New analysis of the world 3,500 largest companies by KPMG revealed that 64 per cent of those drugmakers questioned reported their CSR activity in 2011, which is a 39 per cent increase on 2008.
The increase - the biggest for any industry surveyed - moves the drug sector into KPMG’s “Getting it right” classification – defined as those organisations that take CSR seriously and are investing in the information systems and processes required to make such efforts as valuable as possible.
The authors also argue that CSR is starting to evolve beyond its original concept as a company’s moral obligation to society and is now being seen by industry as a way of driving financial value and innovation.
“Companies are increasingly realizing that CR reporting is about more than just being a good corporate citizen; it drives innovation and promotes learning, which helps companies grow their “business and increase their organization’s value.
"CR activities impact and benefit the business in areas such as cost savings and new business opportunities," KPMG continued, adding that “Today, companies are increasingly demonstrating that CR reporting provides financial value and drives innovation, reflecting the old adage of “what gets measured gets managed.”