Global Journal of Commerce & Management Perspective
Open Access

Abstract

Corporate Social Responsibility of Select Pharma Companies in India: An Exploratory Study

Pravin D. Sawant

CSR is that any relationship that the company has any group will be dynamic as will the social, political, economic and legal environment in which it operates. Today the common goal of the domestic and international business community is to bring forth wealth in a socially and environmentally responsible way. This study has focused on the implementation of corporate social responsibility, in the Pharma industry companies, This study has focus on more qualitative approach rather than quantitative. This comparative approach was selected because the way the companies operate has lot of similarities but also small differences in unique ways. When it comes to social responsibility of Pharma companies, the Pharma companies need to move beyond a narrow definition of CSR and look at some of the ways to alleviate poverty and Rural Development. As per the new companies law, CSR activities would have to be within India. They would apply to companies having at least Rs 5 crore net profit, or Rs 1,000 crore turnover or Rs 500 crore net worth. Such companies will need to spend 2 per cent of their three-year average annual net profit on CSR activities in each financial year, beginning 2014-15 fiscal. The companies will take more initiatives towards CSR activities.