The report delves into the realm of Corporate Social Responsibility (CSR), Environmental, Social, and Governance (ESG) compliance and initiatives in the Indian pharmaceutical sector
The Indian Pharmaceutical Alliance (IPA) in collaboration with Samhita Social Venture released a report titled ‘Deepening the Responsible Business Agenda: Showcasing the CSR and ESG Initiatives’. IPA companies are at the forefront of CSR engagement, spanning social and economic development projects across 22 states and reaching over 15 million people.
The report highlights three key areas in the pharmaceutical industry’s responsible business agenda: CSR Initiatives, Healthcare, and Sustainability. It seeks to document best practices, showcase COVID-19 initiatives, explore transitioning beyond CSR, and recognise human champions within 25 IPA member companies.
This report delves into the realm of Corporate Social Responsibility (CSR), Environmental, Social, and Governance (ESG) compliance and initiatives in the Indian pharmaceutical sector. It advocates for a transformative shift toward embracing a comprehensive ‘Responsible Business’ framework. Furthermore, it documents the sustainability initiatives on building livelihoods, carbon neutrality, waste management, and water and energy conservation. The report also recognises the exceptional efforts exhibited by Human Champions of the IPA pharma companies.
The welcome address by Sudarshan Jain, Secretary General, IPA, highlighted that the IPA companies are committed to looking beyond business and serving the larger purpose of commitment towards society. In the keynote address, Dr Arunish Chawla, Secretary, Department of Pharmaceuticals appreciated the CSR and ESG initiatives undertaken by IPA companies and the contributions of the Indian pharma industry during the COVID-19 pandemic.
Dr Arunish Chawla, Secretary, Department of Pharmaceuticals, said, “I extend my heartfelt congratulations to the Indian Pharmaceutical Alliance for their outstanding CSR initiatives, particularly in the area of healthcare. The collaborative model, where both public and private sectors contribute, plays a pivotal role in promoting positive externalities, benefiting society, the economy, and our citizens’ well-being. IPA’s commendable efforts during the challenging COVID-19 period, ensuring access to affordable medicines and the entire pharmaceutical supply chain, deserve special mention. Today’s event timely showcases the industry’s commitment beyond CSR, creating shared values for both business and society. This report serves as a benchmark for sectors aiming to build purpose-driven organisations. My sincere appreciation to all involved in implementing these impactful initiatives.”
Post the address, Dr Chawla officially launched the report. This was followed by a CEO Panel discussion with participation from Dilip Shanghvi (Sun Pharma), Pankaj Patel (Zydus), Satish Reddy (Dr Reddy’s) and Dr Nachiket Mor and moderated by Priya Naik, CEO, Samhita Social Venture. The discussion delved into how businesses can deepen their responsible agenda. Furthermore, they suggested organisations chart their initiatives to include building SSR (Strategic Social Responsibility), improving ESG (Environmental, Social, and Governance) compliance, and focusing on convergence to align business practices with responsible business conduct. The event concluded with an address by Archana Jatkar, Associate Secretary General.