CSR or Corporate Social Responsibility has become an important topic over the previous two decades. Multinational companies have modified their system of conducts and moral policies in order to come across as a reliable business unit in front of their shareholders and to show that the revenue returned to the stakeholders are not derived from unscrupulous ways. Stakeholders seem to have taken a rather active interest in the topic of CSR. Instead of spending the profits of the corporation for a good reason, CSR guidelines suggest that the focus should be on earning money through a reliable method which is considered to be CSR investment towards the company and the community, highlighting sustainable development.
Implementing CSR in Health Sector
One of the major sectors which is benefitted by CSR happens to be the health sector. This is mainly because of the close relation that the health sector shares with other private sectors, the government and various shareholders of society. It may also be due to the fact that the process of generating profits has a greater connection to the lives of people by affecting their problems related to health rather than other business institutions.
Both the private and public sectors need to direct their attention towards the different epidemic and acute diseases which pose a threat to people. Private sectors need to support the public by providing them with the necessary amount of resources which will allow the authorities to adopt effective measures and keep the diseases under check.
Healthcare corporations have earlier been held responsible for their concerns together with various costs on some important drugs sold worldwide. They are not free to decrease the cost in areas where a significant amount is required since they have been faced with occurrences where the contribution has been returned to the regional black market. There is also some trouble involving IP policies which are under deliberation at present for enhancement. However, the healthcare industry needs to regularly come up with original CSR tactics due to pressure from shareholders.
CSR and Health Sector – Areas of Concentration
The healthcare sector needs to concentrate on two primary jobs before directing their attention towards the complicated concerns of assisting the disadvantaged.
The business units need to earn in a reliable manner. This needs to be conveyed to chain of suppliers, advertising, finance, Human Resources and other sections all over the corporation. A corporation should not be contributing to serious issues with the funds from unlawful operations or from selling drugs packaged by minors. The health sector needs to concentrate on particular sections of community and connect it to their business. This is quite a difficult task but will help the public recognize the company.
Healthcare and CSR – Advantages
In the healthcare sector, CSR is usually more difficult than regular manufacturing corporations. CSR is not likely to provide direct advantages to the growth of the corporation or savings in a comparative sense. Consumers are further critical of healthcare corporations when they are occupied on communal grounds. Hence, CSR is not a PR demonstration. Local and HQ activities differ on conditions of CSR. Local CSR policies will influence society on a greater scale. Developing countries will be more benefitted from this than developing countries. In most cases, CSR is likely to improve both external and internal associations with several shareholders around the corporation.
