Corporate social responsibility practices adopted at pharmaceutical industry

The purpose of this research is to explore how companies within the pharmaceutical industry manage their CSR strategy and communication. It also provide practitioners of management a sense of the importance of strategically leveraging social responsibility in the pharmaceutical industry, such that it provides a sustainable competitive advantage is that it requires a culture that can successfully execute a combination of activities. This study has been aimed at determining what CSR denotes in the global setting from the pharmaceutical industry's perspective. These firms should educate their employees towards the value? added processes that accompany CSR? based strategies. The internal as well as the external stakeholders of the pharmaceutical industry should also buy in the concepts of being socially responsible. During the next century, the business models have to take into account not just the new technologies, but also the social responsibility issue. The aims of this paper is to present in brief the concepts of business model and of corporate social responsibility (CSR), and to highlight the emergence of the business models based on CSR in the global pharmaceutical industry. Further to demonstrating that most companies within the industry practice and report on CSR, the research proved that the size of the company, its country of origin, as well as the type of products manufactured (prescription medicine, generics, biopharmaceuticals) all influence the nature of the pharmaceutical company's CSR approach.