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On Merck Corporation and Social Responsibility - Essay Example

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People today can notice that global responsibility is becoming more and more promoted.Everywhere,we see forms of encouragement on sensitivity to issues like environmental and ethical issues.In the past two decades,the business world has also adapted this movement in the form of the corporate social responsibility awareness…
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On Merck Corporation and Social Responsibility
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Download file to see previous pages People today can notice that global responsibility is becoming more and more promoted. Everywhere, we see forms of encouragement on sensitivity to issues like environmental and ethical issues. In the past two decades, the business world has also adapted this movement in the form of the corporate social responsibility awareness. As Solomon (2004) says people can no longer accept the unethical idea that "business is business". This belief Solomon adds, was no longer excusable and just a pretext to be "socially irresponsible and personally insensitive". With this concept, businesses are to function in a responsible manner and by that make an effort in putting the business's stakeholders in consideration when company goals are dealt with. One such company is the Merck Corporation. In a time where businesses normally went for profit, Merck Corporation changed its direction to make a difference.It was in the late 1970's when researchers of Merck Corporation first had an indication that Ivennectin (antiparasitic compound for animals) might have the ability to cure the disease called river blindness. River blindness was a disease that was predominant in third world countries like Africa and in some parts of Latin America and the Middle East. Clearly, the profit of such medicine for river blindness was already questionable. Dr. Vagelos, who was then Merck executive head for the research laboratories, was faced with the decision of approving further research that would cost a lot of money.
Nevertheless, further research was done because of its potential to cure and not on its potential to profit. A considerable amount of money was already spent in developing the animal medicine ivermectin and developing another one fit for human consumption was premeditated to cost less than developing a new medicine. And so, Merck Corporation was able to produce a cure and named it Mectizan.
When government agencies of the third world countries were unable to purchase the medicine for their people, Merck Corporation headed by Dr. Vagelos, who was then CEO of Merck Company, agreed to give Mectizan to countries that badly needed it for free. Through the years, it has become to be known as the MECTIZAN Donation Program, a fusion of partnerships between private and public agencies to aid developing countries in their fight against river blindness.
We see a commendable company that takes risks for the betterment of those who they know badly need it. As one of the top pharmaceuticals company in the world, Merck Corporation is expected to profit from the drugs produced in their laboratories and not to give them away for free. On a HolmesReport (2002) article, Dr. Vargelos was quoted in saying that "many companies do not realize the benefits in better employee morale and favorable press coverage that comes from doing good deeds."
It is a boost in the morale for people who work under a business that gives help for many people. Like Merck Company, who have always invested a lot of money in research, this move has no doubt fueled the minds of their researchers who are given freedom to explore possible cures to diseases that are known to have no cure. Especially since, those diseases that have no cures are dominant in poor countries. Every time the company is given an award or praise, the pride and prestige also goes down to the company employees especially the researchers who developed the much needed medicine. For any worker, the drive to succeed and work properly is much more invigorated with the knowledge that you are working in a way to help others. A good image also aids in the problems of human resources because applicants are more than willing to apply for an admirable company in comparison to typical companies. A lot of younger generations today say that they would prefer to work because it is worthwhile and not just for the compensation. Many applicants mean a wider choice of candidates where the suited employee will be chosen from. Not only does good morale and good image ...Download file to see next pagesRead More
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