Recently, this concept of corporate social responsibility or CSR has become of immense importance for the business community. This concept takes into consideration a lot of business practices which include community involvement or health and safety policies.
For Many pharmaceutical companies CSR is part of their operations and strategies. They not just follow a socially responsible business model but perform many other activities related to healthcare especially in the developing economies. (Nott, 1996)
Pharmaceutical businesses in developing countries try to be socially responsible by performing the following activities:
- They are improving an access to medicines for people in developing countries.
- They have started donation programs.
- A lot of investment in R&D for diseases widespread in developing countries.
- They are also investing a lot in education and prevention programs that are health related
- Global ethical and safety standards are being established into daily business practices in developing countries.
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