When the Diversity Alliance for Science held its spring East Coast conference in Newark, New Jersey, several members of the Dynamic Technology Solutions team were in attendance. The following is drawn from their observations during the conference.
For 15 years, the Diversity Alliance for Science (DA4S) has been focusing on bringing greater diversity, in terms of both people and companies, to the life sciences industry. At the recent DA4S East Coast Conference, two aspects of that effort were prominent throughout the event—the need to enhance Environmental, Social, and Governance (ESG) programs, and the forging of partnerships between a variety of companies.
ESG has been around for a while, but as the meeting showed, it is now more important than ever. Today, partners, suppliers, employees, investors, and customers assess the companies that they work with through the lens of ESG. That message came through loud and clear at the meeting, where large pharma companies talked about the ESG attributes they expect to see in their suppliers.
Those pharma companies have good reason to look for those attributes. A few years ago, the McKinsey & Company management consulting firm performed a meta-study of more 2,000 studies examining ESG initiatives and found that 63% reported a positive business impact from those efforts, while only 8% reported a negative impact. So, as discussions at the meeting made clear, ESG is no longer a “do the right thing,” corporate social responsibility initiative—it is a powerful business mandate that can drive real results, now and in the long term. Certainly, suppliers will need to continue to provide value and quality with their products and services, but ESG will need to be in the mix as well.
Meanwhile, the importance of partnerships, captured in the event’s theme of “The Power of Us,” was underscored in several ways. Some discussions, for example, explored how Tier 1, 2, and 3 supplier relationships can bring unique value and innovation to life sciences organizations. A number of supplier showcase presentations (including one by our Vice President of Business Development Tami Schultz) provided insights into a range of solutions available to partners. Roundtable events brought different companies together for mutual education and discussions of possible partnering opportunities. And in the final session of the conference, representatives from various suppliers joined their customer counterparts on stage to talk about the partnering journeys they had taken. Every story was unique, but they all shared a common theme: that partnerships are an important key to building growth and success.
The value of ESG and partnerships—and ultimately, diversity in life sciences—are well understood at Dynamic Technology Solutions. But it was good to have that view reinforced at the meeting, and to have a chance to collaborate with others to explore ways to improve the industry on both fronts.
Dynamic Technology Solutions’ Robert Werner, Tami Schultz, and Dan Wood at the DA4S East Coast Connection in Newark, New Jersey.