Cvs Sets High Standards For Csr Policies

In the CVS case, one of the ethical dilemmas that stood out to me the most and was the most challenging to my values and the company’s values was the HIPAA privacy case of 2009. At that time, CVS was not adhering to and thus violating the HIPAA Privacy Rule, therefore breaking the law. As a company in the health industry, CVS is required to properly safeguard the information of their patients, but CVS failed to do so. Employees at CVS would simply through away old prescription notes and bottle labels that had sensitive patient information on them, therefore they did no dispose of patient information correctly by destroying it. After the company was investigated by the OCR and the FTC, the root of this problem was discovered. Employees lacked the proper training in disposing patient information and were not punished when information was disposed of wrongly. CVS was not following three of their five values in this situation; integrity, caring, and accountability. Customers were told and trusted that their privacy was of top priority and therefore they assumed their information was being handled properly, but this was a lie and therefore tarnished CVS’ integrity. Lying is against one of my values, but society also sees it as extremely wrong so this case especially caught my eye. The fact that patient information was not disposed of properly also put the patients at risk of the public having access to sensitive health conditions. This could potentially harm the patient in many

Inside CVS Health, there are many stakeholders that come into play and are effected by the new change. The employees, customers and clients, suppliers and venders, investors, and local communities, are the stakeholders that are involved with and are close to CVS Health. CVS Health believes that staying close and involving their stakeholders to their CSR strategy, will help them be successful. Having employees that help contribute to the purpose that CVS Health stands for, helps the consumers get on a path to better health, and also contributes to the local communities outside of work. I am going to select ‘employees’ as the stakeholder for this analysis.

Economic: Globalization of the pharmaceutical industry is an exciting opportunity to have research and development done at cheaper prices in other countries. However, this could be a double edged sword for companies because it is easy for other countries, such as India, to produce generic versions of the drug in bulk.

or so many years our society has been thinking of forming new creative and innovative businesses, which would be more environmental and customer friendly. Nowadays a large number of different companies follow the social, ethical, as well as moral consequences when it comes to their decision making. One of the relatively new concepts involving economic and social concerns is Corporate Social Responsibility. Many of us apply this approach not only at work, but also in everyday life without even recognizing.

In 2015, the pharmaceutical industry spent over 27 billion dollars on advertising. The two greatest components of this effort were promotional advertising and free medication sampling, which the pharmaceuticals invested 15.5 and 5.7 billion dollars respectively (“Persuading the Prescribers”). Promotional advertising involves direct contact with health professionals, the most common being extravagant lunch conferences held for physicians and their staff. On the other hand, sampling involves distributing free sample of medications to physicians, who then have a choice of providing these samples to patients. As a result of these methods, the industry has seen revenue around $400 billion with 90% of physicians having a relationship with a drug company (Campbell 2007). Moreover, the prices of prescriptions continue to rise; a copay of a generic drug is $11.72, preferred brand drug is $36.37 and a specialty drug is $58.37 (Coleman and Geneson 2014). Although the profits are immense in the numbers demonstrated above, it is no surprise when pharmaceutical drug companies elevate their prices even more. For instance, recently Turing Pharmaceuticals raised the price of their medication Daraprim from $13.50 to $750. Keep in mind, this medication is used for threatening parasitic infections, aids, and cancer with alternative options currently found to be inefficient (Pollack 2015). Another example of this practice involves cycloserine, a drug used to

CSR is defined as a corporation’s internal policy that directs how it will regulate itself and “fulfill [its] legal, ethical, and social obligations” (Mayer, Warner, Seidel, & Lieberman, 2012, p 1003). Accordingly, Target’s policy and practices related to ethics, social responsibility, and environmental sustainability provides an opportunity to get an indication of how it determines and fulfills such obligations. Subsequently, Target’s voluntary self-reporting and corporate communications include a substantial amount of material that can be evaluated.

CVS, a national pharmacy chain, works not only in but also with the community. The company focuses on the betterment of society. Its extensive Corporate Social Responsibility strategy, entitled Prescription for a Better World, places CVS at the center at a variety of mainstream issues. The three focal points of its CSR plan are the environment, the economic opportunities for citizens, and the health of the community (Novick O’Keefe 2014). CVS has a whole department focused on CSR, called CVS Caremark, which houses the CVS Caremark Charitable Trust. Their many projects include the end of Tobacco distribution, the betterment of school and local health care, sustainability, and charitable events.

Recently, there has been a debate about the high prescription drug prices in the United States. Accounting for 9.7% of the national health expenditure, $329.2 billion was spent on prescription medications ($931 per person) in 2011 (Linton, 2014). So what exactly is the average American getting with their $931? Well, because there is an extraordinary amount of time, effort, and energy that goes into creating, manufacturing, and distributing a new drug, it’s no wonder the prices are so high. But what other costs are folded into the prices of your prescribed medications? This review looks beyond just the research and development costs needed to take a new drug from idea to shelf by examining several journals and other credible, secondary sources, to shed some light on how much pharmaceutical companies are spending to develop, advertise, and sell their drugs.

Cigna Corporation is a global health service company dedicated to helping people improve their health, well-being and sense of security. Cigna Corporation is in over 30 countries and jurisdictions and has over 89 million members throughout the world. (CSR Profile of Cigna Corporation, 2015). This essay we will review Cigna Corporation social responsibility, to see if they contribute to society through good business practices, by providing good work environment, good citizenship and solving social issues. We will incorporate terms such as sustainability, strategic philanthropy, cause marketing, shared value, stakeholders, and global perspective. We will see if Cigna Corporation really following the corporation social responsibility of the

Corporate Social Responsibility (CSR) is something that affects all companies and should be an active factor in the company’s decision making. It is something all corporations need to care about. CSR is when business’ or corporations take part in an initiative or campaign for a cause that will benefit society and/or in some way make the world a better place (Taylor, 2015). Initially, Corporate Social Responsibility started to take shape around the 1950’s, but some say that it dates all the way back to the 1800s, the idea of CSR was seen (Carroll, 2007). One may think that because it is dated so long ago, it doesn’t have an important impact today nevertheless, it is proven that Corporate Social Responsibility is a pathway for entities to self benefit as they are in the process of benefitting society.

This recent reality, combined with globalization, is forcing companies to forge new kinds of relationships with buyers and countries. The financial valuation of companies are taking ever greater account of intangible elements, such as brands, patents and the company’s general image, with companies being bound to take account of these things in an effort to satisfy their shareholders. Environmental protection has become a highly motivating factor, and companies are being pressed to identify stakeholders with whom to team up. With brand value and reputation increasingly being seen as one of a company’s most valuable assets, CSR is now seen as building loyalty and trust amongst shareholders, employees and customers ( Tssa, (n.d.)).

Corporate social responsibility has been one the key business buzz words of the 21st century. Consumers' discontent with the corporation has forced it to try and rectify its negative image by associating its name with good deeds. Social responsibility has become one of the corporation's most pressing issues, each company striving to outdo the next with its philanthropic image. People feel that the corporation has done great harm to both the environment and to society and that with all of its wealth and power, it should be leading the fight to save the Earth, to combat poverty and illness and etc. "Corporations are now expected to deliver the good, not just the goods; to pursue

The above figure shows the export trend of pharmaceuticals from Indian market to the world. The highest export was recorded in financial year 2015-16. Despite of the fall in subsequent year it still maintained it power in the global market. India enjoys relative advantage in this sector, which is been calculated by the Balassa index. The strength of the exports has been compared with overall export of the ASEAN. As Indian pharmaceutical sector was growing similarly the pharmaceutical sector of ASEAN was flourishing which was making it an attractive for JAPAN and United States the sales from this sector was more than 20 billion us dollar by end of the

CSR is a significant strategy adopted by businesses today. Hence, this paper begins by defining it and then dwells on why organisations depend on it. This paper also will present a summary of the activities of CSR followed at ‘Thistle, Heathrow, London’ which will also include the personal views of the writer on this topic.

Dr. Veleva’s 2010 case study, “New Balance: Developing an integrated CSR strategy”, examines the company’s history and corporate culture, and describes how in 2006 it started to approach CSR more formally, creating a CSR steering committee. In 2008, the company engaged the Boston College Center for Corporate Citizenship (BCCCC) to help develop a framework, conduct