In a climate of high regulatory and public scrutiny post-COVID-19, ESG initiatives are especially critical for pharmaceutical companies to demonstrate a long-term commitment to the public good.
Pharmaceutical and Healthcare companies, while demonstrating an increased commitment to ESG, are trailing far behind other non-pharma and healthcare industries. ESG in the healthcare industry is important for enhancing sustainability commitment, to meet expectations and demands of regulators, employees, suppliers, customers, and society. ESG reporting allows for organizations to monitor their impact on society, and proactively anticipate requirements for future disclosure.
- Reduce greenhouse gas emissions, waste generation, energy and water consumption in procurement, manufacturing, and distribution operations
- Increase utilization of renewable energy sources and recyclable materials, and improve environmental performance of the supply chain, transportation logistics, recycling and disposal of pharmaceutical and chemical products
- Develop greener product packaging to reduce environmental impact or address environmental challenges
- Improve affordability of products for underserved populations
- Increase diversity and inclusion in workforce composition, and patient access from financially and socially underserved communities
- Conduct humane and ethical research & development
- Maintain privacy policies
- Support employees, community health, and wellness initiatives
- Establish sustainability policies and monitoring processes
- Provide transparency and accountability in ESG information
- Comply with Federal, State, and Local laws and regulations
- Set up awareness training to prevent, notify, and action for employee harassment
- Set up controls and governance
- Set up a Dedicated ESG Platform to gather ESG data from across the company