ESG MEA

ENVIROMENTAL,
SOCIAL AND
GOVERNENCE

Are you meeting
the latest operational standards
under ESG criteria?

Environmental, Social and Governance

Green investment funds and socially responsible investors are more likely to fund companies with good ESG scores.

What is ESG?

ESG stands for Environmental, Social, and Governance.

ESG criteria are a set of Standards for a company’s operations that socially conscious Investors use to screen potential investments. They are increasingly applying these non-financial factors as part of their analysis process to identify material risks and growth opportunities which today is the bedrock of Sustainable and Responsible Investing.

Environmental:

Environmental criteria examine how a business contributes to and performs on environmental challenges (e.g. waste, pollution, greenhouse gas emissions, deforestation, and climate change)

Social:

Social criteria look at how the company treats people (e.g. human capital management, diversity and equal opportunities, work conditions, health & safety, and generally social and communities responsibility.

Governance:

Governance criteria examine how a company is governed (Policies, tax practices and strategy, corruption and bribery, and board diversity and structure)

Why is it gaining so much importance?

There is increasing awareness that environmental, social and governance (ESG) factors can be tied to a company’s long-term performance. As such, more and more investors are looking to integrate sustainability insights and data into their traditional investment processes.

There are several financial benefits that correlate to companies that pursue a high ESG performance: More attractive to investors. Green investment funds and socially responsible investors are more likely to fund companies with good ESG scores.

Integration

Investors may use ESG to identify better-managed companies or to flag companies who are better adapted to current rapidly evolving regulatory trends.

Personal values

Values reflecting a company’s inclusiveness and diversity give investors confidence in investing.

Positive impact

Those investors who wish to invest in a company that is making a difference. To be socially & environmentally aware of their investments.

 

Mecomed’s ESG Initiatives

Electronic IFU

Mecomed advocates with health authorities in the region the acceptance of the electronic instructions for use (e-IFU) for professional use medical devices. The e-IFU provides several benefits for Healthcare Professionals, from up-to-date information to increased availability and accessibility, along with reducing product’s waste and carbon footprint presenting a more environmentally sustainable alternative from paper IFU.

Green Submission

To speed up recovery from COVID-19, Mecomed works closely with health authorities in the region to highlight the disruption caused by the pandemic on the availability of regulatory documentation, especially original, notarized, and legalized versions, and the need to shift to a more sustainable approach.

Such approach is based on acceptance of electronic and soft copies of documents instead of the usual notarized/legalized/original paper versions, and where e-signature could be an alternative to an ink signature and stamp. An electronic submission process, with proper measures for verification of documents, would ensure swift access for the medical technology to the patient and unquestionable environmental benefits.

Mecomed Project on Empowering Women in MEA MedTech

Cutting edge innovation is unequivocally seen as a success factor for all companies activating in MedTech industry across the world. One of the innovative resources “at hand” but still untapped, that is proven to have a significant impact on companies/team innovation capacity are women. Although many MedTech companies promote diversity and inclusion in the work environment, gender diversity of leadership teams is still an aspiration. Mecomed, as an industry association, is in a unique position that could allow coordination of the whole industry efforts and achieving and reporting some tangible results in this regard.

The project aims to identify:

  • the main barriers/challenges that prevent women to reach senior management positions
  • possible solutions and actions that can be implemented by Mecomed and its members to address these challenges and create a work environment where women representation in leadership teams mirror the work force gender diversity.

Stakeholders:

  • MECOMED Talent and Human Capital Steering Committee, Communications & Leadership Committees
  • MECOMED member companies’: leadership team, internal women initiatives’ groups, all member companies’ employees.

Benefits for Mecomed members:

Get a pool of insights and actionable data that can drive not only industry initiatives, but also new internal initiatives to promote gender diversity in their companies that will increase motivation, engagement, and retention of their entire workforce, increase performance, and create competitive advantage.

Advocacy on Healthcare Data Privacy

Mecomed welcomes MEA countries’ national cybersecurity strategies, aiming to bolster the security of critical data such as the health data, presenting a powerful vision to improve care, expand access to data to drive innovation and national agenda interest while safeguarding the privacy and security of the data for the benefits of UAE citizens, residents, and the economy. In the health sector, the data strategy, and the initiatives of these governments in healthcare will add great momentum and resources to the efforts to digitally transform health ecosystem and achieve desired outcomes.

Mecomed looks forward to working with MEA countries leadership, regulatory bodies, policy makers and all stakeholders to advance the data revolution in healthcare ecosystems for improved health while striking the balance between keeping the data safe, ensuring right to privacy, and unlocking the benefits that data can bring.

COVID-19 Related Policies

  • Flexibility to work from home,
  • Compliance with relevant labour law changes,
  • Priority vaccination for MedTech employees due to high exposure

Coordinating Aid to Suffering Communities

Mecomed coordinated industry efforts in cooperation with MOHAP UAE to support relief to Lebanon after Beirut blast in August 2020

Partnership with International Supply Chain Standards Bodies

In January 2021 Mecomed welcomed GS1, an international supply chain standards body as an associate partner. The successful development and implementation of Global Standards, in alignment with international regulations, increases patient safety, supply chain security and efficiency, traceability and accurate data synchronization in healthcare.

Mecomed accomplishes its work through:

  • General Assembly
  • Board of Directors
  • Secretariat
  • Steering Committees/ Working Groups

Mecomed is governed by:

  • Mecomed bye-laws
  • Code of Ethics
  • Conference Vetting System

Mecomed is an active partner of the International Medical Technology Community:

  • Board Member of Global Medical Technology Alliance
  • Member of Global Diagnostics Alliance
  • Partner of AdvaMed on MEA industry initiatives
  • Associate member of MedTech Europe
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