A close-up photo of a medical shelf full of bottles, medicines and storage containers.

Healthcare and Pharmaceuticals

EU Environmental, Social, and Governance (ESG) legislation is reshaping the global healthcare and pharmaceutical sectors, imposing new requirements on environmental impact and social responsibility. Companies are now expected to adhere to strict regulations regarding medical and pharmaceutical waste disposal, including hazardous materials, to prevent pollution.

Pharma companies are increasingly encouraged to adopt eco-friendly packaging, sustainable supply chains, and product lifecycle management strategies. The EU Circular Economy Action Plan promotes these goals by pushing for recyclable materials and reducing the environmental footprint of drugs.

Healthcare and pharma companies must comply with international labour laws, such as those outlined by the International Labour Organization (ILO), to ensure fair working conditions – especially in global supply chains. Ethical sourcing of raw materials, such as active pharmaceutical ingredients (APIs), is being closely monitored to prevent labour abuses like child labour or forced labour.

These evolving regulations and the growing emphasis on reporting, particularly in the EU and U.S., present strategic, operational, and financial challenges for companies in the healthcare and pharmaceutical industry.

The Challenge

Healthcare and pharmaceutical companies must meet increasingly stringent ESG reporting requirements by adopting robust environmental practices and improving social responsibility efforts. This includes complying with regulations related to waste management, ethical clinical trials, and labour practices across global supply chains.

To meet these ever-evolving standards, companies will need to overhaul current reporting processes, enhance data collection systems, and improve transparency across complex supply chains. This presents a challenge to businesses already struggling to keep up with existing regulations.

Our Solution

Unannounced Site Inspections

By carrying out unannounced site inspections, VICTVS can verify that ESG standards are being met across your supply chain.

Improving Supply Chain Transparency

Ground Truth Reporting can ensure that each member of your supply chain is handling and disposing of medical materials with care to minimise environmental harm.

Fair Labour Assessment

We can assess labour conditions at your sites, ensuring that workers are treated ethically, receive fair wages, and work in safe environments.

A woman in a hazmat suit stands over a metal container with gloves on, checking the gauge.

The Outcome

The 2024 EU ESG reporting standards present significant challenges for the healthcare and pharmaceutical industries, requiring comprehensive, accurate, and transparent reporting on environmental, social, and governance practices.

Ground Truth Reporting from VICTVS is an indispensable tool that helps companies navigate these complexities by providing real-time, flexible, and accurate assessments of supply chain conditions. By leveraging Ground Truth Reporting, healthcare and pharmaceutical companies can ensure compliance, enhance sustainability performance, safeguard their reputation, and remain competitive in an increasingly ESG-driven market.

Countries

Independent Inspectors

180

Source of Truth

What our Clients Say

“By working with VICTVS, we have been able to ensure compliance with ESG regulations, particularly in areas like waste management and ethical sourcing. This level of transparency empowers us to identify and address potential risks that could harm our business.”

C Woodhams, Ethics & Compliance Officer

Find out how Ground Truth Reporting can help you.

For more information about our work with the Fashion and Retail industry, please contact us here.