Patents are a major instrument in the enforcement of intellectual property rights. What exactly do patents protect in the pharmaceutical industry? A patent on a drug gives the owner, in this case the inventing pharmaceutical company, the exclusive "right to prevent others from making, using, importing, or selling it" (Elliott & Bonin, 2002, p
The lack of prescription drug coverage in the Medicare bill is the stated reason that so many individuals are "forced to go to Canada or Mexico to buy cheaper drugs." (Krupin, 2001) Case Study in Relation to Costs-Markup by Medicare: Stated is that there exists a bias against full reimbursement of high-cost pharmaceuticals
The incentives in the payment system could affect site of care choices and beneficiary access." (Braid, et al
The incentives in the payment system could affect site of care choices and beneficiary access." (Braid, et al
" The efforts include everything done with the purpose of social upliftment and development. Other considerations for these activities include economic reasons, reduced risk, increased access to capital, larger market share, better supplier relationships, and especially increased customer satisfaction and loyalty (Agarwal, 2008)
Also, these companies are further expected to by working under the influence of Gandhi's theory of trusteeship as their leaders are the ones who belong to the era of 1960s onwards. There are also researches which have supported the notion that companies with higher revenues are expected to be better contributors to CSR practices in Indian society (Arora & Puranik, 2004)
Since there is no return on investment visible, therefore, it is evident that lack of financial gains makes the compliance to CSR the least prior thing to do. However, as per the various studies conducted in the pursuit of evaluating the compliance to CSR standards by Indian businesses, it has been discovered that change has been initiated and many business leaders in Indian industry are actually taking necessary measures which would perform synergy between the earlier Philanthropic model and the new western regime (British Council et al
Many of the company not complying with international CSR legislations like labor laws, environmental protection regulations are not welcomed in the international community. Therefore, in order to expand the business processes, these companies tend to comply with CSR standards (Bruch, 2005)
CSR has emerged out of basic business ethics. These business ethics are expected to set out a framework within which the enterprises operate (Caza et al
There are several studies which support the notion that in the Asian economies, India is one of the pioneers to adopt CSR practices. As a matter of fact, many leading Indian business empires now appear to be publishing their CSR compliance details in their financial statements which appear to be a breakthrough in Indian history (Chambers et al
The main aim of these NGOs was welfare of the society and opposing actions by public and private sector which are causing harm to the general population of the country along with environmental considerations. Due to these consolidated efforts of the NGOs, an Environmental Protection Act came out in 1986 which was levied on many public and private organizations in consideration to the environmental protection (Divan & Rosencranz, 2001)
, the shareholders have the highest degree of importance. In accordance with the principles defined by Friedman, many Indian organizations have appeared to following practices which would focus on shareholder's interest and profit generation as well (Gopal & Karjat, 2012)
This adaptation makes them more acceptable in the Indian industry and also makes them liable to comply with already undermined CSR standards. Since MNCs are mistrusted in Asian economies, therefore, the general perception is that MNCs are not playing their due role and are not taking sufficient and concrete measures required for society's welfare (Kumar et al
The pharmaceutical industry of India is undertaking large scale endeavors to sensitize the public regarding HIV / AIDS and to develop drug regimes that are easier for the patients to follow. Thus, they are in effect striving towards effective AIDS management and fulfilling their social responsibility (Khanna, 2006)
Trusts, schools, colleges, hospitals and other social welfare organizations came into existence during the same timeframe. In early 1900s when the struggle for independence was gaining grounds, the main focus of Gandhi regime was on rural development and women empowerment (Khan, 2008)
Other considerations for these activities include economic reasons, reduced risk, increased access to capital, larger market share, better supplier relationships, and especially increased customer satisfaction and loyalty (Agarwal, 2008). A study conducted by Mishra and Suar in India showed that responsible actions and dealings with primary stakeholders increased firm performance (Mishra & Suar, 2010)
A study conducted by Mishra and Suar in India showed that responsible actions and dealings with primary stakeholders increased firm performance (Mishra & Suar, 2010). The pharmaceutical companies exist in an industry that serves as a bellwether of economic liberalization, so they need to be very careful of their interactions with societal members as well as their positive contributions towards society (Mitra, 2012)
This is so because Indian industrial sector is mainly governed by the ideologies presented by national and religious figures whereas most of the western CSR models are presented by management scholars. This concrete differentiation makes the western theories rather unfit for Indian society (Mohan, 2001)
Thus, they are in effect striving towards effective AIDS management and fulfilling their social responsibility (Khanna, 2006). Optimal drug regime adherence is at least 95% and studies indicate that 21% disease progression can be reduced by a 10% increase in proper drug usage (Nischal, et al
With the expansion of Indian economy, the new wave of globalization also left its mark in India where new business ventures and various opportunities appeared for Indian businessmen. Hence, in 1991, various reforms appeared which were initiated by government in order to facilitate business and trade development (Sawhney, 2004)