Last year, we were awarded an EcoVadis Silver rating for our sustainability efforts at Elos Medtech. We were of course very proud. However, we always try to set the bar higher every day. It is time to accelerate sustainability in medtech, and we are aiming for an EcoVadis gold rating.
Why accelerate sustainability in the medtech industry?
Sustainability has risen to the top of the corporate agenda in many industries. Environmental, social, and governance investing is no longer just a competitive differentiator. Today’s customers demand sustainable business practices. As with any other industry, the medtech industry needs to accelerate its sustainability efforts to reduce the environmental impact of manufacturing and supply chains.
We continuously improve everything we do in medtech
At Elos Medtech, we strive to improve everything we do continuously, and our sustainability work is no exception. On the contrary, topics concerning our people, business, environment, and responsibilities are always top of mind. We also see an increasing interest from our customers and other stakeholders in evaluating Elos Medtech from an ESG (Environment, Social, and Government) perspective. This is where EcoVadis comes in handy.
The importance of ESG transparency
It is a complex task to correctly assess how far ahead different companies are in their sustainability work. This has led to a growing need for standardized assessment platforms. EcoVadis has proven to be a globally accepted platform that many companies rely on today. We strongly believe in transparency, and a standardized tool makes it easier for all stakeholders to report and share ESG information. This is also why we encourage our customers and suppliers to use EcoVadis.
From bronze to silver, and hopefully gold
It was with great pride that in 2021, we were able to state that our sustainability efforts had resulted in an EcoVadis silver rating. The assessments showed that we had improved in all areas, moving from a bronze to a silver rating. We were also happy to discover that our score exceeded 89% of other companies in our segment.
One factor behind our success is that we have worked closely with our customers. We have had several workshops with leading global players to identify strengths and shortcomings in our sustainability work. These meetings highlighted the great strides we have taken towards increased efficiency and resource-efficient production.
A CDMO that never compromises on quality
Although we have achieved the EcoVadis silver rating, we are now aiming for gold. This is a completely natural objective for a company whose business idea is based on the principle of never compromising on quality.
Here are some of the things we focus on to further accelerate our sustainability efforts:
- Increasing the response rate in our Employee Engagement Survey. Our employees will always be a top priority, and we want them to be part of our sustainable development.
- Tracking education hours per employee to encourage personal growth. We review personal development plans annually and link the results to individual goals to ensure career development.
- Ensuring sustainable investments correspond to at least 5% of our investments. We want to continue raising awareness about the environmental impact of our decisions and investments.
- Including sustainability and encouraging ESG performance in supplier audits. Taking responsibility for sustainability goes beyond our organization; it also includes suppliers and other business partners that are part of our supply chain.
- Measuring greenhouse gas intensity to reduce our CO2 footprint. We collect data on business travel and how our employees commute to identify more efficient and sustainable transport modes.
- Reducing our scrap rate even more (we have already reduced it by 50%). This has been one of our sustainability goals for many years. We are very proud of what we have achieved so far. But there is always room for improvement.
- Carrying out energy mapping in all our production sites. We collect data about how much energy we consume and how much energy comes from renewable energy sources, such as wind power.
- Appointing persons with sustainability responsibility. To further anchor sustainability in our organization, we appoint local and global persons responsible for sustainability and for leading the team.
Want to learn more about what we do to accelerate our sustainability efforts? Read our latest Sustainability Report.