The Ethical Business Practices And Corporate Social Responsibility Of Pharmacare

The Ethical Business Practices And Corporate Social Responsibility Of Pharmacare

Length: 1573 words (4.5 double-spaced pages)

Rating: Strong Essays

Open Document

Essay Preview

Business performance of organizations are primarily steered through good ethics and corporate social responsibility, and such business practices have become an integral part in order to conduct successful business operations in today’s highly competitive and dynamic environment (Joyner & Payne, 2012). Ethical business practices are widely implemented in small or large enterprise as the growing need of social responsibility and environmentally proactive practices are recognized by these businesses. Hence businesses should be conducted in a way that it not only benefits the owners, employees or customers but the society and community at large (Smith, 2008).
This report analyzes the ethical business practices and corporate social responsibility of PharmaCare, is one of the world’s leading pharmaceutical company. The company has built a reputation for conducting ethical business practices. However its operations in Colberia have aroused concerns regarding the environment and safety of the people that work for the company or around the vicinity that the company has its regional office located. Hence, an analysis of primary as well stakeholders is conducted, followed by evaluating whether the business practices are done in the rightly manner to facilitate its stakeholders, and what the company should do in order to pursue the core corporate objective.
A stakeholder of a corporation is defined as a “person, group or organization that has interest or concern in an organization.” (Sachs, Preston, & Post, 2002). These persons or group play a critical role to the success of a project or the business as a whole, and have interest in the outcome of the project, whether negative or positive...

... middle of paper ...

...orkers, their families and the society at large.
The company must recognize the crucial need of ethics in business, not only to survive and grow in a highly competitive environment, but also to contribute to the world positively. Also, the case of Monsanto provides an illustration of how companies that extend their operations in developing nations can adopt CSR and ethical business practices that benefits not only the world around them but consequently proves to be profitable for the business in terms of cost reductions and optimized operations. Initially Monsanto also got heavily criticized for disregarding the sustainable benefits of communities in which the company operated, but with the passage of time the company has addressed majority of those concerns and aligned its short-term interests with the long term benefits of the communities in which it operates.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on CompCare- A Pharmaceutical Company

- The stakeholders in this scenario is the pharmaceutical company, CompCare, a subsidiary of PharmaCare, Wellco, a large drugstore chain, the employees of the various companies, the African nation of Colberia and the Colberians. PharmaCare company is running a successful business if ethics behavior on all scale is out of the equation. The company are able to find diligence workers in Colberia, who are willing to share information about indigenous cures located in the area. The Colberians are willing to walk five miles into and out the jungles carrying baskets up to 50 pounds....   [tags: PharmaCare, Stakeholders, Subsidiary]

Strong Essays
1013 words (2.9 pages)

Corporate Social Responsibility : Business Practices And Corporate Contributions

- Corporate social responsibility is a term used by business which tells us that business has a responsibility with great percentage of interest in which business is integrated social and environmental concerns in routine operations which includes stakeholders for instance employee, suppliers, customers or communities. It is said that CSR is commitment to improve the society by the business practices and corporate contributions (Lee, 2005). CSR in simple words can be described as where businesses help or show sign of interest in helping stakeholders fairly with their lives and trade....   [tags: Corporate social responsibility, Business ethics]

Strong Essays
733 words (2.1 pages)

Impact Of Corporate Social Responsibility On Business Essay

- Introduction: Corporate social responsibility has been proposed by western countries since nineteenth century, it attaches importance in recent years, and federation already become a charity where drive the enterprise to be responsible for society. Due to the fad of corporate social responsibility, some people hold that business is not supposed to shoulder any social responsibility except making profits. By the side of economic, it is correct as Friedman said, there is one and only one social responsibility, which is increasing profits( Friedman, 1962)....   [tags: Corporate social responsibility]

Strong Essays
1004 words (2.9 pages)

Corporate Social Responsibility : Business Practices Essay examples

- Corporate social responsibility involves business practices with initiatives that benefit society. The company has an economic and legal responsibilities, which are required, ethical responsibility, which is expected, and a philanthropic responsibility, which is desired. The arguments for it are that corporations increase long-term profits by operating with a CSR perspective. Also, pro action is sometimes better than reaction. This means that if businesses proactively participate in CSR and have it as a part of their core values, there would be less negative reaction from the public, and therefore better reputation and goodwill....   [tags: Corporate social responsibility]

Strong Essays
748 words (2.1 pages)

Corporate Social Responsibility : Csr Essay

- Over the past ten years, a growing trend of corporate social responsibility (CSR) emerged (Chernev & Blair, 2015). Some believe the CSR movement began post corporate financial scandals from companies such as Enron, WorldCom, and Tyco, as investors wanted to see reform and better corporate responsibility (Boerner, 2010). A 2007 survey of CEOs revealed that approximately half of the respondents included sustainability as part of their corporate strategies (Boerner, 2010). A similar CEO study conducted in 2010 indicated that CEOs who embraced sustainability believed that it strengthened their brand, reputation, and built trust among their stakeholders (Boerner, 2010)....   [tags: Corporate social responsibility, Business ethics]

Strong Essays
1137 words (3.2 pages)

Corporate Social Responsibilities : Csr Essay

- Businesses applying corporate social responsibilities (CSR) theory as it gives the opportunity to have a positive impact on the environment and the company; some of the advantages that the CSR provides is enhanced brand and reputation, reduction in operation costs, attracting new customers, balances power with responsibility, discourages government regulation, improves a company’s public image, promotes long-run profit, improved relations with the investment community and better access to capital, enhanced employee relations, productivity and innovation and stronger relations within communities through stakeholder engagement....   [tags: Corporate social responsibility, Business ethics]

Strong Essays
972 words (2.8 pages)

Essay Corporate Governance And Corporate Social Responsibility Relationship

- 3 Corporate governance, CSR, organic growth and leadership in Lloyds Bank The Helping Britain Prosper Plan, by Lloyds Bank, ensure them to run business activities responsibly to provide the global impact that has the element of social, ethical and environmental implications (, 2016). To achieve this, they are working within the financial market and try their best to maintain high standards of integrity and conduct good value (, 2016). They believe as a large organisation; they have the responsibility and obligation to serve the society and the community....   [tags: Corporate social responsibility, Business ethics]

Strong Essays
1469 words (4.2 pages)

Corporate Social Responsibility And Corporate Responsibility Essay

- Question 1 Corporate Social Responsibility began its rise in popularity in the late 1960s as part of the Civil Rights movement, but it seems to be critical to companies now more than ever. Although everyone seems to agree that it is a hot topic surrounding businesses right now, what we cannot seem to agree on is if it is “right” for companies to stand firm on their corporate social responsibility policies or if businesses should just focus on turning profits. This response aims to give two opposing looks at social responsibility by providing three reasons to go with Company A, that could essentially care less about corporate social responsibility, and conversely, three reasons to go with Co...   [tags: Corporate social responsibility]

Strong Essays
1130 words (3.2 pages)

Corporate Social Responsibility : Lush And Business Model And Marketing Methods

- Corporate Social Responsibility is a company’s or management’s obligation to make decisions based on the best interest of the company and society as a whole. This can be divided in four criteria: Economic, Legal, Ethical and Philanthropic. Lush Cosmetics Ltd. is leading example on integrating ethical and philanthropic CSR into the business model and marketing methods. Lush is a cosmetic company that started in England, that specializes in making face and body products using organic, fresh and sustainable ingredients....   [tags: Corporate social responsibility]

Strong Essays
723 words (2.1 pages)

Corporate Social Responsibility ( Csr ) Essay

- In the current time of growth and progression, individuals should know that how a business not only flourish but sustain itself. Making profit is one of the main targets of every corporates but it must not be the only one. When an individual builds a company in order to do business, they should be well aware of their contribution towards the society as well as their business and employees in it. It is total strategy of all. We should be able to realize every increment contributes of it. One of the major factors that affect a business is how well it participates in Corporate Social Responsibility....   [tags: Corporate social responsibility]

Strong Essays
1000 words (2.9 pages)