REPORT ON CSR WITHIN THE PHARMACEUTICAL INDUSTRY

EXECUTIVE SUMMARY

This report seeks to challenge the pharmaceutical industry to improve its commitments towards tackling social problems affecting the world such as health crisis, global warming and poverty in the developing nations.
The fact that HIV/AIDS has never been completely eradicated shows that the pharmaceutical sector is not infallible.
Corporate social responsibility (CSR) programs are important ways through which the pharmaceutical industry can step in to help solve some of the world’s greatest challenges of the 21st century (Alan, 2008).
This report has identified five priority areas that the pharmaceutical industry should emphasize in its efforts to contribute positively towards social responsibility.
These include pricing, joint public private initiatives (JPPIs), patents, the appropriate use of drugs, and lastly, through research and development (R&D).

INTRODUCTION

There is an increasing concern throughout the world over the health crises that keep on hitting the developing countries.
Just recently, there was Ebola outbreak that led to massive loss of life, while HIV/AIDS and malaria continues to a huge threat to life in the developing countries.
The pharmaceutical industry can do a lot more to ensure that health crises are dealt with effectively and proactively.
This report offers a challenge to the players within the pharmaceutical industry to redouble their efforts to corporate social responsibility (CSR).
The report argues that the pharmaceutical industry can come up with policies that are step further and goes beyond the current philanthropic approaches used by the companies (Alan, 2008).
In particular, this report places emphasis five important areas that can be targeted by the pharmaceutical industry in its bid to improve its social responsibility to make the world healthier.
The key areas include pricing policies, patenting policies, participation in the joint public-private initiatives (JPPI), promotion of appropriate use of medicine and lastly, redefining its approach towards Research and Development.

CORPORATE SOCIAL RESPONSIBILITY: CONCEPT DEFINITION

For a long time the primary objective of any business organization has always been to make more profit from its business operations.
Many people have always considered Corporate Social Responsibility (CSR) as a PR exercise used merely to hoodwink the public into thinking that the corporations care about the progress of the society.
As a matter fact, Milton Friedman once called Corporate Social Responsibility (CSR) programs a “hypocritical window-dressing” (Friedman, 1970).
Until not so long ago, Milton’s views indicated the level of skepticism that the corporate class had towards CSR programs.
Today, things have changed significantly to the point that every corporate organization needs CSR program to remain, not only competitive, but also relevant in the 21st century corporate world.
More and more corporate chiefs are beginning to accept CSR as part of their priority objectives (Anon, 2005).

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