Diversity Fuels Our Sustainability
At Medvantx, we are committed to the execution of a strong and vibrant supplier diversity policy that is not only ethical and sustainable but also fosters innovation and growth. Our aim is to ensure that our procurement practices reflect the diversity of the communities in which we operate and serve. By incorporating businesses owned by minorities, women, veterans, people with disabilities, and LGBTQIA+ individuals into our supply chain, we stimulate local economies, encourage innovation, and create an inclusive and sustainable business environment.
GOALS
How Medvantx will Strive Towards the Supplier Diversity & Sustainability Mission
Economic Inclusion
We aim to create economic opportunities for all segments of our society by actively seeking, developing, and using diverse suppliers.
Economic Impact
We aim to make a positive impact on local economies and communities by increasing our procurement from diverse businesses.
Innovation
We recognize that a diverse supply chain can offer fresh perspectives, ideas, and approaches that benefit our business and customers. Our goal is to leverage this potential for innovation.
Community Engagement
We aim to enhance our engagement with the communities we operate in by partnering with diverse suppliers.
Responsible Sourcing
We are committed to promoting sustainable practices within our supply chain by expecting our suppliers to meet the standards set forth in our Supplier Code of Conduct.
Sustainability
We engage with suppliers who actively improve their environmental, social, and economic impacts, and encourage good governance practices, throughout the lifecycles of goods and services by the supplier
A supplier's sustainability is assessed based on a variety of criteria including, but not limited to
Environmental Impact: How the supplier manages its environmental footprint, including waste management, resource use, emissions, and overall impact on the environment throughout the product life cycle.
Social Responsibility: How the supplier treats its employees and the local community, including labor practices, human rights, health and safety, and community involvement.
Economic Viability: The financial stability and long-term economic viability of the supplier, including fair pricing, responsible financial management, and the ability to deliver goods and services sustainably over time.
Governance: The supplier’s corporate governance practices, including transparency, accountability, and how it manages risk and compliance with laws and regulations.
Supply Chain Management: How the supplier manages its own supply chain, including the selection of sub-contractors and sub-suppliers, traceability of products and materials, and how it ensures sustainability standards are upheld throughout the supply chain.
The implementation guidelines for suppliers are determined by various factors
Supplier Identification and Outreach: We will actively seek and encourage diverse suppliers to participate in our procurement process. This could involve attending diversity trade shows, engaging with diversity organizations, and building relationships with diverse businesses.
Capacity Building: We will develop programs and initiatives to help build capacity in diverse suppliers. This may include providing education and training, mentoring, and sharing best practices. We will develop partnerships with other organizations to learn and grow as a collective.
Performance Tracking: We will track and monitor the performance of our supplier diversity & sustainability program. We will introduce a supplier scorecard that will help us be able to track spend with diverse suppliers, number of diverse suppliers used, and the value created by these relationships as well as the sustainability of our suppliers.
Internal Engagement: We will engage with internal stakeholders to ensure that the benefits of supplier diversity & sustainability are understood and supported throughout the organization.
Transparency: We will communicate our supplier diversity & sustainability goals, progress, and success stories both internally and externally to demonstrate our commitment to supplier diversity & sustainability.
Medvantx commits to check the effectiveness of our sustainability measures by:
Establish Sustainability KPIs
Suppliers must establish and track Key Performance Indicators (KPIs) relevant to sustainability that align with Medvantx, such as carbon emissions, waste generation, and labor practices
Review Regular Reports
As part of the policy, suppliers are required to submit regular sustainability reports. These reports should be reviewed thoroughly to assess the supplier's adherence to the policy
Conduct Regular Audits
Conduct audits of the suppliers on a regular schedule, such as annually or biannually. This could involve an examination of the suppliers' practices, site visits, or reviewing relevant documentation
Meeting and Reviews
Regular meetings and reviews with suppliers can be used as an opportunity to discuss any issues with adherence and to work collaboratively on solutions
Evaluate Supplier Scorecard
Use the supplier scorecard to evaluate and compare the sustainability performance of suppliers. Suppliers with low scores may need additional monitoring or support
Corrective Action Tracking
Keep track of any corrective actions that have been identified during audits or reviews. Monitor the supplier's progress in implementing these actions
Survey Feedback
Analyze feedback from supplier surveys to identify any potential issues or non-adherence
Review and Update of the Policy
This policy will be reviewed on an annual basis to ensure that it remains relevant and effective. Updates will be made as required based on our business needs, market trends, regulatory requirements, and stakeholder expectations.
Conclusion
At Medvantx, we firmly believe that our supplier diversity policy is a key component of our sustainability strategy. We are committed to creating a diverse, inclusive, and sustainable supply chain that contributes to our business success and makes a positive impact on society.
