Corporate Social Responsibility-GlaxoSmithKline (GSK) Research Paper

Corporate Social Responsibility-GlaxoSmithKline (GSK) - Research Paper Example The healthcare industry is also projecting increased drug consumption after the introduction of healthcare laws. Currently, the mission of the business is more complicated than creating profits for the shareholders. The firms are judged not only on profit but also their principles (Jackson & Nelson, 2004). Organizations have a responsibility in fulfilling employees’ obligations, community, and the environment (Martin, 2002). In order for organization to maintain or restore public trust, it should practice corporate social responsibility. Corporate social responsibility is regarded as a commitment that aligns with the corporate strategic goals concerning pressing societal issues, and portraying awareness of the community need in which the business works. Pharmaceutical industries have been pressured to practice corporate social responsibility, especially regarding the HIV/AIDS pandemic (Leisinger, 2005), and product recalls. GlaxoSmithKline has made several commitments in an effort to practice corporate social responsibility. It has introduced a Least Developed Country Patent Pool for tropical diseases medicines, which have been neglected due to lack of feasibility. Also, it will reduce prices of patented medicinal products in the least developed countries to 25%.In addition, increase funding for research on diseases in developing