ESG in life sciences as a hidden driver for brand success
There is a growing belief among the public that private corporations should also take responsibility for environmental, social, and governance (ESG) issues; these factors are no longer solely the responsibility of the public and governments. While certain business sectors are perceived as having a heightened obligation to diminish their environmental footprint (particularly energy companies, automobile manufacturers, airlines, and public transport providers), no industry can evade the necessity to act responsibly.
Life sciences companies, encompassing pharma, biotechs,
device/diagnostics manufacturers, and others, are already actively developing and implementing policies to improve their ESG profile, but most initiatives are happening at the organisational level. The emphasis must now expand beyond mere "philanthropy" towards a comprehensive reassessment of operational methods across the entire value chain.
In this paper, we explore how life sciences companies can go beyond the organisational level and apply their ESG strategy to individual brands. We also address how doing so with authenticity can serve as an additional factor driving brand success.
