Parexel releases 2023 Environmental, Social and Governance report

Parexel, one of the world’s reportedly largest clinical research organisations (CROs) providing  the full range of Phase I to IV clinical development services, announced the release of its 2023  Environmental, Social and Governance (“ESG”) Report. The ESG Report is part of Parexel’s annual commitment  to disclose and communicate the progress of its sustainability priorities, underscoring the company’s core  values of putting Patients First and delivering With Heart. 

“Our ESG progress in 2023 reflects our ongoing commitment to making a positive impact on the world around  us by integrating sustainable, ethical practices into and across our business and our care for patients to  transform the future of medicine,” said Peyton Howell, Chief Executive Officer. 

Highlights of the company’s progress include several key areas, including workforce development, sustainability, patient engagement, and operational integrity:

In a notable push towards fostering a diverse and inclusive workplace, Parexel reported that women constituted 70.2 per cent of its workforce in 2023, including 45.6 per cent in Vice President-level positions and above. In 2023, the company also launched Managers Matter initiative, designed to provide 2,300 Line Managers with comprehensive support and resources. This initiative aims to enhance leadership capabilities and drive team success. Parexel’s efforts in Diversity, Equity, and Inclusion (DEI) were recognised through its participation in DisabilityIN and the Human Rights Campaign’s Corporate Equality Index. The company also received the Healthcare Businesswomen’s Association 2023 ACE Award for its contributions to advancing women in leadership roles.

On the sustainability front, as per the report, Parexel has made progress in reducing its environmental impact. The company has set ambitious goals to achieve net-zero greenhouse gas emissions by 2050, with science-based emission reduction targets submitted to the Science Based Target initiative (SBTi) for validation. Parexel also achieved a 100 per cent renewable energy goal for Scope 2 emissions in 2023. Its commitment to environmental responsibility was reflected in an improved EcoVadis assessment score. Parexel also participated in the EcoVadis assessment process for the ninth consecutive year, increasing its score to 60 points from 58 points in 2022 and maintaining its Silver rating and ranking in the top quartile of companies for the second straight year.

Parexel’s engagement with patient communities has been a focal point, with the company collaborating with over 75 patient advocacy groups globally. This effort is aimed at raising awareness and reducing barriers to clinical trial participation. Parexel continues to design inclusive clinical trials and support underrepresented populations, adapting to evolving regulatory landscapes and industry needs.

In terms of operational integrity, Parexel has reinforced its commitment to core values such as Patients First, Quality, Respect, Empowerment, and Accountability. In 2023, the company established principles for responsible Artificial Intelligence (AI) and formed an AI Steering Committee to oversee the technology’s safety and regulatory compliance. Additionally, the introduction of the Parexel Precision Pathway underscores the company’s focus on delivering high-quality, timely data while enhancing operational efficiency and predictability.