GSK is a British multinational pharmaceutical, biologics, vaccines and consumer healthcare company and it is the world's fourth-largest pharmaceutical company measured by sales (after Pfizer, Novartis, and Sanofi) and operates internationally with an enormous product mix. The company has been heavily investing in developing countries such as China. In July 2013, GSK confirmed that some of its senior Chinese executives appeared to have broken the law after police accused it of funnelling up to 3 billion yuan (approx. £323 million) to travel agencies to facilitate bribes to doctors to boost the sale of its medicines (Riley, 2013). In the last three years alone, pharmaceutical companies have been fined more than £13bn by authorities in the U.S. And now the focus is increasingly on the activities of "Big Pharma" in emerging markets (Riley, Business Ethics & CSR - GSK Promises to be Good, 2014).
GSK has produced similar ethical violations in the U.S. market. In 2012 GSK agreed to plead guilty to three courts had found beyond a responsible doubt that GSK had attempted to influence doctors by bribing the doctors so in turn the doctors would use their medications.
GSK was falsely advertising many of their products by leaving out or adding in false information in the United States market. For example, one of their products, Avandia (diabetes medication) was linked to an increase in heart attacks and congestive heart failure and GSK illegally marketed Avandia by paying doctors, and manipulating medical research to promote the drug (Bohnwagner, 2013). Furthermore, the company target children and teens for marketing of their drug Paxil (antidepressant), although it was not approved for patients under 18 in the U.S. market for this demographic. The pharmaceutical giant is also facing inquiries into similar allegations in Poland and Iraq and if the allegations are proved, GSK may have violated both the UK Bribery Act and the U.S. Foreign Corrupt Practices Act (BBC News, 2014).
The company has a long history of such practices. Sir Andrew Witty is the Chief Executive Officer (CEO) whose role is stated as to lead…
In an era of terrorism and turbulence in global markets the greater the level of shared risk and transparency, the greater the likelihood financial institutions will be more resilient in the face of greater challenges of operation. This is a critical point that must be kept in mind in the context of the IFI CSR Maturity Model, as globalization forces a higher level of inter-process and cross-functional coordination throughout a
S., despite ardent opposition to the potential prophesized concerns of many. Real progress is being seen and free trade is expanding, exponentially and many U.S. And Canadian concerns of Asian market dominance are being addressed that otherwise would not have been. Additionally the new ground being cemented in negotiation and legal redress is substantially demonstrative of the future benefits of free trade agreements such as CAFTA. Works Cited Burtless, Gary Progressive Policy
The ethics of using labor at rates far below what would be necessary in their own nations, with no requirement of paying healthcare, no workers' compensation insurance, no unemployment insurance, or even the threat of unionization sadly ensure this practice will continue. Yet when one considers this aspect of westernization it is clear that globalization in fact does not provide benefits to everyone in the long-run. Towards a More Egalitarian
Organization Corporate Social Responsibility (CSR) refers to the relationship between a business and the society and how can both can benefit mutually through a joint partnership. Caroll (1991) suggests four different aspects to be a part of CSR and they are economic, legal, ethical and philanthropic. The economic aspect is the basis on which the business is built while legal responsibilities are encoded in law. Ethical responsibilities include doing what
Governmental CSR Policies Social Responsibility and Regulation The origin of the formal construct of corporate social responsibility is easily traced back to the 1950s (Carroll, 1999, p. 268). Over four decades, the concept had been expanded to include three prongs: Business ethics, corporate responsibility, and corporate social responsiveness" (Epstein, 1987, p. 106). The concepts are likely to continue to develop in concert and against the background that has been active for over
In essence this model of knowledge sharing creates an egalitarian benefits model where each side of the information transaction benefits. Conclusion Anti-globalization advocates argue that this approach to creating business value chains and relationships reduces economic growth to transactions where the 3rd world nations often receive little if any value for their efforts. Exacerbating this is the fact that transactions are king, relationships are not valued and trust suffers. What needs