Strategic prospects for implementing ESG principles into the practice of management of the Russian industry with the consideration of the tasks of healthcare development

Abstract

The article contains analysis of the relationship between ESG ideology and the tasks of the industry and the healthcare sector. The study is aimed at formation of the principle of strategizing of the development of the Russian healthcare industry, on the one hand; and, on the other hand, at updating approaches to the implementation of ESG principles into the practice of management in Russia. On the basis of identification and clarification of cross-country patterns of mutual influence of per capita energy consumption, ecological situation and the expected lifetime (the value of which reflects the integral performance of the healthcare system) the authors discover that the latter indicator is the most relevant for Russia as the strategic indicator for evaluating the effectiveness of the action taken on the development of the economics. The authors consider it advisable to update the ESG-ideology and directly include the assessment of the influence of the economic entity on the quality of life of the employees, customers, partners and the whole society. In addition to the activities of medical and preventive organizations, production of medicines and equipment for treatment and health promotion the healthcare industry may indirectly involve a wide range of economic activities. Moreover, global healthcare is one of the most significant and profitable economic industries. Addition of the evident component of Health to the investment criteria of Ecology, Social politics, and Government (ESG) and development of the ESG+H initiative may become a catalyzer for including the Health criteria in the basic methods of business management and investment objectives of financial entities. The measurements carried out in the study indicate that the effectiveness of investment projects for healthcare in the Russian practice of the ESGideology implementation should be regarded as the key parameter with the consideration of the relevance and timeliness of establishing the National Development Goals.