To meet the evolving health needs of society, life sciences companies need to make health equity a social and business imperative. With a companywide commitment to achieving health equity, the industry could see stronger bottom lines and better consumer engagement—in addition to better health outcomes.
Advancing health equity is, of course, the right thing to do, but it can also benefit the life sciences businesses themselves in tangible ways. Companies that invest in reaching patient populations with no previous access to their products can develop more equitable offerings and services, while potentially increasing their market size, market share, and return on investment. This can result in growth in overall margin dollars, which can be particularly important for products focused on lower-prevalence diseases. A focus on health equity can also help organizations attract and retain top and diverse talent, improve operational efficiency, and fulfill their mission statements. (author introduction)