Responsible Stakeholder Engagement. A comparison of corporate approaches in the UK and German Pharmaceutical Industry

A broad-ranging and comprehensive set of significant, persistent, complex events, such as climate change and the global economic crisis, which have arguably been caused by man-made and/or natural events, are calling into question the essential role and strategic purpose of business in society. Identifying and accepting responsibility for those aspects of the business which are of greatest concern to stakeholders is being increasingly recognised as key to achieving strategic success. Responsible stakeholder engagement addresses a quality of management which focuses on an organisation’s ability to create, preserve, or erode economic, environmental, and social value for itself, its stakeholders, and society at large. Positioned within that general context, this paper focuses on the healthcare sector and the specific stakeholder engagement of the pharmaceutical industry in the UK and Germany. Prompted by the controversial nature of its business activities, it presents a comparative empirical study that critically explores and examines the stakeholder engagement practices of leading pharmaceutical companies.