WALTHAM, Mass.– Trinity Life Sciences, a leader in global life sciences commercialization solutions, is sharing findings from its latest TGaS Advisors’ report entitled Diversity, Equity, and Inclusion (DEI): An Emerging, Key Consideration When Selecting Vendors. The report finds that 62 percent of biopharma executives say their organization does not prioritize DEI as one of the top three important reasons in selecting a vendor. However, nearly half of all respondents (48 percent) indicate that DEI has increased in importance over the past three to six months. Prior relationships and reputation are the top factors differentiating vendors, with DEI only selected by 38 percent of respondents.
The report also finds those that prioritize diversity and inclusion most frequently do it to improve quality and/or to align with their company’s values. Those who commit to DEI recognize that diverse groups generate improved outputs and lead to innovation.
“A link between DEI and measurable results would assist organizations with prioritizing diversity and inclusion as a key factor when selecting vendors,” said Krista Perry, Partner and Head of Launch Excellence at Trinity Life Sciences. “Vendors also have to make it a priority and demonstrate their commitment to diversity and inclusion in their interactions with the client, such as presenting more diverse teams, stressing how those teams lead to better results for the client, and highlighting commitment to hiring.”
The report recommends vendors should heed this warning as 21 percent of decision makers have ruled out a vendor for lack of evidence related to commitment to diversity and inclusion.
“These decision makers also have a stronger likelihood to rule out a vendor for this reason in the future,” continued Ms. Perry.
With a roster of large, emerging and precommercial life sciences companies, TGaS Advisors, a division of Trinity, provides robust comparative intelligence and collaborative network membership services.
