The medical device sector has witnessed worthy enhancements when it comes to their sustainable practises; however, the researchers have asked for better regulations as well as a greater level of cooperation between stakeholders so as to avail a long-term solution, as per GlobalData, the data analytics as well as consulting firm.
As per the industry report, the analytics and consulting firm has traced the regulatory and policy changes that happen to promote commitment to the environment in the medical device sector and also the actions that are taken by companies so as to better manage the resources and lessen their respective carbon footprint.
The insight opined that numerous companies have begun to transition to sustainable sources of packaging, have chosen efficient consumption of energy, and have embraced telemedicine applications in order to make sure that emissions get reduced. That said, regulators need to make sure to step up the quality parameter and see to it that it remains intact when manufacturing products as per their eco-friendly methodology, according to the medical analyst at GlobalData, Ashley Clarke.
He adds that device quality needs to be the priority, and quick eco-friendly transitions will not be made at the expense of the health of a patient. Wider and longer-term changes when it comes to medical devices as well as manufacturing will solely rely on the mitigation of risks and efficient regulation.
The insight also urged the industry to enhance environmental, social, and governance transparency and also promote open communication that too within the sector post the greenwashing allegations and excessive scrutiny forced certain companies to move away from disclosing their sustainability objectives.
According to Clarke, change cannot occur unless there is proper communication between organisations, consumers, employees, and also investors when it comes to environmental progress, its initiatives, and its challenges.
Another survey showed that awareness of ESG within the industry has grown in recent times, but there is still plenty of room to enhance it. The report revealed that around 45% of the respondents happen to have either zero ESG plans or are not aware of their organisation’s recent initiatives, which is a down percentage from the 68% that was witnessed in the previous quarter.
It is well to be noted that a large portion of the respondents also opine that the legislature as well as pressure from the government have to be the main forces for decisions that are ESG-related, not just the desire to enhance the financial standing.
This comes as organisations use ESG as a marketing ploy to attract loyal customers, despite the fact that they are not completely committed to the change themselves.