Genentech committed to spending $1 billion with diverse spending and doubling the number of Black and Latinx directors and officers by 2025. The company launched the initiative in response to a survey that found that one in three people in marginalized communities avoid participating in clinical trials, reject testing and shun vaccines because they do not trust the industry.
The plan focuses on three areas: to encourage a sense of belonging, address health inequity and reach out to diverse communities. The third component includes charitable donations. In 2021, Genentech spent $90 million on patient support, health equity programs and STEM education.
Genentech understands the importance of concerted efforts around diversity. In ten years, the company increased the number of women in leadership roles and created gender pay equity practices. The result was a 19% increase in the representation of women in officer-level positions. It is also worth noting that the company’s diversity chief reports directly to the CEO.
