It is clear that as CSR grows in significance the global health community would be well-advised to invest more in understanding this important practice. It should be noted that only established companies with relatively mature CSR strategies were included in this study, and smaller companies with more nascent CSR initiatives may offer different motivations and perspectives.
Discussion To the best of our knowledge, this paper provides the first portrait of why multinational pharmaceutical corporations are engaging in global health-related CSR activities. All six firms interviewed had extensive CSR experience encompassing diverse initiatives from mHealth to preferential drug pricing and employee exchange programs.
Conclusions This study highlights the increasingly important role that corporate social responsibility is playing in large pharmaceutical firms, and by extension in the health sectors of low- and middle-income countries.
Finally, our interviews and document review did not reveal data concerning the magnitude of resources currently invested in CSR and further investigation of the resources CSR requires is warranted.
Motivations offered by the firms can be generalized into three interrelated categories: Firm A exemplifies this: In total, the analysis comprises 5, such observations.
Democratic presidential candidate Hillary Clinton, though, has called for a crackdown on tax inversions like the one Pfizer is planning. Increasing access to medicines and treatments as a means to improving population health was the most commonly cited motivation for CSR endeavors in LMICs.
There are substantial further questions for research. From a commercial perspective, […] we feel very strongly that being socially responsible and engaging in activities that both advance our business objectives as well as social objectives really will help the company to be sustainable over the longer term.
Critics, Firm F purports, are contributing to this impediment: This study showed that pharmaceutical firms struggle with how other actors perceive and define CSR and that CSR is not even understood in the same way across the pharmaceutical industry. Nonetheless, we believe that the combination of interviews and document review provided a relatively comprehensive view of types of CSR activities conducted, organizational structures for managing CSR, and motivations for CSR across the sample of firms.
These results are economically significant because an increase from the 25th to 75th percentile of the CSR Index is associated with a In order to improve transparency and accountability, a common definition of CSR needs to be adopted by pharmaceutical and healthcare companies, and the Access to Medicine index measures of CSR effort need to be further developed.
An employee exchange programs is one example of this engagement which can be described as corporate-sponsored volunteerism where in-house employees are placed with organizations in developing countries to help them with their organizational governance and development strategies.
Perhaps some awareness of this explains the relatively mild response of U. Second, although pharmaceutical firms are building CSR initiatives on local partnerships, research is needed to investigate the extent to which such initiatives are truly aligned with local policies and priorities.
Pharmaceutical companies suggest that misunderstanding of these terms leads to doubts regarding their CSR efforts and motivations, but it is clear that confusion also exists within the industry.
Of the available indicators the Access to Medicines Index is best aligned with public health interests, but needs more work in terms of garnering attention, promoting transparency and ensuring that the indicators truly reflect existing priorities and concerns. Endnotes aSources included firm-produced financial statements and rankings from the following websites: This push for increasing access was closely linked to reputational benefit for the respondents, which the firms in turn connected to competitive advantage.
More specifically, in a large sample of U. The researchers drew no conclusion as to what causes the inverse CSR-taxpaying relationship. Yet Pfizer now plans to move from its longstanding base in the United States across the ocean for that very purpose.
In contrast, Firms A and D separated philanthropy and CSR indicating that philanthropy should be wholly benevolent whereas CSR seeks to create commercially sustainable models that can be mutually beneficial to the firms and the recipient societies.
For each company in the sample, the professors analyzed the relationship between their citizenship rating in the MSCI index in a given year and their average effective tax rate total of cash taxes paid divided by total pre-tax income less special items for that year and the previous four years.
Our study points to three key steps that should be taken to help move forward the dialogue between the CSR arms of large firms and people concerned about public health in low- and middle-income countries. There was a clear lack of consensus on the definition of CSR.
This study demonstrates that across the pharmaceutical industry, multinational corporations are making significant and diverse CSR efforts influencing health in LMICs. Limitations This was a small-scale exploratory study constrained by the resources available to the researchers.
All of the firms saw health, CSR, reputation and sustainability as interrelated. Others identified pre-commercialization CSR presence as a way of building trust with local governments, non-governmental organizations and consumers. Several other firms also pointed to these indices as important incentives for CSR engagement by facilitating benchmarking of such activities.
This explains why new market entry considerations are intrinsically linked with external perceptions of a firm. Firm F stated the specific annual goal of being among the top 3 companies in the industry on the Dow Jones Sustainability Index as a way of measuring and providing internal incentives for different departments.
Some but not all firms did report using guidelines developed by the Global Reporting Initiative, an international organization that promotes the use of CSR reporting as a way for organizations to become more sustainable and contribute to sustainable development.
But is Pfizer an exceptional case? The Dow Jones Sustainability Index is the best established of the various CSR-related indices discussed but its focus is more on corporate sustainability than public health concerns."With a sustainable future in mind, Pfizer continues to bring to patients new, innovative medicines that significantly improve their lives." Sustainability Profile Download the Full Report.
Pfizer’s approach towards Corporate Social Responsibility (CSR) CSR according to mint-body.com, is about how a business “align their value and behaviour with the expectation and needs of stakeholder” in simple words it is a term that states that the company is for the people and it should be the priority of the company to opt for.
The Business Roundtable sustainability report – "Create, Grow, Sustain: People and Technology at Work" shows how CEOs are leading their companies to adopt effective environmental and sustainable business practices. CSR ACTIVITIES AT PFIZER The heart of Pfizer's tradition of philanthropic activities, play an active role in making every community in which they operate, a better place to live and work.
By generously contributing time, talent and financial support, Pfizer colleagues actively demonstrate the Pfizer core values of community, teamwork, and.
Corporate Responsibility Summary Report Partnering for Positive Change Strong Actions mint-body.com 1 9/17/07 PM. Pfizer’s Annual Report showcases the continuing journey of science seen in light of its contribution and ultimate value to society both as a business and a global citizen.Download