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Social Sustainability Initiatives – Examples of ESG Initiatives & Maturity Framework - YouTube
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hi everyone uh thanks for watching uh my
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name is nitish i'm a partner with
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everest group and i lead our focus on
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i.t and digital services
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uh in the european region i have with me
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today a special guest uh anik uh who's
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one of our senior analysts and focuses
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more specifically on the life sciences
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technology landscape uh anit thanks for
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joining us today
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hi nitish it's a pleasure joining you
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perfect uh so any you know you authored
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a very interesting analysis recently
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which focuses on how life sciences firms
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are approaching this concept of
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sustainability now for those of you
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watching we have been looking at
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sustainability and impact sourcing in a
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more programmatic sense in the last 18
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to 24 months and you know contrary to
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what people might assume in life
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sciences it's not just planet or
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environment which uh you know large life
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sciences corporations are focusing on
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but it's actually the sustainability
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aspect in social uh you know if you
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really look at the three aspects of
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environmental social and governance
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social sustainability is really of prime
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focus here and that's very interesting
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to me you know just looking at the space
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life sciences occupies sony you know
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this is slightly different to other
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industries that we've studied such as
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bfs or banking and financial services as
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well as the broader technology services
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landscape so you know what's really
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behind the scenes as you look at the
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sustainability focus on social aspects
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and life sciences
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hi nitish hi everyone that's a very
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interesting point that you mentioned
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and let me talk a couple of points here
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if you look nitish historically even
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though it was not called out as social
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sustainability but life sciences have
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been focused on developing drugs helping
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people with their healthcare
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infrastructure or vaccines so they have
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been aligned to that pillar more closely
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i would say than any other industry but
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why the certain call or as you see in
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this slide the mentions of the
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sustainability social sustainability in
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the filings
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have increased more than the
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environmental sustainability according
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to me and also as part of the research
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that has gone through in this viewpoint
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it's primarily because of the response
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that the industry gave to the covet
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pandemic the pandemic had brought few
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topics to the limelight like the idea of
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vaccine equity uh accessing medication
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or medicines and healthcare in certain
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remote areas or remote geographies then
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pricing of medicine the the acceleration
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of clinical trials including diversity
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and these all these sub items do come
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under the social pillar so if we group
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them and ask someone where are you
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focusing they would definitely say it's
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the social pillar of the sustainability
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and that's why it has increased i would
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say with the other pillars
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along with it going in parallel
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yeah i think i mean that's a great point
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i think life sciences in the last few
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years has generally been coming closer
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to the healthcare aspect of things in
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terms of working with payers and
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providers but i think the last two years
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especially the response the life
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sciences firms had to the pandemic in
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terms of you know getting a vaccine
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through in record time but also the
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issues it highlighted with global
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inequality uh you know put us in an
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interesting position and it's an
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important time to have this conversation
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and as others can see you know this
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looks at annual and quarterly filings by
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life sciences large life sciences
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corporations globally uh where focus on
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social sustainability outranks
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environmentally again we're not saying
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environmental is not important it's just
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the relative pecking order given the
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space life scientists forms occupy you
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know
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having spoken about that any uh you know
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what it brings me to the next question
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and a thought which is what exactly are
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life sciences firms trying to do in
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social sustainability are there a few
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pillars or a few areas where they're
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trying to do this more versus others
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definitely and i was expecting that as
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the next and as the analyst always love
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double clicking so let me double click
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on the social sustainability fact
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we have three themes and we have grouped
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these initiatives if you see under three
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themes first would be accessibility and
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affordability which majorly talks about
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taking medicine and drugs to the people
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and giving them at a fair price and
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that's where you see the ideas of
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inclusivity in trials value-based
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pricing the second is trust and safety
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whether we are tackling counterfeit
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drugs whether we are increasing supply
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chain transparency and finally like
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every other industry though life
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sciences have got this tag of being a
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regard but innovation is there and that
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would help in developing therapies for
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say rare diseases or personalized
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therapies and
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all these together comprises of the
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social sustainability bucket
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yeah this is this is really interesting
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because you know if you really look at
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some of these themes which you have been
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investigating for a while i remember a
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year or two ago we had published our
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analysis around how can we improve
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diversity in clinical trials that's an
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idea where we've seen a lot of positive
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movements say from the fda in the us now
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uh i think it's really important given
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the zeitgeist and the conversation we
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are having on these topics uh so i'm
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glad uh that you've done this and you've
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done you and the team have done this
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research and published this now uh and
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i'm hoping for more such conversations
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on the topic anik thanks for joining us
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today
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thank you for having me
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