BOOTS PHARMACY CSR

Corporate Social Responsibility of Boots Pharmacy



Corporate Social Responsibility of Boots Pharmacy

Introduction

The global pharmaceutical industry has long been considered one of the most profitable industries, and historically, it has proven itself to be a low risk, stable investment sector. However, the perception of pharmaceuticals as a 'safe bet' is changing as investor concern mounts over a number of recent negative publicity cases. A number of issues are undermining the industry as a whole giving rise to the importance of looking at individual companies' corporate social responsibility (CSR) performance. Some of these issues include: access to essential medicines by the developing world countries, fair pricing of existing drugs, ethical conduct of clinical trials and marketing, investment in research and development of medicines to cure diseases which generally affect poorer regions of the world. This paper discusses the CSR of Boots Pharmacy.

Discussion

Alliance Boots was created as Europe's leading pharmacy-led health and beauty group through the merger of Alliance UniChem Plc and Boots Group PLC. Boots is the United Kingdom's (UK's) leading Health and Beauty retailer. We have approximately 1,500 stores in the UK and Irish Republic where we serve around 8 million customers every week. We develop and sell our own-brand health and beauty products, a number of which are leaders in their respective markets. In the company's propaganda publications Boots Pharmacy is portrayed as being only interested in public good and merely generates profits to satisfy minimum requirements of its stakeholders. "The very nature of our business is to improve human life by helping people to do more, feel better and live longer.

This is the mission that drives us to seek new treatments and to bring them to patients who need them"(www.Boots .com). BOOTS understands that the financial performance is closely connected to responsible business practice and argue that "...companies that understand and address the impact of business on society and the environment will be the leaders of the future". This is the primary reason why Boots Pharmacy is committed to connecting business decisions to ethical, social and environmental problems. However, according to Corporate Watch the issue is much more complicated than what BOOTS states.

At present, private pharmaceutical companies control the development of new medicines. "Profit margins, not global health needs, are what determine the next new drug". Boots Pharmacy's corporate motto is 'committed to improving the quality of human life'. "BOOTS has shown it's commitment by suing the South African Government for trying to supply AIDS victims with medicine they can't afford, knowingly producing toxic drugs, and by emitting more carcinogens than almost any other chemical producer in the UK" (www.corporatewatch.com).

The company's publications on the www.Boots .com also include quite a lengthy description about how the social responsibility is enhanced through the system of controls, which are overseen by the committee of employee representatives. "Corporate responsibility (CR) performance is managed by the appropriate functions across BOOTS , ensuring integration into our everyday operations". Coordination in the company is provided by a cross-functional team, made up of ...