It’s not a new concept, but right now the circular economy is a driving force for business transformation, and it’s largely thanks to shifting consumer attitudes that are forcing businesses to change.ⁱ

With the global population predicted to reach 9 billion by 2030, we are using more resources than the planet can provide.ⁱⁱ Clean Up Australia estimates the world uses resources and creates waste at a rate of 1.7 times what the Earth can support on a long-term basis. That means, it now takes the Earth one year and eight months to regenerate what we use in a year.ⁱⁱⁱ

To buck this catastrophic trend, consumers are demanding that businesses start operating in a more responsible and sustainable way – one that not only benefits them, but the environment and the economy too.

The circular economy explained

The circular economy is a system of production and consumption based on reusable and sustainable design. It looks to eliminate waste from the current linear production system of ‘make, use, dispose’ in favour of a circular – or closed-loop – system that develops products and services in ways that they can be re-used and recycled as much as possible.^iv

The system requires everyone and everything to be effective including businesses, governments and individuals; our cities, our products and our jobs.⁴ In practice, it means choosing reusable materials in design, embracing renewables, ending wasteful manufacturing processes, removing toxic chemicals, and developing new markets for repurposed products.

Why your business needs to get on board

As raw materials become scarcer on the planet, it stands to reason that business and economic growth will slow. But with the adoption of a circular approach, there is the opportunity to sustain and even speed up business and economic growth even when resources are low or exhausted.^v

Businesses that innovate in ways that allow them to access and use waste materials and design products in a way that they can be easily repaired or disassembled, will be better set up to cope with the challenge of resource scarcity. Aside from this approach being a more ethical, sustainable and profitable way to do business, it will serve to instil loyalty and trust in consumers, who are looking to be collaborative partners in corporate sustainability initiatives.^vi

How Blooms The Chemist is leading the way

Blooms The Chemist’s network of pharmacies is proudly riding the circular economy wave as part of our commitment to our people, community, stakeholders and the planet. We’ve established our CSR and Impact Plans through the implementation of a five-stage ‘Good for Business’ program. The program also includes a commitment to working towards a B Corp assessment – the only certification that measures a company’s entire social and environmental performance – and a focus on alignment with the Modern Slavery Act.

We’re implementing these initiatives in partnership with Bambuddha Group, a members-based leadership development community for business owners and leaders who are dedicated to Working Hard (Bam) and Working Kind (Buddha).

Blooms The Chemist is the first retail pharmacy brand in Australia undertaking this program, and we sincerely hope that other brands follow suit.

As Anna Sheppard, founder of Bambuddha Group said, “It’s a known fact that leading with kindness makes you profitable, improves brand reputation and is a vital part of business sustainability.” We couldn’t agree more!