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Asian Journal of Management
Year : 2020, Volume : 11, Issue : 1
First page : ( 26) Last page : ( 28)
Print ISSN : 0976-495X. Online ISSN : 2321-5763.
Article DOI : 10.5958/2321-5763.2020.00005.0

Benefits of Implementing Sustainable Business Practices for the Indian Pharmaceutical Industry

Gujar G. D.1,*, Dr. Attarwala A. A.2

1Research Scholar, Pacific Academy of Higher Education and Research, Udaipur, Rajasthan

2Director, Kohinoor Business School, Mumbai, Maharashtra

*Corresponding Author E-mail: meetgaurangi@gmail.com

Online published on 27 April, 2020.

Abstract

The Brundtland Commission 1987 has defined sustainable development as “the development that meets the needs of the present without compromising the ability of future generations to meet their own needs”. The Indian Pharmaceutical Industry has realised the importance of sustainable development and has started taking steps in integrating the same in the business operations. Companies have started integrating the sustainability principles in their business processes starting right from strategic thinking and going down to shop floor activities. The present study is based on data collected from 24 top companies from the pharmaceutical sector to understand the benefits that they get from implementing sustainable business practices in their strategic management process and their day-to day operations as well. Companies have realised that other than long term sustainability and economic development, practicing sustainability also has various other benefits such as competitive advantage, satisfaction of stakeholders, positive customer feedback, reduction in employee turnover, improved brand image, etc.

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Keywords

Sustainable development, pharmaceutical industry, sustainable business practices.

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