CONTRIBUTION OF PHARMACEUTICAL INDUSTRIES IN CORPORATE SOCIAL RESPONSIBILITY(CSR)

The pharmaceutical Industries of India are well-positioned and the nation has very strong scientific as well as upgrading technological base. India is home to more than 141.72 crores population and due to this the country has very large domestic market.On the other hand, the Indian government introduced CSR policy which is meant for the companies and industries to minimize the impact of social issues caused by them. In CSR policy, health sector has been taken as an important game changer(Mishra & Swain, 2016). Additionally, the country is working on seventeen Sustainable Development Goals, out of which SDG-3 is based on Good Health and Wellbeing. According to CSR policy 2014, the Pharmaceutical Companies has to spend 2 percent of their average net profit of preceding three years on social sector activities and for Pharma industries, the healthcare and wellbeing of the society is important. The purpose of this paper is to discuss, how pharmaceutical companies are fulfilling their social obligations through CSR initiatives and how the contribution of CSR through Pharma companies is impacting the society.