Pfizer is one of the world’s largest research-based biopharmaceutical companies. In case of revenues according to the annual reports Pfizer stands second for two consecutive years 2009-2010 lead by Johnson and Johnson (see Appendix- 1 for complete table for 2008, 2009 and 2010) leaving behind companies like GlaxoSmithKline, UK and Novartis, Switzerland. Pfizer was founded by two cousins Charles Pfizer and Charles Erhart in 1849, at Brooklyn, New York. It has its headquarters in New York City. Its first achievement was due to Civil War, as there was a heavy demand of painkillers and other disinfectants. In 1862, Pfizer produced tartaric acid and a cream of tartar to fulfil the need of the army. Pfizer gained mass success by becoming the America’s leading producer of citric acid (used to manufacture penicillin) in 1919. In the late 2000’s Pfizer expanded globally with the acquisition of Warner-Lambert, Pharmacia and Wyeth, becoming the first U.S pharmaceutical company to join the U.N Global Compact (training and nurturing partnership between companies by promoting good corporate citizenship). Pfizer generates more than 58 percent of revenue from international markets. Pfizer’s approach towards Corporate Social Responsibility (CSR) CSR according to csrnetwork.com, 2009 is about how a business “align their value and behaviour with the expectation and needs of stakeholder” in simple words it is a term that states that the company is for the people and it should be the priority of the company to opt for the business suitable and acceptable by its stakeholders (customers and investors, suppliers, communities, special interest groups and societies). The company should be answerable and committed to its stakeholders. Pfizer’s Corporate Social Responsibility report, 2009 speaks about Pfizer’s initiative to work more ethically to achieve its mission of “working together for a healthier world”. The company lays great emphasis on its stakeholders, especially prioritising patients’ needs. It also had a Corporate Governance Committee that keeps updated information about the company’s corporate social responsibility issues and monitor upcoming issues that may affect the pharmaceutical industry and the company. Analysing the CSR from a view of ‘triple bottom line’
It is the term coined by John Elkington, who states that business should not only concentrate to earn profit but also should also be useful to the environment and the society, this is important for sustainability (long-term maintenance of system) as if the environment and the society are not taken care of in the near future, then there will be no existence of the organisations and businesses as they will not earn profits.(Crane and Matten, 2009) It is really important to do things keeping the future generation in mind that will lead to sustainability. Triple bottom line consists of three components. a) Environmental: these consist of steps that a company takes to prevent environmental damage or problems by climate change, greenhouse gas omissions, carbon foot printing and continuous use of non-renewable resources of energy. In case of Pfizer, they are working very hard with other companies to find sustainable solutions to the problems regarding environment, health and safety issues, by sharing their practises and technologies. Pfizer has also set a goal of receiving 35 percent of the electricity from clean energy resources by 2010 but has yet not yet been able to achieve it due to problems like closure of plants due to financial instability (recession) and financial impracticality of the new technology, it is also working to reduce the carbon footprint by investing in projects to remove it from the automobiles it uses (32,000 in number), it is also working on projects to control an remove the harmful ozone depleting and volatile depleting compounds. Pfizer has already paid the sum of $975,000 in 2008 as a civil penalty for causing hazardous air pollutants...
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