Clinical Trials Industry ESG Thematic Report, 2023

Environment, Social and Governance (ESG) in Clinical Trials Industry

Environment, Social and Governance (ESG) are three diverse non-financial factors that are pushing the investment trend to become more inclusive, responsible.  

Leading companies in the market are contributing to the society through initiating and integrating ESG policies into research and development of new drugs that cure a wide range of diseases, thereby creating a positive impact on the society as well as on the environment.

The Covid-19 pandemic created significant changes in the sector, enabling leading companies in this market to adopt technological advancements in clinical research. Usage of artificial intelligence in tracking and securing the data related to the research and trials as well as the existing policies that guide the clinical trials are a few factors that have been impacted and caused changes in the market.

ESG Trends

The global pandemic has led to a wide range of changes in terms of technology and policies in the relevant market. One of the leading companies in the market has introduced the method of “decentralized clinical trials” – DCT, to conduct clinical trials remotely. This has enabled the use of technology to monitor and secure data related to the clinical trials. From an ESG perspective, this has contributed to increased health and safety, thereby reducing the risk of exposure of the subjects to the virus.         

DCT uses smart and efficient technologies, such as global clinical networks through which patients are reached remotely. This procedure has significantly cut down carbon footprint.

Diversity & Inclusion (D&I) in clinical trials is one of the major challenges for companies in this sector. Reaching people from diverse backgrounds - ethnic, racial, and gender is a key area that companies in the clinical trials industry need to consider. To ensure D&I, leading companies in the market have made policies regarding the inclusion of people of different ethical, racial, and gender to their clinical trials, making the scope of such trials wider and effective, again creating a positive impact on the society.

The challenge arises in the governance part, where ethical standards of the market are changing due to the pandemic. Data protection of clinical trials and the identity of test subjects are a few to name, which influence the ethical standard of the company in the global market.

 However, the leaders of the market have ethical and compliance policies, which deal with the clinical trials and the related aspects of it. One of the leading companies in this sector has made an ethical speak up policy to ensure fair and responsible governance in its corporation. The company has ISO21007 certification for its data security, which is audited twice a year in accordance with its data protection policy, also overcoming the challenge of remotely monitoring and securing the data related to the product. 

Growth of The Clinical Trial Market:

The global clinical trial market, post pandemic, became one of the leading industries. The relevant market as of 2022, is valued at USD 49.8 billion and is estimated to grow at a compound annual growth of 5.8% by 2030. The challenges said above are a few, since the market is driven by the forces of health disturbances and chronic diseases, the functioning of the market contributes indirectly to the wellbeing of the human health at community as well as the global level.

Top Companies in the Clinical Trials market

    • QVIA

    • Parexel

    • PRA Health Sciences

    • ICON

Scope of the Global Clinical Trials Industry ESG Thematic Report:

    • Macro-economic and ESG-variable analysis of the industry, including regulatory, policy, and innovation landscape

    • Key insights on infrastructure developments and ESG issues affecting the theme

    • Identify key initiatives and challenges within the industry

    • Identify ESG leaders within the industry

    • Understand key initiatives and the impact of companies within the sector to fuel an informed decision-making process

    • Analysis of industry activities based on multi-media sources, including significant controversies and market sentiment

Key Benefits of Clinical Trials Industry ESG Thematic Report:

   • Offers a global perspective of the global market and the policies and measures taken by the players, for overcoming the challenges faced in terms of Environment, Social and Governance.

    • Key insights into the sustainability practices of major players in the market.

    • Identifying ESG risks and opportunities to business among leading players in the global clinical trials market

    • Obtaining a clear and relevant understanding of company actions, progress, and impact and find opportunities for investment into the sector