Corporatesocial responsibility is aimed at companies to be aware of the impact of theirbusinesses on the society and on their own stakeholders. CSR is a businessapproach which contributes to the development of the society by deliveringbenefits to the stakeholders. According to the definition of Angelidis andIbrahim (1993), corporate social responsibility is ‘corporate social actionswhose purpose is to satisfy social needs’. Many companies are trying to start differentefforts to achieve CSR for their businesses.
As CSR is a broad concept and notall companies can reach up to the standards of maintaining CSR. CSR in thefield of marketing plays a major role as marketing is the key tool for customersatisfaction and building reputation. Marketing of products varies according toIndustry. As CSR is becoming key for companies, business owners and managementteams are concentrating on marketing of the products in a way that thestandards comply to the CSR. Corporate Social Responsibility is essential forpharmaceutical industry as it is the largest health care industry which needsto give customers a great service.
As every industry, pharmaceutical industryis looking to give back to the society and hence comes CSR into play.Sustaining health and healthcare products in various communities is raising thestandard of living and brand loyalty. There are evidences that clearingnegative public perception can relieve the excessive regulation which is now inplace. This article focuses on the initiative that the pharmaceutical industryis taking in regard to CSR in the field of marketing.