Nexus of Smart Circular Economy, Sustainability, and Digital Servitization: Evidence from the Pharmaceutical Industry of Pakistan

Abstract

This study examines the intersection of smart circular economy, sustainability, and digital Servitization in Pakistan's pharmaceutical industry. It explores how these elements interact to enhance the sustainability of this industry. Primarily, this study aims to provide empirical evidence on the relationship between innovative circular economy practices and sustainability results. Moreover, it also explores the mediating role of digital sterilization in these relationships. This research highlights the important organizers and barriers to the adoption of these practices by employing a quantitative survey and collecting data from the stakeholders of the pharmaceutical industry. The findings of this study show that smart circular economy practices positively impact environmental, social, and economic sustainability. However, digital servitization integration enhances the benefits of integration, which in turn improves resource utilisation, operational efficiency, and competitiveness. The study also highlights the importance of innovative policies and frameworks in this transition towards a more sustainable and digitally-driven future, which provides ample support to the pharmaceutical industry. The contribution of this study is significant as it enhances the existing literature by filling the identified gaps and providing actionable insight for practitioners and policymakers. Furthermore, the implications of this study are profound, suggesting that a strategic focus on the nexus of these elements can significantly improve the sustainability goals of the Pharma Industry within Pakistan and beyond.