Environmental, social, and governance (ESG) concerns abound in the pharmaceutical business, posing a serious threat to its long-term viability. To attain sustainability goals and improve the industry’s reputation, collaborative, proactive efforts are required to overcome these issues. Healthcare has not yet been subjected to the same level of scrutiny as other industries. This is largely due to the fact that its greenhouse gas (GHG) emissions are minimal.
They can, however, be greatly decreased without harming health outcomes by carefully rethinking supply chains and operations. Fisher & Paykel Healthcare, a medical device company, pledged to cut GHG emissions by 67 percent by 2034 under the SBTi initiative in 2020. Two billion people lack access to vital and basic medicines, according to the World Health Organization (WHO).
GSK, for example, has a business model centred on Africa, a sizable relevant portfolio, and a sizable pipeline dedicated to relevant diseases. The pharmaceutical invention process is complicated, and it was evolved through a system involving long clinical trials and time-limited patents, which incentivize research and allow competition to lower prices once patents expire. Consumer prices are unreasonable and exorbitant as a result of aggressive measures to maximise profits and placate investors.