Healing People and Planet: 3 Keys to Sustainable Healthcare Innovation
Thursday, Nov 21, 2024 5:47 pm ET
3min read The healthcare industry, a vital sector of the global economy, is facing a significant challenge: its environmental impact. Responsible for approximately 4.6% of global greenhouse gas emissions, the healthcare sector must embrace sustainability to ensure a healthier planet alongside healthier people. Medtronic, a leading healthcare technology company, has identified three key approaches to address this challenge, as outlined in their recent article "Healing People and Planet: 3 Things You Need to Know About This Shared Innovation Challenge."
1. Recognize good things take time
Developing new healthcare technology requires patience and substantial initial investment, and the same mindset should be applied to sustainable technology. Pilot projects are crucial for giving sustainable technology time to mature and prove its effectiveness. Medtronic's investment in solar arrays and virtual power purchase agreements demonstrates a commitment to renewable energy, with 22 solar arrays generating over 35 MWs of power and a recent agreement covering nearly all U.S. energy needs.
2. Reimagine products and packaging
Sustainable product and packaging design is a complex challenge for the healthcare industry, but it is essential for reducing resource use and waste. Companies can begin by implementing takeback programs, recycling components, and transitioning to digital instructions for use. However, the goal is not just to reduce waste but to create products that maintain the highest standards of patient care while contributing to a circular economy. Medtronic's Sustainability Development Center is dedicated to finding circular solutions within products' lifecycles.
3. Recruit partners
No one can solve the healthcare industry's environmental challenges alone. Collaboration across the healthcare ecosystem is crucial, with Scope 3 emissions typically accounting for over 90% of a healthcare technology company's carbon footprint. Engaging suppliers, engaging in strategic partnerships, and working together to identify opportunities for circular solutions can drive innovation and sustainability in the healthcare industry.
By embracing these three key approaches, healthcare technology companies can contribute to a more sustainable industry while continuing to innovate and improve patient care. Medtronic's commitment to sustainability, as demonstrated by their investments in renewable energy, sustainable product design, and collaboration with partners, sets an example for the industry to follow. As the healthcare sector continues to evolve, it is essential to prioritize both human health and planetary health to ensure a sustainable future for all.
1. Recognize good things take time
Developing new healthcare technology requires patience and substantial initial investment, and the same mindset should be applied to sustainable technology. Pilot projects are crucial for giving sustainable technology time to mature and prove its effectiveness. Medtronic's investment in solar arrays and virtual power purchase agreements demonstrates a commitment to renewable energy, with 22 solar arrays generating over 35 MWs of power and a recent agreement covering nearly all U.S. energy needs.
2. Reimagine products and packaging
Sustainable product and packaging design is a complex challenge for the healthcare industry, but it is essential for reducing resource use and waste. Companies can begin by implementing takeback programs, recycling components, and transitioning to digital instructions for use. However, the goal is not just to reduce waste but to create products that maintain the highest standards of patient care while contributing to a circular economy. Medtronic's Sustainability Development Center is dedicated to finding circular solutions within products' lifecycles.
3. Recruit partners
No one can solve the healthcare industry's environmental challenges alone. Collaboration across the healthcare ecosystem is crucial, with Scope 3 emissions typically accounting for over 90% of a healthcare technology company's carbon footprint. Engaging suppliers, engaging in strategic partnerships, and working together to identify opportunities for circular solutions can drive innovation and sustainability in the healthcare industry.
By embracing these three key approaches, healthcare technology companies can contribute to a more sustainable industry while continuing to innovate and improve patient care. Medtronic's commitment to sustainability, as demonstrated by their investments in renewable energy, sustainable product design, and collaboration with partners, sets an example for the industry to follow. As the healthcare sector continues to evolve, it is essential to prioritize both human health and planetary health to ensure a sustainable future for all.
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