The average life sciences company could see annual fixed asset losses of $60 million by 2035 due to climate hazards under a high emissions scenario.128 Recommendations to build industry and societal resilience in the health and well-being system The following recommendations give life sciences businesses an array of solutions where they can take the lead and manage growing risks from climate hazards in the health and well-being system: Build flexibility into service networks and implement regional plans for business continuity during extreme weather –Ensure operations are equipped to handle greater exposure to extreme weather risk by developing storage, logistics, back-up power, mobile healthcare units and recovery solutions that build distributed service networks and continuity. Develop strategies to maintain workforce productivity during periods of extreme heat –Consider long-term strategies to protect employee well-being and productivity during short- and long-term heatwaves. –For example, working practices can be adapted to accommodate more flexible working hours and workplace guidelines and regulations can better suit regional considerations.Pivot R&D to develop climate-resilient products and services for vulnerable populations –Focus on a growing market to support greater resilience through precision medicine, wearables for remote diagnostics and more durable medical devices. –Collaborate with suppliers to ensure equipment is mobile and long-lasting, while anticipating climate-induced disease vectors by region, to help healthcare companies stay ahead of growing climate hazards. Invest in public health campaigns and collaborate on disaster response plans to raise awareness and prevent patient surges –Educate the public about climate risks and necessary precautions to help reduce the strain on healthcare systems during extreme events. –Collaborate with local healthcare providers, government agencies and NGOs to ensure that organizations are well-prepared to respond to disasters as they emerge. Prioritize preventative healthcare –This will increase capacity to manage the consequences of the nature and climate crisis. 39 Business on the Edge: Building Industry Resilience to Climate Hazards

Business on the Edge 2024