Pharmaceutical companies in Dubai have a responsibility to promote the welfare of society, which is reflected in their CSR activities. These activities focus on the local communities and employees of the companies. They also contribute to research and development and are often funded by the Government. In addition, they are expected to make a profit in the future. As such, pharmaceutical companies must be transparent and involve the local communities in their CSR activities.
Many pharmaceutical companies engage in CSR initiatives to improve society’s health. There are some international companies, for example, that have a successful CSR program that helps to lower the price of their patented medicines in less-developed countries. These companies also contribute about 20 percent of their profits to the development of local healthcare infrastructure.
CSR activities have been shown to improve pharmaceutical companies’ reputation among the public. By participating in CSR activities, the pharmaceutical industry can develop a better image and boost its sales by gaining public support. In addition, participating in CSR activities may also help pharmaceutical companies gain government support. In some countries, pharmaceutical companies are given subsidies to carry out research or develop new drugs.
The positive impact of pharmaceutical companies on society is largely measured indirectly. Public funding of drug development is often measured in terms of estimated health value, number of jobs created, and market capitalization. However, there are cases where government funding has a direct impact on the development of new drugs and vaccines.
Expectations about future profits:
The pharmaceutical industry has been experiencing technological change that has been unprecedented in the past 50 years. While many microbiologists and chemists continue to run lab tests the same way, the industry has also struggled with using data to draw meaningful insights. One possible explanation is the increasing number of expensive drugs that are on the market. While this trend is not yet fully understood, it can be argued that increased demand for pharmaceutical products will help the pharmaceutical industry grow profitably.
Influence of COVID-19 pandemic on R&D spending:
The impact of the COVID-19 pandemic on pharmaceutical companies’ R&D spending has yet to be fully understood. While the overall increase in industry spending is expected to be 6.21%, the growth rate will vary across sectors. For example, spending on the health sector will grow by 20%, with the largest increases coming from famous international pharmaceutical companies.