Business Strategies for Sustainable Development: Leveraging Industry 5.0 and Circular Pharmaceutical Supply Chains to Overcome Medicine Waste

IF 12.5 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2025-02-14 DOI:10.1002/bse.4202

Anguja Agrawal, Aasha Sharma, Bishal Dey Sarkar

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引用次数: 0

Abstract

Industry 5.0 (I5.0) presents opportunities for streamlining processes, reducing waste, improving resource utilization, and enabling real‐time monitoring and decision‐making in the supply chain. This study proposes a strategy for information‐sharing among pharmaceutical supply chain partners, leveraging I5.0 technologies and circular economy strategies like redistribution of unused medicine to reduce waste. This will enable real‐time demand data sharing throughout the SC, tracking the expiration date, disposal, and redistribution of returned products. The study identifies 10 drivers for the adoption of I5.0 and the circular pharmaceutical supply chain (CPSC) to reduce medicine waste applying a Technology‐Organization‐Environment (TOE) framework in consultation with pharmaceutical supply chain professionals, analyzing their relationships using the Decision‐Making Trial and Evaluation Laboratory (DEMATEL) method. The findings reveal that “recognition of the significance of I5.0” and “government‐supportive policies for circular supply chain and I5.0” are the most influential cause drivers, exerting significant influence on other drivers. Policies such as tax reductions, funding opportunities, and the development of robust digital infrastructure are essential to accelerate adoption. The findings highlight that strengthening these drivers will enhance the adoption of I5.0 and CPSC, thereby reducing medicine waste. This study contributes to the literature in several significant ways by integrating I5.0 and circular supply chain strategies within the pharmaceutical sector to reduce medicine waste, addressing a critical research gap. The proposed framework supports practitioners, policymakers, and industry associations in formulating strategies for adopting I5.0 and CPSC, enabling the reduction of medicine waste and contributing to sustainable development by aligning with environmental goals.

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来源期刊

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.