ESG: A hidden driver of brand success in healthcare
Global concerns are usually dominated by immediate issues. But when we ask what worries the world, our data show that climate change, poverty and social inequality remain the constant and significant worries that unite people across the globe. But, what does ESG mean for life science companies and the healthcare industry?
Collectively, pressures relating to environmental, social and governance (ESG) considerations concern not only the public and governments; increasingly, the public believes that this responsibility should be shared with private companies.
While some business sectors are seen as having greater responsibility for reducing their impact (particularly energy companies, car manufacturers, airlines, and public transport providers), no sector is exempt from the imperative to act.
Life sciences companies (which include pharma, biotechs, device/diagnostics manufacturers and others) are already actively developing and implementing policies to improve their ESG image, but most initiatives are happening at a corporate level. The focus now needs to broaden beyond ‘giving back’ to re-examining the way in which businesses operate across the entire value chain.
In this paper, we examine how life sciences companies can go beyond the corporate and cascade their ESG strategy to individual brands, and how doing so authentically can be an additional driver of brand success.
