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Pfizer Company in Global Compact
The United Nations has been playing a central role in the standardisation of products that if otherwise left in the hands of the supplier without due control, would be detrimental to the human race. Companies involved in the production of drugs are clearly the most vulnerable.
The Pfizer company, a drug production firm, has the least option is as far as ensuring its commitment to the UN global compact.
The Pfizer Company has to ensure its commitment in the upholding the ten universally accepted principles that cover the area of labour, human dignity, anticorruption and environment. Business being a central agent of globalisation will ardently move to the next level if these principles are genuinely upheld and remain beneficial to the society.
Over the years the international community has never had such an aligned stand. However, given the centrality of the matter that relates to the protection of the interests of the consumers, the international community has had the best approach towards combating the challenges that face the standardisation process through the passing and the signing of the Global Compact.
As a signatory therefore the Pfizer Company has to adhere to the following aspects of the Compact (Rovner J., 1996). These have been the goals that have had the international community safeguard the wider market. First, the development of the markets and safeguarding of the environment have been clearly enshrined in the compact. The implication underlying the signing of the compact was that the interest of the consumer should not be superseded by the profitability interests of the producer.
The Pfizer Company has to appreciate the centrality and the vitality of global cooperation and whence ensure that these global standards are ardently upheld to the letter. Besides, as a profit making company and a signatory to the compact for that, it is inevitable to strictly uphold the compact principles. According to Steve (Steve. C., 2005), these principles may appear punitive, the ultimate objective and payback is that it delineates the company from any costs that would be incurred in the absence of proper standardisation procedures.
The consumer is the most valuable asset for any business. Because the compact protects the consumer, the long run implication is that the business remains afloat as the consumers remain loyal due the rightful product of the company. Overall, the Global Compact becomes a two pronged affair protecting the business and the consumer.
The benefits of the compact are indeed abound provided the company’s production principles remain within the parameters of the compact (Magnusson, R. S, 2009). For instance the disclosure of the framework for the implementation, the social and governance policies of the Pfizer Company would only assist the company avoid cases of fraud and unwarranted deviation from the set production policies. This will safeguard the company’s good will and maintain its turnover. Within the provisions of the compact is the sharing of the incidental emerging practises that are globally termed best and the adoption of strategies to common challenges. The incessant participation of the company makes the learn much from the global competitor and use the same in the leveraging of its production prospects.
The signing and membership thereof of the company in the compact also makes the company enjoy the network developed through the membership. This also assists the company in the development of subsidiary chains across the globe that would be incidental in reaching the un-reached market (Steve. C., 2005). The company, through the Global Compact is able to reach the UN’s knowledge that is not only extensive but partially seen as universal, incontestable and binding.
From the foregoing discussion it is evident that membership makes the company have ease of access to the UN management compact’s resources and tools that would assist the company is improving its production standards. This according to Thérien and Pouliot (Thérien, J., and Pouliot, V., p) would lead to the development of specialisation which is widely associated with reduced costs and therefore increase in the profitability of the firm.
In addition and more importantly, the compact incorporates a policy that regulates the accountability and transparency. This is very vital for any company. This policy well referred to as the Communication on Progress that will assist the companies to remain committed to the compact.
The foregoing discussion shows that the Global Compact has much that it does offer any firm and the membership by the Pfizer Company should be supported by all stakeholders across the board. Clearly, (Rovner J., 1996) the Global Compact does not only protect the business but is also interested in the welfare of the consumer. The advancement of the firm is also central in the Global Compacts principles. This is clearly evidenced in the sharing of the capacities and leveraging productivity thereof.
Through the partnership with the companies expertise is leveraged the capacities of the various stakeholders improved. Hence in this way the Global Compact aims at embedding the market with and the society with principles that are universal that would not only benefit the company but all the stakeholders
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Rovner J., (1996), PDA warn the Pfizer on failure to report drug problems, policy and
people, the lancet, Jun 1996, p 1546
Steve. C., (2005)outlines the Pfizer approaches to innovation, maximizing
capabilities and delivering essential medicine, DDT
Magnusson, R. S., Rethinking global health challenges: towards a global compact for
reducing a burden of the chronic diseases. Public Health (Elsevier), Mar2009, Vol. 123 Issue 3, p265-274
Thérien, J., Pouliot, V., The Global compact: shifting the politics of international
development? Global Governance, Jan-Mar2006, Vol. 12 Issue 1, p55-75