Tackling the gender pay gap the Icelandic way

An Expert View from Robert Wessman, chairman and chief executive at global pharmaceutical company Alvogen, and founder and chairman at biopharma specialist, Alvotech.

The gender pay gap is a live and pressing issue for our industry, perhaps now more than ever. Healthcare is in the top five industries with the widest adjusted median pay gap, according to the US  Racial and Gender Pay Scorecard report 2022. This figure has not moved since  last year, though it has reduced by 1.5% since 2015.  Recent UK analysis shows that 95.7% of companies in the pharmaceutical sector pay their male employees more than their female employees. The challenge of building gender equity in the workplace is particularly urgent in the wake of the pandemic, as women across different industries have been pushed out of the workforce, exacerbating long-term issues. 

Different businesses and countries adopt different approaches to building gender equality, and it is essential to exchange lessons and ideas on this journey. The experience of my native country, Iceland, could hold some fascinating lessons for global pharma firms looking to go further quicker on cutting the gender pay gap.

Why look to Iceland?