The Local Authority Pension Fund Forum has joined a group of investors campaigning for more transparency from pharmaceutical companies on clinical trials.
The forum, which represents 65 local authority funds, is backing an investor statement calling for drug firms to set out their plans to register past, present and future clinical trials and report on the results.
Other investors involved in the initiative include BNP Paribas, RobecoCAM, Aviva Investors, Bostom Commons Asset Management, and the investment arm of the Wellcome Trust.
The group is calling for pharmaceutical companies to:
- Retrospectively register past and on-going clinical trials, and register all future trials before they begin;
- Publish the methods and full results of all trials, including information on adverse events;
- Post an objective summary of results within one year of completion of the trial, following the guidelines on ClinicalTrials.gov;
- Support efforts to provide independent researchers access to anonymised individual patient data.
Kieran Quinn (Lab), chair of the LAPFF and of the Greater Manchester Pension Fund, said: “The LAPFF supports improved transparency for all investors around clinical trial results. Such results can be a crucial factor in assessing pharmaceutical company valuations and reducing mispricing risks.”
The group is working with the AllTrials campaign, which is auditing the disclosure policies of the 50 largest drug manufacturers and expects to publish its results in September.
The action follows the LAPFF’s successful involvement in a campaign earlier this year to force energy giant Shell to improve its reporting on and commitment to reducing climate change risk.