Meridian Growing Demand for Sustainability in IVD industry …

Key Drivers of Sustainability in Life Sciences

Regulatory Pressure Government regulations on sustainability are tightening globally, putting pressure on life sciences companies to adopt more sustainable practices. A 2023 Deloitte survey found 74% of companies in their study cited regulatory compliance as a key driver for sustainability initiatives. The toughest regulation so far is the EU’s Green Deal, aiming for climate neutrality by 2050, which mandates a 55% reduction in net greenhouse gas emissions by 2030. Life sciences firms must develop roadmaps and set KPIs to meet these targets. For the diagnostics industry, this means adapting supply chains, improving energy efficiency, and adopting greener technologies—transforming challenges into opportunities for long-term sustainability and cost efficiency. 4 Need for Supply Chain Sustainability The pandemic exposed supply chain vulnerabilities, leading to record freight rates and disruptions. As a result, industries are rethinking supply chain management to ensure future resilience 5 . A 2023 survey of supply chain executives across various sectors found that only 46% had the visibility and resilience needed to handle disruptions 6 . For life science organizations, the challenge is greater, with 70% of emissions tied to supply chains outside their direct control 7 . Enhancing supply chain sustainability requires a holistic approach across every stage of development & manufacturing and includes sourcing eco-friendly materials and partnering with like-minded suppliers committed to sustainability metrics. Such collaborations also lead to sharing of best practices, optimizing resource use, and enhancing a collective influence on sustainability. Creating a sustainable and resilient supply chain requires organizations to rethink logistics, find resource-efficient material sources, and adopt technologies that foster sustainability while withstanding disruptions.

https://www.weforum.org/agenda/2022/06/why-sustainability-is-crucial- for-corporate-strategy/

Other key aspects include:

Ensuring that raw materials and components are sourced responsibly, with considerations for environmental impact, human rights, and fair labor practices. Practicing ethical sourcing:

Building effective risk management frameworks:

Identifying and mitigating risks related to environmental and social factors in the supply chain, including those arising from natural disasters or ethical issues. Optimizing transportation and logistics to reduce carbon footprints, such as using energy-efficient shipping methods and consolidating shipments. Utilizing green logistics:

Embracing innovation and collaboration:

Investing in and adopting new technologies and practices that enhance sustainability and working with industry partners to advance shared sustainability goals.