Corporate Social Responsibility – A Myth or Reality: A Study on Indian Pharmaceutical Companies

Corporate Social Responsibility (CSR) has become an integral part of business ethics in every organization particularly in companies in pharmaceutical companies. In a country like India, it is very important for the organizations to set its agenda to promote the leading and popular trend of building the CSR policies on the basis of the concept of corporate social responsibility. The study is an attempt to observe an analyze the growing role of corporate social responsibility by studying ten major companies in the Indian pharmaceutical sector. Healthcare is one of the basic human rights of each individual in the world and pharmaceutical companies have the responsibility to take its step in ensuring that the globally there is no medical crisis. It is important to study to see the vital role every stake holder of the sector is playing to make it possible to put pharmaceutical companies to its noble front through its functioning and contribution to the society. The stakeholders of the sector ranges from patients, medical professionals, NGOs to even the media. The same shall be done through the evident proofs of their existing CSR policies within the company reports in an attempt to further bridge the gaps if any. The ultimate objective is to identify and address any existing gaps, thereby facilitating a more comprehensive understanding of the intricate interplay between pharmaceutical entities and their commitment to social responsibility.