CSR PRACTICES

Corporate Social Responsibility in Pharmaceutical Industry

Introduction1

Cause related branding1

The Breast Cancer Research Foundation (BCRF)2

Johnson and Johnson4

Teve UK limited5

Strategically Focused Corporate Social Responsibility6

Ethical scandals Due To Green-Washing9

Win-Win Scenario For Both Cause And Strategic Methods11

Conclusion11

References14

Appendix17

CSR Practices Pharmaceutical Industry

Introduction

CSR means corporate social responsibility. It is a concept which has acquired an improved significance in the global economy. Any corporation has more obligations to society than its economic obligations to the stakeholders. It is more concerned towards the public relations. It is responsible for solving the social problems mainly those it has helped create, beyond the economic responsibilities. This helps the corporation attaining greater impacts beyond the ordinary marketplace transactions (Schwartz, 2011, pp. 15-19).

The Pharmaceutical industry contributes significantly to the UK economy and society. It is performing progressively in improving health by preventing or providing cure for the life-threatening diseases. Like HIV and AIDS are now manageable chronic conditions in spite of being acute death sentenced. The industry is majorly serving the economy of UK. The people employed in the industry are earning more for UK than they would be earning in any other sector of economy (www.abpi.org.uk).

Discussion

Cause related branding

CSR has proved itself very progressive in the field of pharmaceutics. Pharmaceutical is a fast-paced industry. This industry is progressing rapidly by practising CSR to its best. It is using brand approach and achieving great impacts on the economy as well as the social relations.

Brand approach: it is the most adopted and successful approach in the field of pharmaceutical companies. Companies are identified on the basis of this approach, rather than according to the scientific inventions.

The increasing significance of using cause-related branding for marketing objectives has driven many pharmaceutical companies to implement business ideas that allot major assets to brand building (www.pwc.co.uk).

For Breast Cancer Awareness: Breast cancer is severely occurring nowadays. It is most common in women and very rare in men. It starts with the growth of a small lump in the breast and then grows further. Its severity can lead to death as it can also spread to the other body parts. Therefore, early diagnosis is must for survival (AstraZeneca, 2013).

The Breast Cancer Research Foundation (BCRF)

It was founded by Evelyn H. Lauder in 1993. It is an independent non-profit association dedicated to funding scientific research for achieving prevention and a cure for breast cancer in life. In October 2012, BCRF has awarded $40 million to 197 scientists across the United States, Canada, Latin America, Europe, the Middle East, Australia, and China. With 91 cents of every dollar used up by BCRF directed towards breast cancer research and awareness programs, BCRF remains one of the most financially responsible assistances in the country. For the tenth time since 2002, it has earned 4 stars from Charity Navigator. Additionally, BCRF is the only cancer organization rated an "A+" by Charity Watch (www.bcrfcure.org).

It has been 20years since Evelyn Lauder started the breast cancer awareness campaign. She followed Cause Related branding approach to make people aware about the severity of this ...