They have simply said, "It is 97% pure by HPLC." That means the typical method for analysis doesn't show more than 3% impurities. Now, by some other analytical method, it might be 90% pure, but they didn't clam that, so they don't have to test that. Heck, just adding a mass spec detector could show their 97% pure peak has a significant mass impurity that's co-eluting. Or running the HPLC on a chiral column could show its made of equal proportions of various diasteriomers, but that's up to them to decide if its worth checking.
Its possible to scan a peak under a PDA, and determine, within the limits of separation, if there is something under the peak that's distorting the spectrum. Even something that doesn't absorb at the target wavelength is to distort the spectrum across the peak. But I don't know if there's any evidence, in a research paper, that people are doing that. But when developing a method meant to analyze a pharmaceutical, as an example, the regulatory agencies will want to see that.