Determining the directions for developing a methodology for comprehensive assessment of ESG activity in China’s biopharmaceutical territorial-sectoral complexes
Abstract
Importance: In recent years, ESG standards have attracted widespread attention worldwide, especially in the biopharmaceutical industry. As a key area related to human health, this industry requires increased social responsibility and special attention to potential environmental impacts. Purpose: to assess the current state of the ESG policy of the Chinese biopharmaceutical industry and identify areas for the development of a methodology for a comprehensive assessment of the state of ESG activity of biopharmaceutical territorial and industrial complexes in China. Research design: the object of research was briefly described – biopharmaceutical enterprises in China, followed by disclosure of the directions of their ESG activity in accordance with official corporate reporting data; the territorial features of the locations (provinces) of biopharmaceutical enterprises’ capacities were presented; the existing methods of integrated assessment of ESG activity of companies, based on the basis for calculating the relevant ratings by international and national Chinese agencies; Based on the identified gaps between the current directions of implementing the ESG policy of biopharmaceutical companies, the territorial features of their location and existing approaches, the directions for the development of a methodology for a comprehensive assessment of corporate ESG activity are formulated. In the course of solving the tasks set, a discrepancy was revealed between the ESG strategies of bio-pharmaceutical companies and existing integrated assessment methods, and in some cases the regional impact on business was not taken into account, which not only reduces the level of sustainable development of companies, but also affects the attitude of the main internal and external stakeholders to the industry under consideration. Results: based on the results of the study, targeted recommendations are proposed for optimizing the methodology for a comprehensive assessment of the state of ESG activity.
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