Corporate Social Responsibility in the Pharmaceutical Industry

In my thesis, I assert that corporate social responsibility (CSR) in the pharmaceutical industry is essential for both society at large and the pharmaceutical business in general. I support this hypothesis with data from pharmaceutical businesses that have CSR programs and explain how these programs can help in multiple areas - ranging from brand image to expedited FDA product review. Companies now measure success in multiple ways beyond just a profit standpoint, using multiple metrics, including benefit to society. This "triple bottom line" approach takes into account stakeholders in addition to shareholders. Businesses are now seeing the long-term value of giving back to the society in which they conduct business. Sustaining health in various communities can raise the standard of living, increasing paying customers and instilling brand loyalty. In addition, there is evidence that mitigating negative public perception can relieve some of the excessive regulation that is now in place. Within this context, I provide real-world examples of CSR programs that pharmaceutical companies are currently engaged in and show how these programs help both society and the pharmaceutical industry itself. In closing, I discuss opportunities for the pharmaceutical industry's current CSR initiatives that can help reduce industry CSR redundancies and drive a more concentrated focus where it may be needed.

Grantor dc:publisher

Wake Forest University

Year dc:date.issued

2014

Author dc:creator

• Brewer, Kevin

Language dc:language.iso

en

Handle dc:identifier.uri

http://hdl.handle.net/10339/47457

OAI identifier oai:identifier

oai:wakespace.lib.wfu.edu:10339/47457