Innovation

Pfizer’s commitment to discovering breakthroughs that change patients’ lives is vital for the company’s long-term value creation and its dedication to a sustainable, responsible, and patient-centric business model. The company has taken steps to address global health challenges, and they align with the United Nations Sustainable Development Goals (SDGs). One of Pfizer’s approaches for innovation is its collaboration with 20 suppliers to create environmental sustainability programs with greenhouse gas reductions, supporting SDG 13 (Climate Action) and SDG 7 (Affordable and Clean Energy). Specifically, Pfizer aims to transition to solar energy-based operations and increase its use of renewable energy sources. Currently Pfizer sources around 6% of its electricity from renewables for worldwide operations, and they plan on achieving 100% by 2030. The costs of machinery and advanced technology in renewables remain a challenge.

Pfizer has also collaborated with 10 global pharmaceutical companies to found Energize, which is aimed at engaging suppliers in the decarbonization of the pharmaceutical value chain through renewable energy procurement. This initiative aligns with SDG 17 (Partnerships for the Goals) and shows Pfizer’s commitment to reducing its carbon footprint while promoting environmental sustainability in the pharmaceutical industry. Through the Patient Advocacy Leadership Collective (PALC) initiative, Pfizer supports patient advocacy organizations globally by providing access to essential health resources and tools to help optimize their work with patients. This initiative aims to bridge the health equity gap and drive equitable access to Pfizer’s medicines and vaccines, which aligns with SDG 3 (Good Health and Well-being).

Also, Pfizer’s partnership with Direct Relief led to the launch of a grant program that provided grants for 19 US safety net community healthcare providers in 2023. This program aims to improve access, increase outreach and education, and promote screening, testing, and treatment for vaccine-preventable infectious diseases among medically underserved populations. This engagement also aligns with SDG 3 (Good Health and Well-being). Lastly, in May 2023, Pfizer and Thermo Fisher Scientific worked together to increase access to next-generation sequencing-based testing for lung and breast cancer patients in over 30 countries across Latin America, the Middle East, and Asia. This partnership aims to improve healthcare outcomes for patients in underserved communities, contributing once again to SDG 3 (Good Health and Well-Being).

Inspiration

The inspiration behind Pfizer’s leader is deeply rooted in the company’s commitment to fostering a positive colleague experience and driving growth and development. As Pfizer’s spokesperson noted in a recent interview, “We focus on ensuring each of our employees are aligned to our purpose and are supported by the culture we continuously work to maintain, which is built on our company values of courage, excellence, equity, and joy.” This dedication to creating a supportive environment where colleagues can thrive is a driving force behind Pfizer’s initiatives aimed at colleague engagement and recognition. In our recent interview with Pfizer leaders, the People Experience Manager at Pfizer explained, "We must make sure all colleagues, regardless of what level they are working at, cultivate a positive and collaborative work environment aligned with Pfizer's objectives and values, which includes SDG goals. To make sure that unity remains, we start with small things like instead of calling us employees we call each other colleagues.”

The leader is motivated by the belief that effective communication and listening are essential to maintaining a healthy work environment and attracting and retaining top talent. According to Pfizer’s spokesperson, “Continuously listening and responding to colleague feedback is essential to fostering a healthy work environment with the power to attract and retain top talent.” Initiatives like Pfizer Pulse engagement survey and informal feedback requests demonstrate a dedication to actively listening to colleague’s voice and addressing their needs and concerns. This was confirmed by our interviewees; many surveys are conducted on a range of topics like organizational climate, identifying areas for improvement, employee commuting which includes employees working remotely and emissions produced, and implementing targeted interventions for enhanced employee experience. At the same time, the other two interviewees, who directly work in the sustainability department, referred to the 2023 ESG progress report and how they make sure they are on track with their objectives for net zero.

Furthermore, the leader draws inspiration form Pfizer’s focus on colleague recognition and growth. In the words of Pfizer’s spokesperson, “From Bravo’s launch in April through fiscal 2022, 82 percent of colleagues have been recognized and more than 414,000 recognitions have been given.” This emphasis on recognizing colleagues for their contributions and embodying Pfizer’s values underscores the importance of fostering a culture of appreciation and support. Moreover, the leader is inspired by Pfizer’s commitment to providing opportunities for growth and development. As Pfizer’s spokesperson highlighted, “In 2022, we launched the Pfizer Growth Universe- a singular source for colleagues to access growth resources and explore new experiences.” This platform, which connects colleagues to roles, people, and projects, reflects Pfizer’s dedication to empowering individuals to own their growth journey and pursue diverse opportunities for development within the company.

Overall impact

Pfizer’s innovation initiatives center around enhancing access to healthcare, particularly in terms of affordability and the patient-centered city. These efforts entail a combination of short-term and long-term strategies aimed at addressing immediate needs while also fostering sustained improvements in healthcare access and outcomes.

In the short term, Pfizer’s commitment to providing immediate access to essential medicines and vaccines is evident through initiatives like the Accord for a Healthier World. By offering access to its portfolio of products on a not-for-profit basis to lower-income countries, Pfizer seeks to alleviate immediate health disparities. Through programs such as the COVID Treatment Quick Start Consortium and partnerships with organizations like Gavi, Pfizer facilitates the donation of vital healthcare resources to population in need, particularly in low and middle-income countries, These donations have an immediate impact on improving healthcare outcomes in these regions.

In the long term, Pfizer’s initiatives aim to bring about systemic changes that will have lasting effects on healthcare access and equity. Advocating for patients and collaborating with governments and multi-sector partners, Pfizer addresses system-level barriers that hinder access to quality healthcare. This approach seeks to drive sustainable improvements in healthcare infrastructure and policies, thereby ensuring that underserved populations have ongoing access to essential healthcare services. By supporting innovative health delivery models and partnering with organizations like Thermo Fisher Scientific, Pfizer aims to build resilient healthcare systems capable of addressing evolving healthcare challenges. Pfizer’s focus on health system strengthening, evidenced by initiatives like the Global Health Innovation Grants program, contributes to long-term improvements in healthcare delivery and infrastructure, particularly in low and middle-income countries. Pfizer’s patient-centric approach, exemplified by initiatives like the Patient Advocacy Leadership Collective and Patients in Focus Week, embeds the patient perspective throughout the organization’s operations. This emphasis on patient engagement and advocacy fosters enduring connections with patients and advocates, leading to improved healthcare outcomes and patient satisfaction over the long term.

Business benefit

Pfizer’s strategic integration of Environmental, Social, and Governance (ESG) principles into its corporate strategy presents a transformative innovation that yields multifaceted benefits for the business. By aligning ESG considerations with its overarching objectives, Pfizer not only enhances its social impact but also strengthens its financial performance and competitive position in the market.

In terms of revenue generation, Pfizer’s commitment to ESG aligns with evolving consumer preferences and investor expectations, fostering brand loyalty and attracting investment. The company’s proactive stance on issues like climate change and diversity enhances its reputation, potentially increasing market share and revenue streams. By incorporating ESG metrics into its financing strategy, Pfizer opens avenues for sustainable investment and secures funding at favorable terms, driving revenue growth.

Furthermore, Pfizer’s emphasis on employee well-being and development translates into tangible business benefits. The integration of ESG into corporate strategy fosters a positive work culture, improving employee morale, productivity, and retention. By prioritizing initiatives such as mental health support and career growth opportunities, Pfizer attracts top talent and career growth opportunities, Pfizer attracts top talent and nurtures a skilled workforce, ultimately enhancing operational efficiency and innovation.

Pfizer’s ESG initiatives pave the way for market expansion and product innovation. Through programs like An Accord for a Healthier World and strategic acquisitions targeting underserved patient communities, such as Global Blood Therapeutics, Pfizer taps into new markets and diversifies its product portfolio. This drives revenue growth and strengthens the company’s resilience to market fluctuation and regulatory changes. Through these activities, Pfizer opens up new investment opportunities and strengthens stakeholder relationships. The company’s commitment to sustainability and ethical practices enhances its attractiveness to socially responsible investors and stakeholders, unlocking capital for future growth initiatives and fostering long-term partnerships.

Social and environmental benefit

Pfizer’s innovation-driven approach, as outlined in its initiatives and commitments, significantly benefits society and the environment. By prioritizing patient-centric design, Pfizer ensures that its breakthrough medicines and vaccines address critical unmet needs, ultimately improving public health outcomes. Through initiatives like Patients in Focus Week and the Multicultural Health Equity Collective, Pfizer actively engages with patients, caregivers, and advocacy groups to gain insights into patient experiences and address health disparities. This collaborative approach fosters a deeper understanding of societal health challenges and enables Pfizer to develop solutions that have a meaningful impact on communities. Additionally, Pfizer’s focus on affordability and accessibility ensures that its life-changing innovations reach underserved populations, contributing to greater health equity globally.

Furthermore, Pfizer’s commitment to sustainability and environmental stewardship is evident in its efforts to reduce its environmental footprint and conserve natural resources. For example, Pfizer’s Water Stewardship position statement underscores its dedication to being good stewards of water, particularly in water-stressed areas. By conducting water risk assessments and implementing action plans to mitigate water scarcity and improve water quality, Pfizer actively contributes to environmental conservation efforts. Moreover, Pfizer’s investments in research and development aim to address pressing global health challenges, such as anti-microbial resistance, which pose significant threats to public health and the environment. Through initiatives like the Access to Medicine AMR Benchmark and the ATLAS surveillance program, Pfizer leverages its expertise to combat anti-microbial resistance and protect both human health and the environment.

Overall, Pfizer’s innovation-driven approach benefits society and the environment by improving public health outcomes, addressing health disparities, promoting health equity, and contributing to environmental conservation efforts. Through its patient-centric design, affordability initiatives, and commitment to sustainability, Pfizer demonstrates its dedication to creating a healthier, more equitable, and more sustainable world.

Interviews

amrapali Roy Chowdhry, People Experience Manager

Caroline Roan, Chief Sustainability Officer

Krista McGuire, Sustainability Manager