Environmental sustainability is a growing concern and the global pharmaceutical industry has undergone rapid change over the past decade with organisations urgently focusing on implementing sustainability activities.
More than 200 companies represent the global pharmaceutical market, yet only 25 consistently reported their direct and indirect greenhouse gas emissions in the past five years. The pharmaceutical industry emission intensity is also about 55% higher than the automotive’s.
In an in-depth survey carried out by McKinsey in 2018, the top priorities for businesses are managing corporate reputation, capturing sustainability trends in the business portfolio and committing R&D resources to sustainable products. Healthcare and pharmaceutical executives stated a high importance in leveraging sustainability of existing products to reach new customers or markets and achieving higher prices or market share because if sustainable products.