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.
1.1 CHARACTERISTICS OF STAKEHOLDERS OF A CORPORATION
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...
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...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.
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