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Quantori blog

February 6, 2024

Embracing ESG Principles as a Stakeholder in Life Science and Healthcare

Shamilka Samarasinha
Shamilka Samarasinha
Global Head, Sustainability & ESG
Quantori
In today's fast-paced world, sustainability is not just another catchword – it is now one of the main global priorities. Companies across industries are taking a closer look at their practices to ensure they align with ESG - Environmental, Social, and Governance - principles.

ESG

So, why do companies need to adopt their frameworks for ESG, except for being generally conscious, environmentally aware, and sharing mutual responsibility? Disclosure laws are becoming mandatory now, and in the next four years, all companies will have to demonstrate the ESG matrix at some level.

  • In the US, the EC’s proposed climate disclosure contains mandatory requirements for companies to follow. It also contains “comply or explain” requirements. For example, if a company does not have an audit committee financial expert, it should explain why. 
  • In Europe, there is a similar practice. In November 2022, the European Parliament passed the CSRD — Corporate Sustainability Reporting Directive — which covers approximately 11,700 large companies and groups across the EU.

Thus, the companies must now keep themselves updated with the newly adopted sustainability disclosure laws.

In the dynamic and crucial field of Life Sciences and Healthcare, integrating ESG practices is essential for industries and the planet's long-term sustainability. It is estimated that these industries account for 4.4% of worldwide greenhouse gas emissions, and this number is continuing to increase. As a result, pressure on such companies and their supply chains from investors, employees, and government regulators has been growing to reduce carbon emissions and make environmental sustainability a core part of their businesses.

As an integral part of the Life Science, Pharma, and Healthcare industries’ supply chain, Quantori is proactively integrating ESG initiatives into our core practices.

We are just starting this journey, and we are committed to continuously evolving as we work on contributing to a healthier future and to positive social change.

E is for Environment

The year 2023 served as a powerful reminder of the urgent need for action, marking the warmest year on record since 1850 at 1.18 °C (2.12 °F) above the 20th century average of 13.9 °C (57.0 °F). Embracing ESG principles is no longer an option. It is a necessity for our planet's well-being.

As mentioned, tech companies are responsible for supporting their stakeholders to ensure the business community is working towards a greener and healthier planet.

At Quantori, we are using our data science capabilities to optimize our data collection process to determine our carbon impact and, based on that data, to determine how we can build a reduction strategy.

S is for Social Impact

Driven by our core values, Quantori is committed to social impact across several priority areas:

  • Diversity, Equity, and Inclusion (DEI)
  • Employee Well Being
  • Learning to Upskill
  • Responsible Supply Chain Procurement
  • Health Equity and Health Accessibility

We believe that knowledge sharing is a crucial component for bringing positive changes.

Quantori strives to make a significant impact through our partnerships with universities and academia in the locations where we are based. With a strong staff of life science and healthcare experts, we believe in investing in innovation and learning opportunities for our team members worldwide.

It is not possible for such global and ambitious initiatives to be undertaken single-handedly. We join forces with other similar organizations and actively engage in events where we can collaborate to make a difference.

As Quantori’s global head of sustainability, I was privileged to represent Quantori at the Chief Sustainability Awards, a prestigious event organized by Future/io in Davos during the week of the World Economic Forum in mid-January. The event was devoted to celebrating Chief Sustainability Officers and their companies, recognizing their pivotal role in the global sustainability agenda.

Community-building ESG events are vital for knowledge sharing and learning from other experts from companies invested in ESG / DEI / Gender Equality initiatives.

Recently, as a panelist, I discussed ESG and its impact on women's empowerment at the She Is Tech Conference. The conference aimed to bring together professional women to talk about enhancing gender equality, advancing careers, and exploring solutions that empower women in the technology sector.

ESG Image

G is for Governance

Effective governance is essential for establishing the ethical direction of any organization. Being a trusted supplier to prominent life science and healthcare companies, we prioritize our ethical governance practices, which include robust compliance measures, fair labor practices, and active stakeholder engagement. Our dedication to integrity drives us to build trust with investors, employees, and the broader community. This ensures transparency and accountability in everything we do.

In conclusion

Harmonizing health and sustainability is not just a goal; it is a shared responsibility that will define the success and impact of life science, pharma, and healthcare companies. In the pursuit of a better future, every individual and every organization play a crucial role in shaping global well-being. We invite others to join us on this journey, as together we can build a more sustainable and fairer world for future generations.

Sustainability
Data Science
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