CEO David Lim: "Committed to achieving genuine ESG practices and outstanding business performance simultaneously" First KOSDAQ-listed medical AI company to publish a sustainability report Reflecting a commitment to AI technology for social impact and social responsibility
YONGIN, South Korea, July 1, 2024 /PRNewswire/ — Noul Co., Ltd. (CEO: David Lim) has published its 2023-2024 Sustainability Report. Noul annually reviews its corporate activities and achievements from economic, social, and environmental aspects and transparently discloses these results to stakeholders through its sustainability reports. As the first KOSDAQ-listed medical AI company to do so, Noul began publishing the report in 2020, making this the fourth one.
The 2023-2024 Noul Sustainability Report features a "Management Interview" section, offering stakeholders a clear understanding of the 2023 performance in organizational operation and future aspirations.
The interview covers the most significant milestones and accomplishments of 2023, business challenges, management plan, specific goals and plans for 2024, and ESG commitment. The 2023 management initiative, "Noul 2.0," was introduced, highlighting a shift to a market- and customer-centric management mode. This approach aims to achieve tangible business outcomes in the global business operations.
"Noul has been operating for nine years with a corporate ambition to impact the lives of one billion people worldwide by providing innovative diagnostic solutions in response to health and life-threatening issues. As the first KOSDAQ-listed medical AI company to publish a sustainability report, Noul is deeply committed to corporate social responsibility. We are dedicated to achieving both business performance and ESG practices," stated CEO David Lim in the interview.
2023-2024 Noul Sustainability Report
The report details the Five Sustainability Focus Areas established in 2023: (1) Improvement in Access to Healthcare, (2) Compliance, Ethics, and Risk Management, (3) Sound and Sustainable Governance, (4) Responsible and Inclusive Workplace, and (5) Protecting the Planet. The report also outlines the activities and achievements related to these areas.
Among the 5 Sustainability Focus Areas, notable achievements in 2023 were made in the "Improvement in Access to Healthcare," which emphasized the social impact of Noul’s diagnostic products. Due to increased global demand, the malaria diagnostic product (miLab™ MAL) was introduced in 19 countries, with 24,000 cartridges supplied to low- and middle-income countries in 2023. The product achieved malaria diagnostic performance equal to or exceeding that of WHO-certified level 1 microscopists. For blood testing (miLab™ BCM) and cervical cancer testing products (miLab™ CER), improvements in AI and clinical performance were made, along with enhancements based on customer feedback, thereby improving usability of them.
Meanwhile, Noul has disclosed its Implementation Strategy to effectively achieve the 5 Focus Areas, outlining Sustainability Stages and Key Actions aligned with Noul’s business growth phases from 2023 to 2027. Detailed progress and results can be reviewed in the report.
Noul’s Chief Sustainability Officer (CSO), Justin Ahn, stated, "Noul’s sustainability management emphasizes responsible relationships with stakeholders and a balanced consideration of economic, social, and environmental values. Our focus is on implementing sustainability actions and generating performance progressively alongside our company’s growth. Over the next three years, we will strive to ensure the balanced implementation of sustainable practices, including building sound governance, fulfilling social responsibilities, and protecting the earth’s ecosystem, in alignment with noticeable business growth that stakeholders can perceive."
Noul regularly reports its ESG management performance and plans to the board through its annual sustainability report, continuously engaging in responsible communication with stakeholders including customers, partners, investors, shareholders, employees, international organizations, and governments.
The report can be accessed on Noul’s website(noul.com/en/sustainability) and the electronic disclosure system ‘DART’ (https://englishdart.fss.or.kr/dsbh001/main.do?rcpNo=20240628901119).
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