The pharmaceutical sector plays a vital role in society, providing products and services that improve people’s health and well-being. However, it also faces major challenges in terms of sustainability and social responsibility.
To address these challenges, the integration of ESG (Environmental, Social, and Governance) principles into the strategy of pharmaceutical companies is recommended. Not only from an environmental perspective, but from a broader, all-encompassing perspective. This will enable pharmaceutical companies to make more responsible decisions and contribute more effectively to a sustainable and equitable future, as outlined in the Sustainable Development Goals (SDGs).
Areas to consider include:
Areas to consider include
Environment:
- Climate change and carbon emissions: Pharmaceutical companies should set clear targets to reduce their greenhouse gas emissions. This can be achieved through the adoption of more efficient manufacturing practices, the use of renewable energy and supply chain optimisation.
- Pollution and waste: Companies should adopt waste management policies that minimise environmental impact. This implies the correct treatment of waste resulting from production, as well as the implementation of recycling and reuse programmes for certain materials.
- Conservation of natural resources: Encourage water and energy conservation practices in pharmaceutical operations, as well as the protection of biodiversity in areas where research or production activities are carried out.
Social responsibility:
- Access to medicines: Pharmaceutical companies should commit to ensuring equitable access to medicines and treatments globally. This can be achieved through collaboration with governments, non-profit organisations and other stakeholders to develop programmes for affordable access to medicines in disadvantaged communities.
- Health and safety: This involves applying process innovation to maintain high safety standards for customers and workers.
- Research ethics: Promoting ethical and transparent research, respecting human rights and ensuring the safety of clinical trial participants.
- Inclusion and diversity: Promote diversity at all levels of the company, from recruitment to decision-making. This includes promoting equal opportunities, gender equity and adequate representation of minorities in leadership roles.
Governance:
- Transparency and accountability: Set high standards of corporate governance, including transparent disclosure of relevant financial and non-financial information. This enables investors, employees and other stakeholders to assess the company’s performance in terms of sustainability and ESG.
- Business ethics: Implement clear codes of conduct that promote integrity and ethics in all company operations. This includes preventing conflicts of interest, complying with local and international laws and regulations, and promoting fair and responsible business practices.
Implementation and monitoring:
To implement this proposal, pharmaceutical companies must integrate ESG and sustainability principles into their corporate strategy, setting clear goals and objectives.
In addition, regular monitoring and follow-up is required to assess progress and make adjustments, if necessary. Collaboration with key stakeholders, such as regulators, non-governmental organisations and the medical community, is also essential to achieve meaningful results.
On the other hand, the pharmaceutical industry must meet high safety standards, with highly regulated processes, which makes it difficult for the industry to change because of the risks involved. But it takes courage to be able to face the challenges we face as a society, to innovate in processes, assessing risks, but without losing the objective of reducing the impact we generate.
At Klinea our strength is focused on contributing to part E (environment), with solutions for more sustainable pharmaceutical plants, with improved resource efficiency, which should contribute to the reduction of GHG gases, but also to the reduction of water consumption and the reduction of waste produced in their operations. This is why we are designing new services that bring value to our customers by reducing and monitoring their KPIs, to ease their transition.
The integration of ESG and sustainability principles in the pharmaceutical sector not only benefits the environment and society, but also the companies themselves through increased transparency, reputation and long-term value creation. By adopting a holistic approach that encompasses environmental, social and governance aspects, the pharmaceutical sector can play a key role in building a more sustainable and healthy future for all.
If you are interested in learning more about sustainability and how we can help you, contact us: klinea@klinea.eu
