Pharmaceutical companies are embracing the challenge of a sustainable and responsible business, with a heavy focus on how the industry can better engage, monitor, and improve their third-party suppliers including logistics suppliers, waste management vendors, and contract manufacturers.
It’s realized and understood across the industry that environment, safety, and social outcomes are critical and involve strong engagement, monitoring of compliance, and upskilling their supply chain partners.
A key driver of this is the recently published guidance from the financial investment community with the request for biopharma organizations to communicate and report on key Sustainability and Environment, Social, and Governance (ESG) initiatives externally. One of the key pillars of this ESG communication requirement is focused on Supply Chain Management, highlighting the financial return from engaging in robust supplier improvement.
