As per data coming from an analytics and consulting firm, the medical device sector has seen enhancements when it comes to its sustainable practises; however, the researchers have gone on to call for better regulations as well as greater cooperation between stakeholders as far as having a long-term solution is concerned.
In the industry insight, regulatory as well as policy changes that promote environmental commitment have been tracked within the medical device sector, and the actions taken by the companies so as to better manage the resources as well as curtail the carbon footprint have also found a place.
As per the insight, many companies have begun to make a transition towards sustainable packaging, choosing for more efficient energy consumption, as well as embracing telemedicine apps in order to reduce emissions. That said, the regulators have to step up so as to make sure that quality remains in place when manufacturing products using eco-friendly methodologies.
It is well to be noted that device quality needs to be a priority, and the faster eco-friendly transition should not be made at the cost of the health of patients.
Larger as well as longer-term changes, as well as manufacturing, will go on to rely on standard regulation as well as risk mitigation. The insight has also asked the sector to enhance environmental, social, and governance transparency and at the same time promote open communication when it comes to having it within the industry, as greenwashing allegations and heavy scrutiny went on to force some companies to move away from bringing to light their sustainable goals.
The fact is that the transition cannot be ascertained if there isn’t any communication between consumers, workers, companies, and investors on environmental initiatives, progress, and challenges. Another survey went on to show that ESG awareness within the sector has surged in recent times, but there is still a lot of room to grow. The survey also went on to reveal that less than 50% of respondents either have zero ESG plans or are not aware of the company’s initiatives, which is down from 68% in the prior quarter.
Many respondents also agreed that the legislature as well as pressure from the government should be the main drivers pertaining to the ESG decisions of the companies, not just the desire to improve their financial standing. The insight went on to state that some companies made use of ESG as a ploy of marketing to attract loyal customers despite the fact that they were not completely committed to change.