fun, and decisions are made fast. At Abacus Medicine, talent and dedication give people the opportunity to grow.

Trust
We believe in trust-based partnerships and long-term collaboration with our customers and suppliers. We are pleased to know that as the business of Abacus Medicine has grown over the years, so has the business of many of our loyal partners. Volatility is a basic condition of our industry, but we are not in it for a quick profit. We are in it for the long haul.

Value
Growth is in our DNA, and an entrepreneurial mindset has brought our company far in a short time. The value we create through an ambitious business model extends to partners, patients, and society as a whole.

Quality
We are committed to quality, and our Quality Assurance and Quality Control departments are among the largest of all the leading parallel distributors. A product from Abacus Medicine is a high-quality pharmaceutical product that you can trust.

We strive to uphold these values, both to society and to our external and internal relations. Therefore, we have created our own code of conduct.

Abacus Medicine has established a Whistleblowing Scheme in order to allow the reporting of potential violations of the law and serious violations of internal company policy and procedures.

Corporate Social Responsibility

Large window with a tree and plants close to it

As Abacus Medicine grows, so does our societal impact. We recognize our obligation to our stakeholders and to the wider society.

Our CSR Policy is rooted in the 17 United Nations Sustainable Development Goals and the 10 principles of the United Nations Global Compact. Because we insist on a close link between our core business and our CSR efforts, we subsequently adapt the UN’s broad goals and principles into specific goals and action plans reflecting the business practices of Abacus Medicine. We want to do better, where it really matters.

Corporate Social Responsibility at Abacus Medicine is governed at the executive level. We share news on our progress regularly and publish an annual CSR Report.

We want to do better, where it really matters

CSR is an ongoing and never-ending process. From year to year, gradual changes in our business landscape and in the priorities of our stakeholders will affect our CSR priorities.

Based on our assessment of materiality, these are the areas we will focus on in 2018.

Employees
Abacus Medicine wants to ensure that we have motivated and happy employees. Beginning in 2018, we will conduct an annual survey across all countries and all employees of the company to help us continuously improve employee engagement and satisfaction, as well as the performance of Abacus Medicine.

The goal is to create, implement and launch the Engagement and Satisfaction Survey by the end of Q3 2018.

Medicine safety
Medicines that have been manipulated or that have left the legal supply chain are known as counterfeit medicines. These medicines bear a risk for patients, as their quality might have been negatively impacted.

At Abacus Medicine we are active in the fight against counterfeit medicines and have developed and implemented our own risk-based approach, which combines internal controls with regular audits of suppliers and transporters. Detailed information about the program is shared with the relevant authorities.

In 2018, we will strengthen our counterfeit medicine program further through audits of suppliers, knowledge sharing, staff training, and quarterly reviews and updates of our risk-based procedures.

On top of this, we are currently investing considerable resources in implementing the EU’s Falsified Medicines Directive. Abacus Medicine will be fully compliant before the February 2019 deadline.

Reducing our environmental footprint
At our main production site in Budapest, Hungary, we will
– develop and implement an environmental improvement program, including milestones and KPIs
– document and evaluate current initiatives

Anti-corruption
Corruption has a direct negative impact on sustainable economic development and the rule of law. It hurts people, business and society. At Abacus Medicine we will not give or accept bribery in any form, and we wish to support the fight against corruption globally.

During 2018, we will
– Formulate a comprehensive anti-corruption policy
– Provide guidance and train all employees
– Document and review our control mechanisms