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In a highlight from the second annual "CPhI 2014 Expert Industry Annual Report: Part I," Vijay Shah of Piramal Enterprises discusses the benefits of adopting greener practices.
CPhI Worldwide released the first part of its second annual report, which included Vijay Shah, Executive Director, COO, and expert in green technologies at Piramal Enterprises, a global pharmaceutical company specializing in inhalation anesthesia and custom manufacturing. Shah commented that to reduce costs, increase efficiency, and lower environmental impact, organizations must include green chemistry as part of their business strategy.
"In the future, green chemistry methodologies will be ingrained into the R&D stage. Green Chemistry by Design (GCbD) will be taken up by the leading CRAMs (Contract Research and Manufacturing Services) industry players to help drive efficiency savings,” said Vijay Shah, in the report highlights.
Shah also explained that adopting green chemistry might save $65 billion, which would improve the overall return on investment for the industry. As an incentive for companies to begin to adopt these strategies, Shah reasoned that the government must step in and revise regulations to make it easier for companies to adopt green strategies, while offering government incentives for meeting specific goals. If companies are offered incentives, it may prioritize movements toward greener practices.
CPhI will release the full report with additional expert articles at CPhI Worldwide 2014 in Paris Nord Villepinte, France.