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1、WhyESGMattersforMedtechintheAsia-PacificRegionNearly70%ofmedtechcustomerssurveyedexpectESGwillbecomeacorepurchasingcriteria.ByVikramKapur,KevinChang,MikiYu,GlendaYa-WenTeng,andBenishAslamAPACVldRAIN&COMPANYQThevoiceofMedTechWhyESGMattersforMedtechintheAsia-PacificForewordHarjitGillAPACMed,CEOVikramK
2、apurBain&Company,SeniorPartner,SingaporeAsaneweraforthemedtechindustryintheAsia-Pacificregionapproaches,theintegrationofESGconsiderationsemergesnotmerelyasatrendbutasanimperative.Theupcomingdecadepromisesrapidadvancementsinmedicaltechnology,intertwinedwithanintensifiedfocusonsustainabilityandethical
3、governance.Theindustrycanexpectinnovationscateringtomedicalneedswhileprioritizingenvironmentalandsocialconcerns.Theascentofdigitalhealthsolutions,telemedicine,andAl-drivendiagnosticswillrevolutionizepatientcareandreducethecarbonfootprintbyminimizingrelianceonphysicalinfrastructureandtransportation.C
4、hallengesareinevitable.Evolvingregulatorylandscapes,shiftingconsumerexpectations,andtheglobaleconomicmilieuwillpresentunforeseenobstacles.Yetwithinthesechallengeslieunparalleledopportunities.MedtechcompaniesthatwholeheartedlyembraceESGwillpositionthemselvesasmarketleadersandvanguardsofthoughtandinno
5、vation.Thesetrailblazerswillsetindustrybenchmarks,influencepolicyframeworks,andcommandconsumertrust.Collaborationremainsparamount.Governments,industrystakeholders,investors,andconsumersmustworktogethertocreateanecosystemthatchampionsinnovationwhileupholdingESGtenets.Endeavorssuchascrossborderresearc
6、hcollaborations,sustainabilitycentricinvestmentportfolios,andconsumereducationcampaignscanexpeditetheindustry,strajectorytowardasustainablefuture.ThisreportisacollaborationbetweenAPACMedandBain&Companyandbroughttogether15membercompaniesfromAPACMedtodevelopanonline,comprehensivedashboardofenvironment
7、alregulationsspecifictothemedtechvaluechainacrosssixmarketsinAPAC.Thiswassupple*mentedbysurveysof120customersandmorethan800employeesandvariousexecutivesfrommedtechcompaniestobetterunderstandhowstakeholders,changingexpectationsarereinforcingtheimportanceofESGasastrategicpriorityforcompanies.Themedtec
8、hlandscapeintheAsia-Pacificregionstandsonthebrinkoftransformativegrowth.ByembeddingESGinthecoreofthismetamorphosis,theindustrycanensuregrowththatisexpo-nential,responsible,resilient,andalignedwithcherishedvalues.WhyESCMattersforMedtechintheAsia-PacificAtaGlance Environmental,social,andgovernance(ESC
9、)initiativesareincreasinglybecomingprioritizedbycustomersandemployeesthroughouttheAsia-Pacificregionandtheworld. Bain&CompanyandAPACMedpartneredtosurvey120customersandmorethan800employeesonESCconsiderationswithinthemedtechindustry. Medtechcompaniescanchoosetobalancecurrentcompetitivenessandfutureinv
10、estmentswhileconnectingESGtoeconomicvalue. ESGinmedtechrequirescollectiveindustryactionalongthreekeyobjectives:sharingbestpractices,proactivedialogue,andtangibleresultsdrivenbyindustry-wideinitiatives.Societyistransitioningtofostersustainabledevelopmentinenergy,mobility,food,health,resources,circula
11、rity,community,andfinance.TheUnitedNationsmemberstatesoutlined17SustainableDevelopmentGoals(SDGs)in2015topromoteholisticgrowthacrosssocial,economic,andenvironmentalaspects.1TheseSDGshaveplayedanessentialroleincreatingaglobalframeworkforsustainabledevelopment,whichhasledtoagrowingfocusonenvironmental
12、,social,andgovernance(ESG)priorities.Notably,customerawarenessofESGconsiderationsisalsorising,propellingcompaniestointegratesustainablepracticesandhighlightingthepivotallinkbetweenresponsiblebusinesspracticesandcustomerloyalty.However,themedtechindustryfacesuniquechallengesinaligningwiththeseglobalg
13、oals,especiallyinthediverseAsia-Pacificregion,whichisgrowingatarapidrate.TheAsia-Pacificregionrepresents18%oftheapproximately$660billionglobalmedtechindustryandisprojectedtobethefastest-growingregion,witha9%compoundannualgrowthrateoverthenextfiveyears.2Withthisgrowth,globalanddomesticchampionswillco
14、ntinueexpandingtheircommercial,manufacturing,andsupplychainfootprintintheregion.TheconcertedeffortsofmedtechfirmsintheAsia-PacificregiondemonstratetheircommitmenttocontributetoESGtargetsandfostersustainabledevelopment.MedtechcompaniesareproactivelyaddressingvariousESGissuesandhavelaunchednumerousini
15、tiatives.Theseincludeenergy-efficientmanufacturing,supplychainengagement,recycling,wastereduction,remanufacturing,andecomaterialadoption.Additionally,medtechfirmscontinuetofocusonimprovinghealthcareaccess,communityengagement,diversity,andinclusion.Furtheracknowledgingtheimportanceofethicalbusinesspr
16、acticesandtransparency,medtechcompaniesintheAsiaoPacificregionhaverestructuredtheirstandardoperatingproceduresandofferedsupplementarycompliancetrainingforemployees.WhyESCMattersforMedtechintheAsia-PacificESGisanimportantstrategicpriorityformedtechcompaniesRisingexpectationsacrossallstakeholdergroups
17、,includingpolicymakers,investors,customers,andemployees,reinforcetheimportanceofESGasacriticalstrategicpriorityformedtechcompanies.ThiscommitmenttoESGtargetshasledtoasignificanttransformationoftheESGpracticeslandscape.Thistrendreflectsabroadershifttowardresponsibleandethicalbusinessconduct,spurredby
18、thecollaborativeeffortsofgovernmentsandindustriestotacklepressingenvironmentalandsocialchallenges.Morethan35Asia-Pacificcountrieshavecommittedtoreducinggreenhousegas(GHG)emissions.3Furthermore,asofAugust2021,theAsiaPacificregionhadwitnessedatwofoldincreaseinESGpoliciescomparedto2016,totalingmorethan
19、200policiesandamendments.4Inadditiontothechangingpolicylandscape,investorexpectationsarerapidlyevolving.EightytwopercentofassetmanagersgloballyfactorESGconsiderationsintheirinvestmentprocesses,5andapproximately60%ofglobalinvestorsforeseeESGbecomingstandardpracticewithinthenextfiveyears/TheCovid-19pa
20、ndemichasfurtherpropelledthistrend,as79%ofAsia-PacificinvestorshavesubstantiallyormoderatelyincreasedtheintegrationofESGcriteriaintotheirinvestmentstrategies.7TheAsia*PacificregionnotablywitnessedanimpressivefivefoldsurgeinESGsecuritiesissuedin2021comparedto2016,underscoringanexpandingappetiteforsus
21、tainableinvestments.8NotonlyinvestorsbutalsomedtechcustomersacrosstheAsia-PacificregionarehighlightingthegrowingimportanceofESGconsiderations.Morethan70%of120medtechpurchasingdecisionmakersfromAustralia,China,India,Japan,SouthKorea,andVietnamindicatedthattheirorganizationshadalreadydefinedESGstrateg
22、iesadoptingambitiousobjectives,precisemetrics,andquantifiabletargets.9Notably,ChinaandAustraliaareattheforefrontofthismovement,withmorethan90%ofsurveyedcustomerspossessingwell-definedESGstrategies.Fifty-threepercentofsurveyedcustomersanticipatethatthesignificanceofESGcriteriaintheirorganizationssupp
23、lierselectionwillriseoverthenexttwoyears,with69%expectingafurtherincreaseinimportanceoverthenextfiveyears.ThemajorityofrespondentsfromAustralia(85%)andChina(60%)predicttheirorganizationswillprioritizeESGfactorsintheirkeypurchasingcriteriawithintwoyears,whilerespondentsfromIndia,SouthKorea,Vietnam,an
24、dJaPancameinbelowtheAsia-PacificaverageforplanningtointegrateESGconsiderationsintosupplierselectionprocesses(seeFigure7).WhyESGMattersforMedtechintheAsia-PacificFigure1:ESCmetricsinAsia-PacificwillbemoreimportantwhenconsideringsupplierselectioninthenexttwotofiveyearsQuestion:Comparedtootherkeypurcha
25、singcriteria,howdoyouexpecttherelativeimportanceofESGcriteria(astheyrelatetosupplierselection)tochangeintheshortandmediumterm?US/EUASia-PaCifiCShortterm(Next2years)IncreaseslightlyIncreasesignificantlyMediumterm(Next5years)Increaseslightly.IncreasesignificantlyNote:Otherkeypurchasingcriteriaincludec
26、ost(totalstofownershipandupfrontcost),performance,easeofuse.governmentpurchasingpolicy,etc.Sources:BainESGinMedtechSurvey,2022(n=65);BainAPACMedESGMedTechCustomerSurvey2023(n=120)ThegrowingemphasisonESGinitiativesisshapingcustomerexpectationsandsignificantlyimpactingtheperspectivesandaspirationsofem
27、ployeesthroughouttheAsia-Pacificregion.Amongthe874employeessurveyed,60%reportedthattheircompanieshavealreadyestablishedESGambitionsandsetspecifictargets,while43%confirmedtheexistenceofseparateESGstrategiesfortheircompanies,suppliers.10WhyenvironmentalstewardshipiscriticalIftheglobalhealthcareindustr
28、ywereacountry,itwouldrankasthefifth-largestGHGemitterintheworld.Itisresponsibleforapproximately4.4%ofcarbondioxideequivalent(tCO2e)globalemissions.11Approximately71%oftheseemissionsareclassifiedasScope3,12primarilydrivenbyproduction,transportation,anddisposalprocessesdeeplyintertwinedwithinthehealth
29、caresupplychain.Notably,fossilfuelcombustionaccountsformorethan50%ofthehealthcareindustrysclimatefootprint,withthemajorityofemissionsclassifiedasScope2andScope3.13Whilemedtechrepresentsasmallerbutimportantpartofthebroaderhealthcareindustry,thereisagrowingacknowledgmentwithinthemedtechcommunityaboutt
30、heneedtoaddresstheseenvironmentalchallengescollaboratively.WhyESCMattersforMedtechintheAsia-PacificIfcompaniesdonotacttomitigateadverseenvironmentalimpactsinthenext5to10years,theyareIikeIytofacevariousconsequences,includingincreasedcosts.Forinstance,Singaporeplanstoincreasethecarbonoffsetpriceto$33/
31、tCO2ein2026-27,reaching$59/tCO2eby2030.14Similarly,China15andSouthKorea16couldexperiencecarbonpriceincreasesofaround34%and25%,respectively,by2030.India,scarbonpricesarealsoexpectedtoreach$80/tCO2e17by2050withtheintroductionofacarbonmarket.18OtherAsia-Pacificcountries,includingVietnam,arealsoexaminin
32、gcarbontradingmechanismstomonetizeGHGemissionsreductions.EnvironmentalsustainabilitypoliciesareprogressivelytighteningintheAsia-Pacificregion,withmorethan15Asia-Pacificcountriescommittingtoambitiousnet-zeroemissionsobjectivesinthepastfiveyears.Consequently,atransitiontowardmandatoiyclimatedisclosure
33、sandsignificantemissionsreductionsby2030isunderway.Forinstance,theAustraliangovernmentintendstomandateclimate-relatedfinancialdisclosurerequirementsfrom2024,placingagreateremphasisoncompaniesadoptingenvironmentallyresponsiblepractices.Moreover,stringentwastedisposalregulationsareonthehorizon,withJap
34、an19andSouthKorea20targeting25%and50%reductionsinplasticwaste,respectively,by2030.Consequently,themedtechindustyandthebroaderhealthcaresectorareincreasinglyembracingenvironmentalstewardship.Whileotherfactorssuchascompensation,goodproducts,andbenefitsremaintablestakesforemploymentdecisions,environmen
35、talleadershipisbecominganemergingconsiderationandisexpectedtoincreaseovertime.Three-quartersofsurveyedAsia-Pacificmedtechemployeesconsiderenvironmentalimpactanimportantcriterionwhenselectingemployers.Approximately70%ofemployeesindicateagreaterwillingnesstoworkforacompanyknownforitseffortsinreducingG
36、HGemissions,while74%ofemployeesexpressreservationsaboutworkingforcompaniesthathaveahighnegativeenvironmentalimpact(seeFigure2).Whileemployeesareweighingenvironmentalperformanceinselectingemployers,companiesareincreasinglyconsideringenvironmentalfactorsinthesupplierselectionprocesswithintheAsia-Pacif
37、icmedtechindustry.Approximately23%ofsurveyedcustomersprioritizeenvironmentalconsiderationsalongsideproductqualityandcostwhenselectingsuppliers.Theimportanceofenvironmentalfactorsisexpectedtoincreaseinthenexttwoyears,with30%ofsurveyedcustomersrankingitasatop-threecriterionwhenselectingmedtechsupplier
38、s(seeFigure3).WhyESGMattersforMedtechintheAsia-PacificFigure 2: EnvironmentalleadershipcanbeadifferentiatorinattractingtalentQuestion:PleaserankthethreemostimportantcriteriawhendecidingwhetheryouwouldliketoworkforaparticularcompanyQuestion:Howwouldyourwillingnesstoworkforacompanychange,ifyoufoundout
39、thatitistheindustryleaderinreducinggreenhousegas(GHG)emission&largestpolluterinthetown/citywhereyoulive(assumingotherfactorssuchassalaryandbenefitsremainthesame)?74%69%Morewillingtoworkforcompany(38%)SignificantlymorewillingtoWO水forcompany(31%)CompanyisindustryleaderinreducingGHGemissionsSlightlyles
40、swillingtoworkforcompany(23%)Significantlylesswillingtoworkforcompany(51%)CompanyislargestpolluterinIowrVdtyFigure 3: Whileproduct,financial,andsupplierspecificfactorsarerankedhighertoday,environmentalcriteriaareexpectedtoincreaseinimportanceinnexttwoyearsESGfactorsareexpectedtobemoreimportantinnext
41、twoyearsEnvironmentalcriteriawillbemoreimportanttocustomerswhenpurchasingcapitalequipmentproductsinnexttwoyearsWhenitcomestoseleaingaInird-Partysppic,peaseselectthethreemostimportantcriteriathatyourorganizationuses,asoftodayandinnexttwoyears6.Environmental6.Environmental6.Environmental6.SocialSocial
42、GovernanceProductCriteriaEnvironmentalFinancialSuppberEfficiencyChange7.Governance7.Governance7.Governance7.GovernanceRank1Rank2Rank3Note:Product(CsagnoStiCaccuracy,refeabity.etc.),Anancial(totalstofownership,upfrontcostetc.).Supplier(mpanyreputation,customerservice,etc.).EffiCienCy(reducingmanpower
43、requirement,loweroperatingcost,etc).Social(suppliersocialeffortsucaslaborstandards,health,andsafetytrackrecord),Environmental(towercarbonemissions,lesswateruse).Governance(effectivesupplierriskmanagementpolicies,anti-corruption,etc.)Source:BainAPACMedESGMedTechCustomerSurvey2023(120)WhyESCMattersfor
44、MedtechintheAsia-PacificProfessionalswithinmedtechorganizationsalsoviewenvironmentalfactorsasvital.Asubstantialportion(89%)ofcustomer-facingteamsclassifyenvironmentalissuesascrucialtotheircompany,sdailyoperations.Thissentimentisechoedattheexecutivelevel,with85%ofexecutivesrecognizingthesignificanceo
45、fenvironmentalissuesinshapingtheirorganizationsday-to-dayactivities.Inconclusion,theg,owingexpectationofstakeholderstoadoptsustainablepractices,coupledwiththeevolvingregulatoyenvironment,israisingthestakesforbusinesseswithintheregion.Challengesexist,butsodoopportunitiesAsmedtechcompaniescontinuetode
46、velopthe“environment”aspectoftheirESGagendas,thereareseveralchallengesbutalsoanecosystemofsupport,opportunities,andincentivesinagrowingnumberofmarkets.TheenvironmentalpolicylandscapeintheAsia-Pacificregiondisplaysvaryingdegreesofmaturity,whichintroducesanuancedlayerofcomplexityformedtechcompanies.Fo
47、rinstance,AustraliastandsoutasaleaderinESGmaturity,implementingacomprehensivearrayofregulationsandcoveringawiderangeofpoliciesrelatedtoenvironmentalmattersatbothstateandnationallevels.Furthermore,themedtechindustryinAustraliaencountersspecificrequirementsandincentivesdesignedtoencouragesustainablepr
48、actices,suchastheNationalReconstructionFund,whichsupportssustainableprojectsinprioritysectorssuchasmedicalscienceanddevicesthroughequity,loans,orguarantees.Similarly,countriessuchasChina,Japan,andSouthKoreahavemadesignificantprogressinenvironmentalpoliciesoverthepastfiveyears,emphasizingthereduction
49、ofenergyintensityandthepursuitofcarbonneutrality.Circularityinitiativesaroundsustainablematerialuseandwastemanagementinthesenationsarealsogainingtractionandareanticipatedtoexperienceincreasedadoptionintheyearsahead.Ontheotherhand,countriessuchasIndiaandVietnamremaininthenascentstagesofenvironmentaldevelopment.Thesemarketsarecurrentlycreati
