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

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.

1. Kvint V.L., Sasaev N.I., Khvorostyanaya A.S. Strategizing Russian bottled water industry: trends, priorities and principles. Economic Revival of Russia. 2021;(2(68)):20–33. (In Russ.). https://doi.org/10.37930/1990-9780-2021-2-68-20-3

2. Novikova I.V. The development of a system of “green” skills in the strategizing of labor resources of industrial enterprises. Russian Journal of Industrial Economics. 2019;12(4):484–493. (In Russ.). https://doi.org/10.17073/2072-1633-2019-4-484-493

3. Kvint V.L. Search and investigation of philosophical base of the theory of strategy. interrelation of philosophical and strategic thinking. Administrative Consulting. 2016;(1(85)):15–21. (In Russ.)

4. Kvint V.L. Strategic planning in Russia and the world: importance of human interactions. Economics and Management. 2014;(11(109)):15–17. (In Russ.)

5. Kvint V.L., Okrepilov V.V. Quality of life and values in national development strategies. Herald of the Russian Academy of Sciences. 2014;84(3):188–200. (In Russ.). https://doi.org/10.1134/S1019331614030058

6. Kvint V.L., Okrepilov V.V. Comparing the role of quality of life and valuesin the development strategy of both emerging market countries and in the west. Innovatsii. 2014;(9):41–51. (In Russ.)

7. Novikova I.V. Strategic leader in the digital economy: role, qualities and characteristics. Social & Labour Research. 2021;(4(45)):150–160. (In Russ.). URL: https://vcot.info/assets/img/magazine/issues/2021/45.pdf

8. Novikova I.V., Loktyukhina N.V. Automation of process management as a mechanism for reducing the instability of employment. Living Standards of the Population in the Regions of Russia. 2018;(3(209)):27–32. (In Russ.)

9. Centers for Medicare & Medicaid Services. History. URL: https://ballotpedia.org/Centers_for_Medicare_and_Medicaid_Services (accessed on 01.06.2022).

10. The pharmaceutical industry and global health. Facts and figures. 2021. International Federation of Pharmaceutical Manufacturers & Associations. URL: https://www.ifpma.org/wp-content/uploads/2021/04/IFPMAFacts-And-Figures-2021.pdf (accessed on 01.06.2022).

11. Ulumbekova G.E., Ginoyan A.B., Kalashnikova A.V., Alvianskaya N.V. Healthcare financing in Russia (2021–2024). Facts and suggestions. Healthcare Management: News. Views. Education. Bulletin of VSHOUZ. 2019;(4(18)):4–19. (In Russ.). https://doi.org/10.24411/2411-8621-2019-14001

12. Friedman M., Friedman R. Free to Choose. A Personal Statement. NY, USA; London, UK: Harcourt; 1980. 349 p.

13. Coleman J.S. Social capital in the creation of human capital. American Journal of Sociology. 1988;94(Suppl.):S95–S120. URL: https://www.econ.msu.ru/cmt2/lib/c/477/File/Social%20Capital%20in%20the%20Creation%20of%20Human%20Capital.pdf (accessed on 01.06.2022).

14. Edmans A. Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics. 2011;101(3):621–640. https://doi.org/10.1016/j.jfineco.2011.03.021

15. Hale J. A broken record: Flows for U.S. sustainable funds again reach new heights. Morning Star. 28 January, 2021. URL: https://www.morningstar.com/articles/1019195/abroken-record-flows-for-ussustainable-funds-again-reach-new-heights (accessed on 01.06.2022).

16. Jessop S., Howcroft E. Sustainable fund assets hit record $1.7 trln in 2020: Morningstar. Reuters. 27 July, 2021. URL: https://www.reuters.com/article/us-global-funds-sustainableidUSKBN29X2NM (дата обращения: 01.06.2022).

17. Gadzatsev K.V. Russia and the Global Energy Challenges under the Energy-Ecological Conditions. Russia and the Contemporary world. 2020;(4(109)):140–157. https://doi.org/10.31249/rsm/2020.04.08

18. Dosi G., ed. Freeman C., Perez C. Structural crises of adjustment: business cycles and investment behaviour. In: Technical change and economic theory. London: Pinter; 1988;38–66.

19. Grinin L.E., Grinin A.L. The Cybernetic revolution and the sixth technological order. Historical Psychology & Sociology. 2015;8(1):172–197. (In Russ.)

20. United Nations. 17 goals for people, for planet – The sustainable development agenda. URL: https://www.un.org/sustainabledevelopment/development-agenda/ (accessed on 01.06.2022).

21. Who cares wins: connecting financial markets to a changing world. June 2004. URL: https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/sustainability-at-ifc/publications/publications_report_whocareswins__wci__1319579355342 (accessed on 01.06.2022).

22. Holder M. Global sustainable investing assets surged to $30 trillion in 2018. Greenbiz. 8 April, 2019. URL: https://www.greenbiz.com/article/globalsustainable-investing-assets-surged-30-trillion-2018 (accessed on 01.06.2022).

23. Berk J.B., van Binsbergen J.H. The Impact of impact investing. 27 August, 2021. URL: https://jhfinance.web.unc.edu/wp-content/uploads/sites/12369/2021/11/2022_JH_the_impact_of_impact_investing.pdf (accessed on 01.06.2022).

24. Armstrong R. The ESG investing industry is dangerous. Financial Times. 24 August, 2021. URL: https://www.ft.com/content/ec02fd5d-e8bd-45bdb015-a5799ae820cf (accessed on 01.06.2022).

25. Nagarkar J., Rao P. Equity price performance of the pharmaceutical industry – a comparative analysis of select global and Indian companies using stock market indices. Indian Journal of Public Health Research and Development. 2017;8(4):817–821. URL: https://www.researchgate.net/publication/322135325_Equity_Price_Performance_of_the_Pharmaceutical_Industry-A_Comparative_Analysis_of_Select_Global_and_Indian_Companies_Using_Stock_Market_Indices (accessed on 29.09.2022).

26. López-Toro A., Sánchez-Teba E.M., Benítez-Márquez M.D., Rodríguez-Fernández M. Influence of ESGC indicators on financial performance of listed pharmaceutical companies. International Journal of Environmental Research and Public Health. 2021;18(9):4556. https://doi.org/10.3390/ijerph18094556

27. The share of renewable energy sources in electricity production . World energy and climate data – yearbook 2022. (In Russ.). URL: https://yearbook.enerdata.ru/renewables/renewable-in-electricityproduction-share.html (accessed on 01.06.2022).

28. The most polluted countries and regions of the world (data history for 2018–2021). (In Russ.). URL: https://www.iqair.com/ru/world-most-pollutedcountries (accessed on 01.06.2022).