Cytiva has released its 2024 Global Biopharma Sustainability Review, highlighting the increasing importance of sustainability initiatives to biopharma manufacturers. A survey of 800 industry professionals from 18 countries indicates that sustainability has moved from a peripheral concern to a central focus, with 62 percent of respondents suggesting that sustainability will be a key driver of success in the next five years.
Major influences driving the sustainability-focused trend include regulatory pressures, stakeholder expectations, and the potential of good sustainability practices in enhancing reputation and attracting talent. The major headache? Quantifying return on sustainability investment. In fact, 76 percent of the companies surveyed expressed concern with how their efforts will be measured and what impact they will have, while others conceded that tracking and reporting on accurate sustainability metrics will be a challenge – especially given complex supply chains and the need for advanced technologies.
Collaboration will likely be key, according to the report; here, the harmonization of industry standards and best practices should generate new ideas for the measurement – and improvement – of these metrics. Additionally, the report advocates for sustainability being embedded into corporate strategy.
The potential benefits of successful integration into everyday operations, the report concludes, will bring environmental benefits, as well as increased revenues and profitability. And as sustainability becomes a differentiator in the market, companies that lag in this area risk falling behind their proactive competitors.
According to Cytiva’s Head of Sustainability and Corporate Responsibility, Emmanuel Abate, “These findings highlight where we as an industry must collaborate and push for better progress and prove the benefits of delivering on sustainability targets to employees, customers, and investors – both current and future.”
The full report is available on Cytiva’s website.
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