4 Reasons ESG Priorities are Becoming More Important in the Life Sciences Industry

Environmental, social and governance (ESG) imperatives impact?every aspect of the work of clinical trial operations. ESG is a collective term that measures a business’ impact on the environment and society at large, and how robust and transparent its governance is in terms of company leadership, executive pay, audits, internal controls and shareholder rights. All companies are deeply intertwined with ESG concerns.

“Every company uses energy and resources,” said James Man , a Managing Director for Consulting at Syneos Health. “Every company affects, and is affected by, the environment. Every company operates within a broader, diverse society. Every company requires governance to function, operate and exist.”

There are four factors that have converged, making ESG concerns a priority for life sciences companies today:

• A greener world - Effectively, no ESG will mean no investment.
• Reputation matters -?A business’ reputation is increasingly defined not just by how effective its products and customer service are, but also by how invested it is around ESG.
• ESG efforts are now a decision-making factor for companies, aligning with their ESG priorities -?Companies with strong ESG credentials and ambitions must work with other companies on a similar path if they are to achieve their targets.
• It makes good business sense—reducing waste can lower costs and reduce the bottom line.?“When companies are looking to be more efficient and more cost effective, ignoring the long-term savings of actions such as reducing your carbon footprint would be irresponsible,” said Man.

To learn more about about how to create greener clinical trials, be sure to attend our upcoming Xtalks webinar featuring our experts James Man , James (Jim) Taylor and Jennifer Anderson . Register to attend here.

The Syneos Health Insights Hub generates future-focused, actionable insights to help biopharmaceutical companies better execute and succeed in a constantly evolving environment. Driven by dynamic research, our perspectives are informed by our insights-driven product development model and crafted by subject matter experts focused on real answers to customer challenges to help guide decision making and investment.?To learn more, visit?insightshub.health.