pLOG

2024-03-08

The Practice of ESG in the Pharmaceutical Industry—A Patient-Centric Perspective.

In the contemporary pharmaceutical industry, pharmaceutical companies demonstrate their corporate responsibility and sustainability through the practice of Environmental, Social, and Governance (ESG) principles. Patient Support Programs (PSPs) by pharmaceutical companies serve as significant avenues for practicing ESG values, reflecting not only the company's concern for patient welfare but also showcasing its commitment to social responsibility.

Recent patient perspective survey reports analyzing pharmaceutical companies' implementation of ESG reveal the progress and challenges faced by the pharmaceutical industry in integrating ESG values into its core operations. Evaluations of pharmaceutical companies' ESG policies from a patient perspective are crucial because they reflect the direct impact of ESG practices on society.

From hundreds of comments received from interviewed patient groups, only a few patient leaders described pharmaceutical companies' ESG activities as directly relevant to patients, with more considering them merely as a way for companies to attract ethical reputations. However, recent pharmaceutical ESG reports provide more patient-centered descriptions.

Pharmaceutical companies now more than ever should expand their ESG responsibilities, not just in providing medical products but also as key participants expected to respond to broader societal and environmental challenges. It is hoped that pharmaceutical companies will provide medications not only sustainably and ethically but also in a manner that responds to the diverse needs of different patient groups.

In ESG news media reports, biopharmaceutical investors emphasize several key areas for special attention in ESG communication advocacy, including medical accessibility, ethical business practices, and environmental management. These recommendations serve as guiding principles to help pharmaceutical companies prioritize their ESG practices, ensuring responses to the most urgent social issues.

Environmental Protection:

Pharmaceutical companies demonstrate environmental protection primarily through reducing pharmaceutical waste production, promoting green packaging, and implementing environmentally friendly drug distribution systems. Companies can reduce the carbon footprint of their products by adopting recyclable materials and reducing packaging sizes. Additionally, through digital patient education materials and virtual online medical conferences, company representatives and marketers can further reduce paper usage and travel demand, thus minimizing environmental impact.

Social Responsibility:

Pharmaceutical companies practice social responsibility primarily by improving medication accessibility, supporting patient education, and providing personalized patient care. Through social insurance drug supply and patient support programs, pharmaceutical companies can provide medication assistance to economically disadvantaged patients, ensuring more patients have access to necessary treatments. Furthermore, by providing disease education and health management resources, companies can help patients better understand their conditions and acquire self-management skills, thereby enhancing patients' quality of life.

Good Governance:

During the execution process of pharmaceutical marketing, companies must adhere to transparent and responsible governance principles. This includes ensuring compliance with all relevant laws and regulations and maintaining operational transparency through regular audits and reporting. Companies should also ensure that all communication and interaction with healthcare professionals and patients are based on medical needs, avoiding any potential conflicts of interest to protect patients' interests.

On the other hand, there is increasing concern about whether patient support programs align with ESG goals. These programs ensure that patients not only receive the medical treatment they need but also comprehensive support to effectively address the challenges of their illness. Patient advocacy groups call for an integrated ESG approach in the pharmaceutical industry, covering patient support as well as broader corporate responsibilities, highlighting pharmaceutical companies' commitment to societal welfare and environmental sustainability in response to growing health needs.

As the industry progresses, the ability of pharmaceutical companies to clearly demonstrate their ESG commitments through concrete data and results will be crucial. This includes demonstrating efforts not only to reduce environmental impact in production and transportation but also to increase patient access to medications and integrate efforts to practice comprehensive social impact, responsive to the diversity of patient needs. The future of patient support in the pharmaceutical industry is likely to be defined by an integrated approach that incorporates ESG values, ensuring patient well-being is addressed not only through medical treatment but also through sustainable and socially responsible practices that respond more comprehensively to society.

President of PATIENTSFORCE, Sean Chang 


Reference: