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Social Responsibility and Stakeholders of Pharmaceutical Companies

Conduct online research on pharmaceutical companies and answer the following questions:

1. What social responsibilities do pharmaceutical companies have that differs from other types of companies?
2. Who are the primary stakeholders a pharmaceutical company has and how do you think they are prioritized?
3. Do you think pharmaceutical companies are justified in charging such high prices for certain medications or do you believe their high overhead cost (research, employing people, and advertising) justifies what the charge?

Solution Preview

The websites researched were:
Glaxo-Smith Kline at http://www.gsk.com/
Merck at http://www.merck.com/
Johnson & Johnson at http://www.jnj.com/connect/about-jnj/company-structure/pharmaceutical-companies/

1. I researched the three pharmaceutical companies listed, and all three companies devoted at least one full website page to discussing their responsibilities from both a social and ethical standpoint. The companies discussed their role as leaders, and what that means from a social point of view.

I would also agree that the social responsibilities for the companies differ greatly from that of other organizations. I think that the drug industries have a primary role in providing assistance to both developing and struggling countries around the world. I believe that the pharmaceutical companies should be providing medicines to communities that are so overrun by disease, that the normal, ordinary acts of life in the community as a whole are ...

Solution Summary

The solution answers questions on the social responsibility and stakeholders of pharmaceutical companies in 590 with support from 4 sources referenced.

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