Providers, payers and pharmaceutical and life sciences organizations have historically embraced the social pillar of environmental, social and governance (ESG) efforts, caring for patients and creating medications, vaccines and devices that improve human health and save lives. A recent survey by PwC’s Health Research Institute (HRI) found that 77 percent of respondents said that since January, 2020 social concerns are a key focus of their efforts; 12 percent pointed to environmental issues and 11 percent indicated governance is important. The survey, which analyzed the ESG efforts of 45 health systems and payers and 32 pharmaceutical and life sciences companies, found that health organizations could reap additional rewards by also embedding more of an environmental and governance focus into their overall strategy.

HRI observed that although for-profit and not-for-profit healthcare organizations have different motivators, audiences and reporting requirements when it comes to ESG, both serve communities that are increasingly aware of what socially responsible organizations look like. Additionally, government bodies, regulators, investors and consumers have increased expectations for responsible business practices. Providers and payers have ample opportunities to differentiate themselves by improving their reporting and storytelling around ESG, and to build trust with the communities they serve, and with investors, donors and other stakeholders.

Click here to learn more about HRI’s survey.