Black Economic Empowerment

The Broad-Based Black Economic Empowerment Act of 2003 defines Broad-Based Black Economic Empowerment (BEE) as the economic empowerment of all black people including women, workers, youth, people with disabilities and people living in rural areas through diverse but integrated socio-economic strategies that include, but are not limited to:

(a) increasing the number of black people that manage, own and control enterprises and productive assets;

(b) facilitating ownership and management of enterprises and productive assets by communities, workers, cooperatives and other collective enterprises;

(c) human resource and skills development;

(d) achieving equitable representation in all occupational categories and levels in the workforce;

(e) preferential procurement; and

(f) investment in enterprises that are owned or managed by black people.

The current South African economic climate is marked by the need for previously disadvantaged individuals to play a greater role in the economy of the country. This need has never been more evident than in the pharmaceutical industry where the rate of transformation has lagged behind other economic sectors.

The formation of Batswadi Pharmaceuticals, a company which has 31% of its equity in the hands of previously disadvantaged individuals, will go a long way to ensuring that there is equitable participation in the country’s pharmaceutical industry.

The company’s leadership mirrors the vast racial and cultural diversity of South Africa, and achieves the highest employment equity rating.

Batswadi Clinical Research is one of the first broad-based black economically empowered CRO’s. As part of its mandate, the division aims to build a viable network of previously disadvantaged clinical researchers.

With Batswadi entering the clinical research arena, there is now greater opportunity for researchers to improve their participation and contribution to clinical research in this country.