Corporate Social Responsibility (CSR)

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Corporate Social Responsibility (CSR)

What Is CSR? CSR is also known as Corporate Social Responsibility (CSR) It is a business that is consider very important for the companies. Here companies has some responsibilities for the society which done for human welfare the activities are done for more benefit to society as the part of CSR company initiate different actions such as waste management, pollution reduction, contributing resources for the educational program, health program and so on. For the time CSR is not a choice for the companies, For the smoothly growth of the business companies should focus on fulfilling all the responsibilities towards the society. CSR states that organization should not be only responsible to shareholders but also to stakeholders. CSR focus can differ between countries and CSR concepts can vary between developed and developing economies companies should work for people in the society to gain social trust which help them in the growth of business. In recent day all companies either small or big everyone contributes some portion of their resources for the development of the society. If a Company only focus on earning profit without thinking about the society then the society has the right to boycott the company from the society or avoid the product which the company is producing. CSR is the responsibility for the company to follow those policies, to make those decisions or line which are desirable in terms of the objective and values the society.

How Pharma Companies Follows CSR? In those past days Pharmaceutical companies has given the most importance to Corporate Social Responsibility(CSR) by helping the society by providing free health check-up, The medicines which are produced by the pharma companies are not harmful for society as well as for the environment. Many companies raise funds to contribute in the society, Pharmaceutical companies produce life saving drugs with relatively low production cost which gives benefit to the government and public. A pharma company plays the most important role in the society they produce the most essential product which is needed in most of our daily life which also makes a difference in life and death, without proper health non a us can meet our other needs. Pharmaceutical industry as both the power of economic and intellectual with the help of both powers industry will able to solve the health problem in our society and can develop more low cost product in coming days which will later make a better place for living with no health problem with cant be faced.

CSR in the pharmaceutical industry is an emerging philosophy and it can be taken as the additional responsibilities in conducting business. In present world, stakeholders are also educated and demanding from the operation of business. No any business has the right to exploits the environment or society people for their operation and profitability. As pharmaceutical industry is the part of society people expect that it would be the responsible people health welfare. CSR in the pharmaceutical industry is significant as in the other industry. There are different positive and negative aspects on the pharmaceutical industry. There are many pharmaceutical companies that have contributed in the development of the world and provide various lifesaving medicine to the world and this activity have helped pharmaceutical company to get many benefits such as Being socially responsible help the pharmaceutical company to increase the public trust and loyalty. When company become transparent, truthful and become socially responsible people trust on the company gets increase and they would be willing to give more support to the company to do research and social activities for the company. So many big pharmaceutical companies invest funds in the social activities and donate medicines to fight the different diseases in the remote or rural areas and developing countries which is helping poor people who cant afford to buy medicines.

The CSR of the pharmaceutical sector is challenged by Leisinger who uses the example that condoms can be available freely or at low prices.  However despite their distribution the use of preventative healthcare measures is not always adopted due to misconceptions of perceived benefits.  Hence, the importance of education is vital and an opportunity for corporations to deliver CSR roles, such as GSK’s ‘Positive Action’ delivering HIV education, care and community support.  This example highlights the importance for monitoring and measuring the impacts of CSR activities.

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Orosys Pharma is a leading non-government pharmaceutical company in India. It started its journey from January 2019. Within this short span of time it already marked its position as a trusted company for patient-oriented services.

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