For decades Novo Nordisk has systematically been engaging with multiple stakeholders to address key areas of our business. Long-standing engagements with stakeholders are vital for building trust and understanding in a variety of issues. Reaching out to stakeholders helps reconcile dilemmas and find common ground for more sustainable solutions. It also helps in monitoring trends that can affect our future business. By involving stakeholders in our decision-making processes, decisions are better founded and solutions more likely to succeed.
Novo Nordisk's key stakeholders include people with diabetes and others who rely on our medicines, customers (i.e. public healthcare providers and payers), employees, investors, suppliers and other business partners, neighbours, and key publics. For us, the patient is at the centre – and hence the ultimate stakeholder to which the company must hold itself accountable.
Stakeholder engagement principles
Building and maintaining good relations with key stakeholders is one of the Essentials in the Novo Nordisk Way. To guide engagements across the company, we have developed a set of overarching principles for stakeholder engagement:
In Novo Nordisk, we respect and actively engage with our key stakeholders to ensure long-term business success based on the Triple Bottom Line business principle.
This means that we will:
- Pursue an on-going dialogue with key stakeholders based on mutual respect.
- Identify and understand the priorities and perceptions of key stakeholders and take these into account when we define our priorities and shape activities.
- Collaborate with key stakeholders where priorities intersect and where collaboration will maximise value to all parties.
- Secure transparent disclosure of any monetary or in-kind support to stakeholders.
- Track and report engagements with key stakeholders and ensure timely feedback on the outcome.
Novo Nordisk seeks to inform, impact, provide recommendations and suggestions, and learn through several forms of engagement with stakeholders. One example of this is memberships of industry and business associations, advocacy organisations and affiliation with think tanks. For the full membership list see here.